The balance sheet information of the John Company at the end of 2007 and 2008 is as
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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 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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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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