Accounting

Mitchell Farms, Inc., has authorized capital of 10,000 shares of preferred 5 percent stock, $ 50 par value, and 50,000 shares of common stock, par value $ 5. The following account balances are taken from the Balance Sheet columns of the work sheet for the fiscal year ended December 31 of this year. The accounts are listed in alphabetical order. Accounts Payable ………………….. $ 82,786Accounts Receivable ………………… 212,554Accumulated Depreciation, Building ………….. 62,024Accumulated Depreciation, Equipment …………. 94,966Allowance for Doubtful Accounts …………… 11,117Building …………………….. 261,120Cash ………………………. 163,304Common Stock ………………….. 144,800Common Stock Subscribed ………………. 20,800Equipment ……………………. 107,680Land ………………………. $ 81,200Merchandise Inventory ……………….. 98,554Mortgage Payable (long-term) ……………… 85,680Notes Payable (current) ……………….. 33,456Paid- in Capital in Excess of Par Value, Common Stock ……. 51,400Paid- in Capital in Excess of Par Value, Preferred Stock ……. 3,672Patents ………………………. 13,097Preferred 5 Percent Stock ……………….. 183,200Preferred 5 Percent Stock Subscribed …………… 20,400Retained Earnings (credit balance) ……………. 171,360Subscriptions Receivable, Common Stock …………. 17,748Subscriptions Receivable, Preferred 5 Percent Stock ……… 10,404

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1. Determine the number of shares of preferred 5 percent stock subscribed and issued.

2. Determine the number of shares of common stock subscribed and issued.

3. Prepare a classified balance sheet.

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