Questions from Financial Accounting


Q: LeadCo School is a newly organized business that teaches people how to

LeadCo School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows: Accounts Payable …………………………...

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Q: Adieu Company reported the following current assets and current liabilities for two

Adieu Company reported the following current assets and current liabilities for two recent years: a. Compute the quick ratio on December 31 for each year. Round to one decimal place. b. Interpret th...

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Q: The following accounts were taken from the unadjusted trial balance of Murray

The following accounts were taken from the unadjusted trial balance of Murray Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the...

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Q: Demo Consulting is a consulting firm owned and operated by Jesse Flatt

Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end of period spreadsheet was prepared for the year ended August 31, 20Y9: Based on the preceding spreadsheet, p...

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Q: Identify each of the following accounts of Liken Services Co. as

Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit:...

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Q: Innovative Consulting Co. has the following accounts in its ledger:

Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Re...

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Q: On February 11, 20Y9, Quick Fix Company purchased $2

On February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fix’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. a. Journa...

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Q: Triton Consulting is a consulting firm owned and operated by Jayson Neese

Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end of- period spreadsheet was prepared for the year ended April 30, 20Y3: Based on the preceding spreadsheet...

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Q: a. A vacant lot acquired for $115,000 is

a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) stockholders’ equity? b. Ass...

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Q: During the month, Bavarian Auto Co. received $1,

During the month, Bavarian Auto Co. received $1,245,000 in cash and paid out $974,200 in cash. a. Does this information indicate that Bavarian Auto Co. had net income of $270,800 during the month? Exp...

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