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Pro series corporation has requested that you perform a

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Pro Series Corporation has requested that you perform a vertical analysis of its balance sheet. Each item listed must be part of your analysis.

  • Pro Series Corporation
  • Balance Sheet
  • December 31, 2005

Assets

  • Current assets               42,000
  • Plant, Property, & Equip.  247,000
  • Other assets                  35,000
  • Total Assets                   324,000

Liabilities & Stockholders' Equity

  • Current liabilities                   48,000
  • Long-term debt                    108,000
  • Total Liabilities                     156,000
  • Total Stockholders' Equity      168,000
  • Total Liabilities &
  • Stockholders' Equity              324,000

An inexperienced accountant for Duran Corporation made the following entries.
July 1 Cash170000
Common Stock170000
Sept. 1 Common Stock336000
Retained Earnings24000
Cash60000
Instructions: On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions.

Reference no: EM13580903

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