Questions from Accounting Principles


Q: Amazon.com, Inc.’s financial statements are presented in

Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon...

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Q: This exercise will familiarize you with the skills needed (other than

This exercise will familiarize you with the skills needed (other than accounting skills) to be a successful accountant. Instructions Search the Internet for “start here go places” to access free acco...

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Q: Anya and Nick Ramon, local golf stars, opened the Chip

Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range on March 1, 2020, by investing $25,000 of their cash savings in the business. A caddy shack was constructed for cash at a cost...

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Q: Amy Sawyer, the bookkeeper for New Hampshire Company, has been

Amy Sawyer, the bookkeeper for New Hampshire Company, has been trying to determine the correct balance sheet for the company. The company’s balance sheet is shown below. Instructio...

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Q: Some people are tempted to make their finances look worse to get

Some people are tempted to make their finances look worse to get financial aid. Companies sometimes also manage their financial numbers in order to accomplish certain goals. Earnings management is the...

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Q: Although Clif Bar & Company is not a public company, it

Although Clif Bar & Company is not a public company, it does share its financial information with its employees as part of its open-book management approach. Further, although it does not publicly sha...

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Q: Whitegloves Janitorial Service was started 2 years ago by Jenna Olson.

Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2020, to expand operations by acquiring an additional truc...

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Q: In completing the engagement in Question 3, Hardy pays no costs

In completing the engagement in Question 3, Hardy pays no costs in March, $2,000 in April, and $2,500 in May (incurred in April). How much expense should the fi rm deduct from revenues in the month wh...

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Q: Horace Culpepper, CPA, was retained by Pulsar Cable to prepare

Horace Culpepper, CPA, was retained by Pulsar Cable to prepare financial statements for April 2020. Horace accumulated all the ledger balances per Pulsar’s records and found the foll...

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Q: Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit

Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for...

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