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The following transactions occurred during a recent year. Dollars are in millions. Issued common stock to investors for $17.4 cash (example). Purchased $1,666.6 of additional

The following transactions occurred during a recent year. Dollars are in millions.

  1. Issued common stock to investors for $17.4 cash (example).
  2. Purchased $1,666.6 of additional inventory on account.
  3. Paid $58.1 on long-term debt principal and $4.6 in interest on the debt.
  4. Sold $2,352 of products to customers on account; cost of the products sold was $1,472.6. (Hint: There are two separate effects needed for (d): one for earning revenue and one for incurring an expense.)
  5. Paid cash dividends of $31 to shareholders.
  6. Purchased for cash $34.4 in additional property, plant, and equipment.
  7. Incurred $704.6 in selling expenses, paying three-fourths in cash and owing the rest on account.
  8. Earned $1 of interest on investments, receiving 80 percent in cash.
  9. Incurred $30 in interest expense to be paid at the beginning of next year.

Fill in transactions with a positive or negative number.

image text in transcribed

Balance Sheet Income Statement Transaction Assets Liabilities Revenues Expenses Net Income Stockholders' Equity 17.40 a. 17.40 b. C. d. e. f. g. h

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