Questions from Accounting Principles


Q: The comparative statements of Wahlberg Company are presented here.

The comparative statements of Wahlberg Company are presented here. All sales were on account. Net cash provided by operating activities for 2020 was $220,000. Capital expenditures were $136,000, an...

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Q: The following financial information is for Priscoll Company. /

The following financial information is for Priscoll Company. Additional information: 1. Inventory at the beginning of 2019 was $115,000. 2. Accounts receivable (net) at the beginning of 2019 were $8...

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Q: Alex Company reported the following information for 2020. /

Alex Company reported the following information for 2020. Additional information: 1. Operating expenses include depreciation expense of $40,000. 2. Land was sold at its book value for cash. 3. Cash...

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Q: Suppose selected financial data of Target and Wal-Mart for 2020

Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Instructions a. For each company, compute the following ratios. 1. Current ratio. 2. Accounts rec...

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Q: Ohno Company specializes in manufacturing a unique model of bicycle helmet.

Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets...

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Q: Bell Company, a manufacturer of audio systems, started its production

Bell Company, a manufacturer of audio systems, started its production in October 2020. For the preceding 3 years, Bell had been a retailer of audio systems. After a thorough survey of audio system mar...

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Q: Condensed balance sheet and income statement data for Jergan Corporation are presented

Condensed balance sheet and income statement data for Jergan Corporation are presented here. Additional information: 1. The market price of Jergan’s common stock was $7.00, $7.50,...

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Q: Empire Company is a manufacturer of smart phones. Its controller resigned

Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 20...

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Q: Lott Company uses a job order cost system and applies overhead to

Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to Jan...

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Q: For the year ended December 31, 2020, the job cost

For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,00...

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