The balance sheet information of the John Company at the end of 2007 and 2008 is as

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The balance sheet information of the John Company at the end of 2007 and 2008 is as follows:

The balance sheet information of the John Company at the

Additional information:
At the end of 2007,
(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 2008, 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
Fill in the blanks lettered (a) through (p). All of the necessary information is provided.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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