Homework Answers
a) Table
| Assets | = | Liabilities | Stockholder's equity | ||||||||||
| Retained earnings | |||||||||||||
| Cash | = | + | Common Stock | + | PIC in excess of par com | + | Revenue | - | Expense | - | Dividend | ||
| Jan 10 | 104800 | 104800 | |||||||||||
| July 1 | 392000 | 224000 | 168000 | ||||||||||
b) Table
| Assets | = | Liabilities | Stockholder's equity | ||||||||||
| Retained earnings | |||||||||||||
| Cash | = | + | Common Stock | + | PIC in excess of par com | + | Revenue | - | Expense | - | Dividend | ||
| Jan 10 | 104800 | 26200 | 78600 | ||||||||||
| July 1 | 392000 | 56000 | 336000 | ||||||||||
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Exercise 8-12 During its first year of operations, Pronghorn Corp had these transactions pertaining to its...
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