Questions from Accounting Principles


Q: On April 1, 2019, Guy Comeau and Amelie Lavoi formed

On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $...

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Q: On June 1, 2020, Jill Bow and Aisha Adams formed

On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $292,000 cash and $384,000 of equipment, respectively. The partnership also assumed...

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Q: After returning from vacation, the accountant of Online Hearing Inc.

After returning from vacation, the accountant of Online Hearing Inc. was dismayed to discover that the income statement for the year ended December 31, 2020, was prepared incorrectly. All amounts incl...

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Q: Gale, McLean, and Lux are partners of Burgers and Brew

Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, $97,000; McLean, $95,000; and Lux, $160,000. The partners share profit and losses in a 3:2:5 rati...

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Q: Lui, Montavo, and Johnson plan to liquidate their Premium Pool

Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appea...

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Q: Trish Craig and Ted Smith have a bio-energy and consulting

Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet...

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Q: CHECK FIGURES: Total assets = $546,400; Total

CHECK FIGURES: Total assets = $546,400; Total equity = $301,800 Required: Using the information from the alphabetized post-closing trial balance below, prepare a classified balance sheet for Sassy Pha...

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Q: The equity sections from the 2020 and 2021 balance sheets of Fab

The equity sections from the 2020 and 2021 balance sheets of Fab-Form Industries Inc. appeared as follows: On March 16, June 15, September 5, and November 22, 2021, the board of directors declared $0....

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Q: Convertible preferred shares Walking Bear Resources Inc. Equity Section

Convertible preferred shares Walking Bear Resources Inc. Equity Section of the Balance Sheet March 31, 2020 Required Refer to the equity section above. Assume that the preferred are convertible into c...

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Q: Analyzing equity, dividend allocation Use the information provided below to

Analyzing equity, dividend allocation Use the information provided below to answer the following questions. Other information: • All of the shares were issued during the first year o...

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