Refer to the following information for LED Lighting Inc. a. What caused the change in common shares

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Refer to the following information for LED Lighting Inc.

a. What caused the change in common shares during 2020? Calculate the change.

b. What caused the change in notes payable? Calculate the change.

c. Were dividends paid during 2020? If so, calculate.

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Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 19, 2019 05:06 AM

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Refer to the following information for LED Lighting Inc. a. What caused the change in common shares

Question:

LED Lighting Inc. Comparative Balance Sheet Information December 31 2020 2019 $ 25 $ 5 Cash. Accounts receivable (net). 46 20 Plant and equipment (net). 245 245 Franchise (net). Accounts payable. 15 59 52 Notes payable, long-term. 15 40 Common shares. 110 90 Retained earnings' 147 88

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a Common shares increased by 20 because additional ...View the full answer

Fundamental Accounting Principles Volume II

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