Jia Dragons decided in 2021 to discontinue accounting for reacquired common stock as treasury stock. Instead, going forward they will use the permanently retired method. At December 31st, 2020, prior to the change, Jia's balance sheet reported the following shareholders' equity (in millions): Common Stock, $1 Par $200 APIC 800 Retained Earnings 956 Treasury Stock (4 million shares at cost) (24) Total Equity 1,932 How should the company's shareholders' equity at 12/31/2020 be displayed on its 12/31/2021 balance sheet

Sally is buying a home and the closing date is set for april 20th. the annual property taxes are $1,234.00 and have not been paid yet. using actual days, how much will the buyer be credited and the seller be debited

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.