Questions from Accounting Principles


Q: Morris Inc. showed the following adjusted information on November 30,

Morris Inc. showed the following adjusted information on November 30, 2020, its second year end: a. Prepare the appropriate closing entries. b. Prepare a statement of changes in equity for the year en...

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Q: Velor Ltd., a patio gas heater company, showed the following

Velor Ltd., a patio gas heater company, showed the following adjusted information on August 31, 2020, its second year-end: a. Prepare the appropriate closing entries. b. Prepare a statement of changes...

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Q: Turnbull Company had the following information for 2019 and 2020 /

Turnbull Company had the following information for 2019 and 2020 What is Turnbull’s rate of return on common shareholders’ equity for 2020?

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Q: Invisible Marketing Ventures had 186,000 shares outstanding on January 1

Invisible Marketing Ventures had 186,000 shares outstanding on January 1, 2020, and issued an additional 24,000 shares during the year. The common shareholders’ equity was $5,841,000 at the end of the...

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Q: Mogul Ltd., a ski boot manufacturer, showed the following amounts

Mogul Ltd., a ski boot manufacturer, showed the following amounts for its year just ended October 31, 2020. Prepare a multi-step income statement assuming a tax rate of 25%.

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Q: EveryWhere Development Co. showed the following selected PPE balances on January

EveryWhere Development Co. showed the following selected PPE balances on January 31, 2020: Required: Prepare the entries to record the following disposals: 1. The van was sold on March 2, 2020, for ca...

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Q: Westgate Motor Homes Inc. issued bonds with a par value of

Westgate Motor Homes Inc. issued bonds with a par value of $680,000 and a five-year life on January 1, 2020. The bonds pay interest on June 30 and December 31. The contract interest rate is 8%. The ma...

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Q: From the following list of selected accounts for Giant Inc., identify

From the following list of selected accounts for Giant Inc., identify the equity accounts. Use “CC” for contributed capital, “RE”...

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Q: Vision HR Consulting began operations on January 1, 2020. Complete

Vision HR Consulting began operations on January 1, 2020. Complete the following schedule with journal entries detailing the transactions during 2020 for Vision HR Consulting under two forms of organi...

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Q: Benson Inc. had a credit balance in Retained Earnings on December

Benson Inc. had a credit balance in Retained Earnings on December 31, 2020, of $48,000. During 2021, Benson recorded profit of $146,000 and declared and paid dividends of $47,000. During 2022, the com...

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