FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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in credits of 3/15, n 45 the 3 represents that
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- what are 5 types of assets not included ob balance sheet?arrow_forwardDiamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…arrow_forwardWhat are the 5 C’s of credit?arrow_forward
- To have a times interest earned of 8. Determine whether A. FinancialB. Nonfinancialarrow_forwardThe most subjective and also significant segment of the 5 C's of credit for giving final approval is: Select one: collateral Ob. conditions Oc. characteristics O d. capital Oe. capacityarrow_forwardInstructions Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles) Apr. June July 1 Purchased for cash $372,000 of Medina City 3% bonds at 100 plus accrued interest of $2,790, paying interest semiannually. Received first semiannual interest payment. 31 Sold $139,200 of the bonds at 98 plus accrued interest of $348. 30arrow_forward
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