Questions from Advanced Accounting


Q: Bill and Jane share profits and losses in a 70:30

Bill and Jane share profits and losses in a 70:30 ratio. Mike is to be admitted into a partnership upon the investment of $14,000 for a one-third capital interest. Account balances for Bill and Jane o...

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Q: Beth, Steph, and Linda have been operating a small gift

Beth, Steph, and Linda have been operating a small gift shop for several years. After an extensive review of their past operating performance, the partners concluded that the business needed to expand...

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Q: Q, R, S, and T are partners, sharing

Q, R, S, and T are partners, sharing profits and losses 40%:20%:20%:20%, respectively. After sale of firm assets and payment of the available cash to the partnership creditors, a partnership trial bal...

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Q: An administrative section of the County Assessor’s Office of Mecklenburg County serves

An administrative section of the County Assessor’s Office of Mecklenburg County serves as the billing and collection agency for all property taxes assessed in Mecklenburg County. A c...

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Q: The following activities and transactions are typical of those that may affect

The following activities and transactions are typical of those that may affect the various funds used by a typical municipal government. Required: Prepare journal entries to record each transaction a...

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Q: The following transactions take place. 1. Bond proceeds of

The following transactions take place. 1. Bond proceeds of $1,000,000 were received to be used in constructing a firehouse. An equal amount is contributed from general revenues. 2. $800,000 of serial...

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Q: Where in the Codification are the conditions listed that allow an entity

Where in the Codification are the conditions listed that allow an entity that sells a product to recognize revenue on an accrual basis?

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Q: You have been engaged to examine the financial statements of the Town

You have been engaged to examine the financial statements of the Town of Bridgeport for the year ended June 30, 2015. Your examination disclosed that, because of the inexperience of the townâ...

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Q: The Village of Oakridge, which was incorporated recently, began financial

The Village of Oakridge, which was incorporated recently, began financial operations on July 1, 2015, the beginning of its fiscal year. The following transactions occurred during this first fiscal yea...

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Q: The following events were recorded on the books of Mercy Hospital for

The following events were recorded on the books of Mercy Hospital for the year ended December 31, 2015. 1. Revenue from patient services totaled $16,000,000. The allowance for uncollectibles was estab...

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