Questions from Accounting Principles


Q: Ramos and Bailey have a frozen yogurt shop in Victoria, BC

Ramos and Bailey have a frozen yogurt shop in Victoria, BC. They are equal partners, with $30,000 in each of their partnership capital accounts. Bailey’s sister Kate is admitted to the partnership on...

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Q: Suppose on March 12, 2020, Kate agrees to pay Ramos

Suppose on March 12, 2020, Kate agrees to pay Ramos and Bailey $12,000 each for a one-third interest in the existing Ramos–Bailey partnership. At the time Kate is admitted, each partner has a $30,000...

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Q: On June 17, 2020, Bishop agrees to invest $30

On June 17, 2020, Bishop agrees to invest $30,000 into an online custom T-shirt print shop business for a 40% interest in total partnership equity. At the time Bishop is admitted, the existing partner...

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Q: Of the following statements, which are true for the corporation form

Of the following statements, which are true for the corporation form of business? a. Capital often is more easily accumulated than with other forms of organization. b. It has a limited life. c. Owners...

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Q: Refer to the amortization schedule prepared in Problem 14-6B.

Refer to the amortization schedule prepared in Problem 14-6B. Assume Lake Arrowhead Investors Inc. has a January 31 year-end. Required Part 1 Record the following entries: a. Issuance of the bonds on...

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Q: On October 3, 2020, Synthetic Inc, a cell phone

On October 3, 2020, Synthetic Inc, a cell phone protector company, issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for l...

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Q: Prepare journal entries to record the following transactions for Desmond Corporation:

Prepare journal entries to record the following transactions for Desmond Corporation: Apr. 15: Declared a $48,000 cash dividend payable to common shareholders. June 30: Paid the dividend declared on A...

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Q: The equity section of the Holden Ltd. balance sheet includes 75

The equity section of the Holden Ltd. balance sheet includes 75,000 shares of $0.40 cumulative preferred shares that had been issued for $375,000 and 200,000 common shares issued for a total of $720,0...

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Q: Reese Corporation Partial Balance Sheet December 31, 2020 Equity

Reese Corporation Partial Balance Sheet December 31, 2020 Equity Contributed capital: Preferred shares, $0.50 cumulative; 20,000 shares authorized, issued, and outstanding = $ 200,000 Common shares, u...

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Q: Statement of changes in equity, closing entries for a corporation—

Statement of changes in equity, closing entries for a corporation—profit Peter Puck Inc. showed the following adjusted information on May 31, 2020, its second year-end: a. Prepare th...

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