Questions from Accounting Principles


Q: Seacrest Company’s overhead rate was based on estimates of $200,

Seacrest Company’s overhead rate was based on estimates of $200,000 for overhead costs and 20,000 direct labor hours. Seacrest’s standards allow 2 hours of direct labor per unit produced. Production i...

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Q: Quigley Corporation’s trial balance at December 31, 2020, is presented

Quigley Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Unrecorded transactions...

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Q: Wesley Corp. is a medium-sized wholesaler of automotive parts

Wesley Corp. is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The board’s policy requires th...

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Q: Wendall Company specializes in producing fashion outfits. On July 31,

Wendall Company specializes in producing fashion outfits. On July 31, 2020, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely d...

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Q: PepsiCo’s financial statements are presented in Appendix B. Financial statements of

PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca...

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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: You are a loan officer for White Sands Bank of Taos.

You are a loan officer for White Sands Bank of Taos. Paul Jason, president of P. Jason Corporation, has just left your office. He is interested in an 8-year loan to expand the companyâ€...

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Q: Your parents are considering investing in Apple Inc. common stock.

Your parents are considering investing in Apple Inc. common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Apple’s financial statements ar...

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Q: If your school has a subscription to the FASB Codification, log

If your school has a subscription to the FASB Codification, log in and prepare responses to the following. Use the Master Glossary for determining the proper definitions. a. Discontinued operations. b...

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Q: The income statement of Whitlock Company is presented here.

The income statement of Whitlock Company is presented here. Additional information: 1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. 2. Prepaid expenses i...

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