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The following selected information was taken from the accounts of Mario Company on December 31,...

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Accounting

The following selected information was taken from the accounts of Mario Company on December 31, 2020 ( its fiscal year-end ). Mario Company is a public company.

Debit Credit

Cash $ 60,000

Accounts Receivable 190,000

Dividends Payable $ 55,000

Common Shares 325,000

Retained Earnings 220,000

Contributed Surplus - Reacquisition of Common Shares 25,000

Income Taxes Payable 30,000

Accumulated Depreciation - Building 35,000

Accumulated Other Comprehensive Income 45,000

Common Stock Dividend Distributable 40,000

Goodwill 15,000

Allowance for Doubtful Accounts 10,000

The common shares had an unlimited number authorized and 100,000 had been issued.

The common stock dividend distributable was for 20,000 shares.

Instructions:

1.Prepare the shareholders equity section of the balance sheet on December 31, 2020.

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