Audio Affection, Inc. sells automotive and home stereo equipment. It has 50,000 shares of $100 par common

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Audio Affection, Inc. sells automotive and home stereo equipment. It has 50,000 shares of $100 par common stock outstanding and 10,000 shares of $2, $100 par cumulative preferred stock outstanding as of December 31, 2006. List the errors you find in the following income statement for the year ended December 31,2006.

Audio Affection, Inc. sells automotive and home stereo equipment
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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