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it says something is missing Modison Shoes manufoctures athletic shoes and sports apparel. Assume the following activities occurred during o recent yeor. The dollar amounts
it says something is missing
Modison Shoes manufoctures athletic shoes and sports apparel. Assume the following activities occurred during o recent yeor. The dollar amounts in (a) and (b) are presented "in milions," and the dollor amount in (c) is per share. When reporting amounts "in millions," exclude the 000,000. a. Purchosed $226 in equipment; poid by signing a $8 long-term note and fulfilling the rest with cosh. b. lssued $24 in additional common stock for cosh contributions mode by stockholders. c. Several Madison Shoes investors sold their own stock to other investors on the stock exchange for $160 per share of stock. Requlred: 1. For each of these events, perform transoction analysis and indicate the account, amount (in millions), and direction of the effect on the occounting equotion. Check that the occounting equation remains in balance after eoch transoction. 2. Which statement best describes transoction (c)? 3. Did these transoctions change the extent to which Modison Shoes relied on creditors versus stockholders for financing? Complete this question by entering your answers in the tabs below. For each of these events, perform transaction analysis and indieste the account, amount (in millions), and direction of the effect on the accounting equation. Check that the accounting equation remains in balance after esch transaction. (Enter any decresses to account balances with a minus sign. Enter your answers in millions (i.e., 10 , 000,000 should be entered as 10).2Step by Step Solution
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