ch02 - Student Name: Class: Problem 02-02 Requirement 1:...

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Student Name: Class: Problem 02-02 Requirement 1: Requirement 2: Assets = Liabilities Stockholders' Equity Short-term Notes Notes Contributed Retained Cash Investments Receivable Land Building Equipment = Payable + Capital Earnings Beg. = + (a) = + (b) = + (c) = + (d) = + (e) = + (f) = + = + Totals = + Requirement 3: Requirement 4: (a) Total assets (b) Total liabilities (c) Total stockholders' equity (d) Cash balance (e) Total current assets
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Given Data P02-02: CORNELL HOME HEALTHCARE SERVICES Invested by each of four organizers $10,000 Shares of stock issues to each organizer 8,000 Accounting records at end of most recent year: Cash 50,000 Land 500,000 Equipment 50,000 Buildings 100,000 Total assets 700,000 Notes payable 200,000 Contributed capital 100,000 Retained earnings 400,000 Transactions during 2011 a. Sold additional 9,000 shares of stock $90,000 b. Purchased building 60,000 Purchased equipment 15,000 Purchased four acres of land 14,000 Cash paid for purchase 9,000 Mortgage for remainder due in 15 years 80,000 c. Purchased short-term investments 18,000 d. One stockholder sold 300 shares to another stockholder. 3,000 e. Loan to one shareholder due in six months 5,000
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This note was uploaded on 01/31/2010 for the course ACCOUNTING 30516 taught by Professor Whoever during the Spring '09 term at American Academy of Art.

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ch02 - Student Name: Class: Problem 02-02 Requirement 1:...

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