The following balances were shown on the year-end balance sheets for 2010 and 2011 for High Note
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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.
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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)
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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