Textbook Problem

Balance Sheet Calculations Cornerstone Development Company’s balance sheet information at the end of 2019 and 2020 is provided in random order, as follows:

Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for $25 per share, (b) earned net income of $20,600, and (c) paid dividends of $1 per share on the common stock outstanding at year-end.

Required:

Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)