Teller Corporation’s post-closing trial balance at December 31, 2014, was as follows.\nIFRS Insights 879\nTELLER CORPORATION\nPOST-CLOSING TRIAL BALANCE\n
Teller Corporation’s post-closing trial balance at December 31, 2014, was as follows.
\r\nIFRS Insights 879
\r\nTELLER CORPORATION
\r\nPOST-CLOSING TRIAL BALANCE
\r\nDECEMBER 31, 2014
\r\nDr. Cr.
\r\nAccounts payable $ 310,000
\r\nAccounts receivable $ 480,000
\r\nAccumulated depreciation—building and equipment 185,000
\r\nAllowance for doubtful accounts 30,000
\r\nBonds payable 700,000
\r\nBuilding and equipment 1,450,000
\r\nCash 190,000
\r\nDividends payable on preference shares—cash 4,000
\r\nInventories 560,000
\r\nLand 400,000
\r\nPrepaid expenses 40,000
\r\nRetained earnings 201,000
\r\nShare capital—ordinary ($1 par value) 200,000
\r\nShare capital—preference ($50 par value) 500,000
\r\nShare premium—ordinary 1,000,000
\r\nShare premium—treasury 160,000
\r\nTreasury shares—ordinary at cost 170,000
\r\nTotals $3,290,000 $3,290,000
\r\nAt December 31, 2014, Teller had the following number of ordinary and preference shares.
\r\nOrdinary Preference
\r\nAuthorized 600,000 60,000
\r\nIssued 200,000 10,000
\r\nOutstanding 190,000 10,000
\r\nThe dividends on preference shares are $4 cumulative. In addition, the preference shares have a preference in liquidation of $50 per share.
\r\nInstructions
\r\nPrepare the equity section of Teller’s statement of financial position at December 31, 2014.
\r\n