Questions from Financial Accounting


Q: Assume that the business in Exercise 7-3 maintains a perpetual

Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balanc...

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Q: The following accounts appeared in recent financial statements of Delta Air Lines

The following accounts appeared in recent financial statements of Delta Air Lines: Identify each account as either a balance sheet account or an income statement account. For each balance sheet accou...

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Q: Based on the data presented in Exercise 5-1, assume

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $1,080 beginning balance. In addition, there we...

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Q: Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch

Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the year ended July 31, 20Y5: Based on the preceding spreadsheet, pre...

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Q: The total assets and total liabilities (in millions) of Dunkin

The total assets and total liabilities (in millions) of Dunkin Brands Group and Starbucks Corporation follow: Determine the stockholders’ equity of each company.

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Q: On July 1, 20Y7, Pat Glenn established Half Moon Realty

On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July: a. Opened a business bank account with a deposit of $25,000 from personal fu...

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Q: The Colby Group has the following unadjusted trial balance as of August

The Colby Group has the following unadjusted trial balance as of August 31, 20Y8: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balan...

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Q: The financial statements at the end of Wolverine Realty’s first month of

The financial statements at the end of Wolverine Realty’s first month of operations are as follows: Instructions: By analyzing the interrelationships among the four financial state...

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Q: The following revenue transactions occurred during April: Apr. 6

The following revenue transactions occurred during April: Apr. 6. Issued Invoice No. 78 to BlueBird Co. for services provided on account, $1,710. 11. Issued Invoice No. 79 to Hitchcock Inc. for servic...

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Q: The following errors took place in journalizing and posting transactions:

The following errors took place in journalizing and posting transactions: a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Exp...

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