The following balances were shown on the year-end balance sheets for 2010 and 2011 for High Note
Question:
The following balances were shown on the year-end balance sheets for 2010 and 2011 for High Note Publishing Company. For each item, give the most likely reason for the change from one year to thenext.
Transcribed Image Text:
December 31, 2010 35,000 $115,000 $142,000 $ (2,125) December 21, 2011 43,000 155,000 Explanation Common stock Paid-in capital Retained earnings Treasury stock Net income for the year was $22,750. *$160,500 (2,625)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
Account Likely reason for change Common Stock Issued addition...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
The following balances were shown on the year-end balance sheets for 2009 and 2010 for Columbia Company. For each item, give the most likely reason for the change from one year to thenext. December 3...
-
The Farmer Company's comparative balance sheets for 2010 and 2011, and additional information, are presented below. Required: Using the indirect method, prepare a statement of cash flows for 2011 for...
-
The Farmer Company's comparative balance sheets for 2010 and 2011, and additional information, are presented below. Required: Using the indirect method, prepare a statement of cash flows for 2011 for...
-
The Kelly Services, Inc., and Subsidiaries statements of earnings from its 2008 annual report are presented in Exhibit 5-4. Required a. Using the statements of earnings, prepare a vertical...
-
A small municipal well was pumped for 2 hr at a rate of 15.75 liters/s (0.556 cfs). An observation well was located 50 ft from the pumping well and the following data were recorded. Using the Theis...
-
What are the important objectives of OD?
-
A capital investment project involves the purchase of a 3-D soldering station for $\$ 15,000$, producing an annual net benefit of $\$ 2,250$. The system has an 8-year useful life with a salvage value...
-
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Sup-pose that as part of the restructuring plan...
-
Coronado Towing Company purchased a tow truck for $160,080 on January 1, 2020. It was originally depreciated on a straight-line basis over 10 years with an assumed salvage value of $33,120. On...
-
1) Draw indifference a. pencils with white erasers and pencils with pink erasers b. left shoes and right shoes c. potatoes and rice d. income and polluted water cur curves that reflect the following...
-
Use the data from E8-46B to prepare the shareholders equity section of the balance sheet at May 31. Retained earnings at month-end are $105,000. In E8-46B, Minute Magazine Publications, Inc., is...
-
Answer the following questions using the shareholders equity section of Technical Data Corporations balance sheet at June 30: Shareholders equity Preferred stock, cumulative, 20,000 shares...
-
Water at 20°C flows through the orifice in the figure, which is monitored by a mercury manometer, If d = 3 cm, (a) what is h when the flow is 20 m3/h; and (b) what is Q when h = 58 cm? P2 Pa jet...
-
A firm has a capital budget of $30 million, net income of $35 million, and a target capital structure of 45% debt and 55% equity. If the residual dividend policy is used, what is the firms dividend...
-
Discuss the pros and cons of having the directors formally announce a firms future dividend policy.
-
How do flexibility options affect projects NPVs and risk?
-
Identify and explain three alternative current assets investment policies.
-
How would a reduction in the cash conversion cycle increase profitability?
-
Assign oxidation states to each atom in each element, ion, or compound. a. Cl d. CH4 b. Fe+ e. Cr0- c. CuCl f. HSO4
-
The Home Depot is the leading retailer in the home improvement industry and one of the 10largest retailers in the United States. The company included the following on its January 29, 2012, balance...
-
In July 20X2, Ross donated $200,000 cash to a church with the stipulation that the revenue generated from this gift be paid to him during his lifetime. The conditions of this donation are that after...
-
List four types of captioning for use on forms.
-
What is a specialty form? What are some disadvantages of using specialty forms?
-
List the four guidelines for good display design.
-
1-2. Draw graphs of the following functions using transformations: 1. y = 2x-1 x-2' 2. y log2x+1|- 3.
-
Assume a simultaneous open market purchase of 100 million from the Bank of England and a repayment of a discount loan of 5 million from Bank A to the Bank of England. Show the overall change in their...
-
Let 1 f(z) = (2-1)(x-2) Find the Laurent expansion of f about z = 0 in the region {ze C: 1
Study smarter with the SolutionInn App