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Sanborn Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Sanborn then entered into the following transactions.
1. Purchased 5,000 treasury shares at $45 per share.2. Resold 500 of the treasury shares at $40 per share.3. Resold 2,000 of the treasury shares at $49 per share.
Use the following code to indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Sanborn Company uses the cost method: I = Increase; D = Decrease; NE = Noeffect.
Journalize the adjusting entries on Page 26 of the journal. Adjusting entries are recorded on March 31.
a. Calculate the following for 2007, 2006, and 2005: 1. Operating ratio 2. Long-term debt to operating property 3. Operating revenue to operating property
Assuming the assets increased by $25,000 during the year and liabilities amounted to $75,000 and $65,000 at the beginning and end of the year, respectively, calculate revenues for the year assuming the following additional information:
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Calculate the maximum deduction for CEC in each of the years and the income impact of the sale in 2005.
Describe how accounts receivable arise and how they are accounted for, including the use of a subsidiary ledger and an allowance account.
the following transactions occurred during 2011. assume that depreciation of 10 per year is charged on all machinery
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