Pro series corporation has requested that you perform a

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Reference no: EM13580903

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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