Questions from Accounting Principles


Q: Talent, a local HR consulting firm, has total partners’ equity

Talent, a local HR consulting firm, has total partners’ equity of $774,000, which is made up of Hall, Capital, $607,000, and Reynolds, Capital, $167,000. The partners share profit/(losses) in a ratio...

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Q: Surj Uppal and Parvinder Atwal began a new business on February 14

Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $154,500 in the company. On December 20, it was decided that $60,800 of the company’s cash would be distributed e...

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Q: Convertible preferred shares Swift Current Company Equity Section of the Balance

Convertible preferred shares Swift Current Company Equity Section of the Balance Sheet October 31, 2020 Required: Refer to the equity section above. Assume that the preferred are convertible into comm...

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Q: The outstanding share capital of Sheng Inc. includes 43,000

The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first four years o...

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Q: Leslie Bjorn, Jason Douglas, and Tom Pierce have an architect

Leslie Bjorn, Jason Douglas, and Tom Pierce have an architect firm and share profit(losses) in a 3:1:1 ratio. They decide to liquidate their partnership on March 31, 2020. The balance sheet appeared a...

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Q: Determine the total dividends paid in each year to each class of

Determine the total dividends paid in each year to each class of shareholders of Exercise 12-11 under the assumption that the preferred shares are non-cumulative. Also determine the total dividends pa...

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Q: Match each of the numbered descriptions with the characteristic of preferred shares

Match each of the numbered descriptions with the characteristic of preferred shares that it best describes. Indicate your answer by writing the letter for the correct characteristic in the blank space...

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Q: Cableserve Inc. has the following outstanding shares: 15,

Cableserve Inc. has the following outstanding shares: 15,000 shares, $5.40 cumulative preferred 35,000 shares, common During 2020, the company declared and paid $180,000 in dividends. Dividends were i...

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Q: Spicer Inc. showed the following alphabetized list of adjusted account balances

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Required Assuming normal balances, prepare the closing entries at December 31, 2020, the company&a...

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Q: Using the information in Exercise 12-15, prepare a classified

Using the information in Exercise 12-15, prepare a classified balance sheet at December 31, 2020, and then answer each of the following questions (assume that the preferred shares are non-cumulative;...

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