Questions from Accounting Principles


Q: Times TeleCom’s PPE subledger at January 1, 2020, appeared as

Times TeleCom’s PPE subledger at January 1, 2020, appeared as follows: Required a. Complete the PPE subledger; round calculations to the nearest dollar. b. Using the information from...

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Q: Refer to the financial statements for each of Spin Master, Indigo

Refer to the financial statements for each of Spin Master, Indigo, and WestJet. Required Answer the following questions. Part 1 The *December 31, 2017, balance sheet for Spin Master reports $32,978 (t...

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Q: On August 31, 2020, World Travel Consulting showed the following

On August 31, 2020, World Travel Consulting showed the following adjusted account balances in alphabetical order: Required 1. Prepare the liability section of the balance sheet at August 31, 2020 base...

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Q: Required Answer the following questions by referring to the December 31,

Required Answer the following questions by referring to the December 31, 2017, balance sheets for each of WestJet and Spin Master in Appendix II. a. WestJet shows Advance ticket sales of $695,111 (tho...

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Q: 1. Which of the following items should not be included in

1. Which of the following items should not be included in the partnership agreement: a. Names and contributions of each partner b. Rights and duties expected to be carried out by each partner c. Alloc...

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Q: 1. Which of the following is not an advantage of the

1. Which of the following is not an advantage of the corporate form for organizations: a. Ownership rights are easily transferable b. Continuous life c. Corporate taxation d. Ease of capital accumulat...

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Q: 1. A share dividend involves the distribution of which of the

1. A share dividend involves the distribution of which of the following items: a. Shares of the company’s stock without receiving any payment in return b. Income of the company based on the amount dec...

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Q: 1. Which of the following terms does not refer to the

1. Which of the following terms does not refer to the stated coupon rate of the bond? a. Nominal Rate b. Market Rate c. Contract Rate d. All of the above. 2. Financial leverage is an important financ...

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Q: The equity accounts for Kalimantan Corp. showed the following balances on

The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2019: The company completed these transactions during 2020: Jan. 10 Issued 20,000 common shares at $9.60 cash per...

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Q: 1. Corporations may choose to engage in a non-strategic

1. Corporations may choose to engage in a non-strategic investment in debt or shares for which of the following reasons: a. To earn greater interest or dividend income on available excess cash b. To e...

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