Miles Corporation completed the following selected transactions during the current year. A (Click the icon to view the transactions.) Requirement Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Miles Corporation. Analyze each transaction in terms of its effect on the accounting equation of Miles Corporation. (Use parentheses or a minus sign when subtracting numbers or when entering negative amounts. Enter an amount in each input cell using a zero for the portion of the accounting equation not affected by the transaction.) Shareholders Equity Assets Liabilities %3D March 3 %3D May 16 May 30 December 8 December 19

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Miles Corporation completed the following selected transactions during the current year:
1 (Click the icon to view the transactions.)
Requirement
Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Miles Corporation.
Analyze each transaction in terms of its effect on the accounting equation of Miles Corporation. (Use parentheses or a minus sign when subtracting numbers or when entering negative amounts. Enter an amount in each
input cell using a zero for the portion of the accounting equation not affected by the transaction.)
Shareholders'
Assets
Liabilities
Equity
+
March 3
=
May 16
May 30
+
December 8
December 19
Transcribed Image Text:Miles Corporation completed the following selected transactions during the current year: 1 (Click the icon to view the transactions.) Requirement Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Miles Corporation. Analyze each transaction in terms of its effect on the accounting equation of Miles Corporation. (Use parentheses or a minus sign when subtracting numbers or when entering negative amounts. Enter an amount in each input cell using a zero for the portion of the accounting equation not affected by the transaction.) Shareholders' Assets Liabilities Equity + March 3 = May 16 May 30 + December 8 December 19
March 3
Distributed a 10% stock dividend on the 98,000 common shares outstanding.
The market price of the common shares was $25 per share.
May 16
Declared a cash dividend on the $11 preferred shares (1,900 shares
outstanding).
May 30
Paid the cash dividends.
December 8 Issued 2,000 common shares for $28 per share.
December 19 Issued 15,000 common shares for $28 per share.
Transcribed Image Text:March 3 Distributed a 10% stock dividend on the 98,000 common shares outstanding. The market price of the common shares was $25 per share. May 16 Declared a cash dividend on the $11 preferred shares (1,900 shares outstanding). May 30 Paid the cash dividends. December 8 Issued 2,000 common shares for $28 per share. December 19 Issued 15,000 common shares for $28 per share.
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