Sky High Incorporated reported the following ($ in millions) as of December 31, 2020. All accounts...

Sky High Incorporated reported the following ($ in millions) as of December 31, 2020. All accounts have normal balances.

Retained earnings $6,000

Common stock 4,000

Paid-in capital-excess of par 62,000

Treasury stock (at cost) 800

During 2021 ($ in millions), net income was $18,000, 50% of the treasury stock was resold for $1,800; cash dividends declared were $1,000; cash dividends paid were $800.

What ($ in millions) was shareholders’ equity as of December 31, 2020?

What ($ in millions) was shareholders’ equity as of December 31, 2021?

Expert Solution

ekkarill92 answered 1 year ago

Terracotta Incorporated reported the following accounts and amounts (in millions) in its financial statements for the...

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A company reported the following accounts in its unadjusted trialbalance at December 31, 2020:Dividends...

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As of December 31, 2020, Gill Co. reported accounts receivable of $226,000 and an allowance for...

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Holmes Company reported the following balance sheets at December 31, 2017 and 2018: ($ in millions)...

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