Questions from Financial Accounting


Q: Julio Estela started and operated a small boat repair service company during

Julio Estela started and operated a small boat repair service company during 2012. He is interested in obtaining a $100,000 loan from your bank to build a dry dock to store boats for customers in the...

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Q: Mike Lynch is the manager of an upstate New York regional office

Mike Lynch is the manager of an upstate New York regional office for an insurance company. As the regional manager, his compensation package comprises a base salary, commissions, and a bonus when the...

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Q: Refer to the annual report for American Eagle Outfitters in Appendix B

Refer to the annual report for American Eagle Outfitters in Appendix B. Required: 1. The annual report or 10-K report for American Eagle Outfitters provides selected financial data for the last five...

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Q: The October 4, 2004, edition of BusinessWeek presented an article

The October 4, 2004, edition of BusinessWeek presented an article titled “Fuzzy Numbers” on issues related to accrual accounting and its weaknesses that have led some corporate executives to manipulat...

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Q: Pete’s Painting Service was organized as a corporation on January 20,

Pete’s Painting Service was organized as a corporation on January 20, 2011, by three individuals, each receiving 5,000 shares of stock from the new company. The following is a schedu...

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Q: Your best friend from home writes you a letter about an investment

Your best friend from home writes you a letter about an investment opportunity that has come her way. A company is raising money by issuing shares of stock and wants her to invest $20,000 (her recent...

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Q: As a team, select an industry to analyze. Reuters provides

As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of me...

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Q: Match each definition with its related term by entering the appropriate letter

Match each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms)....

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Q: Payson Sports, Inc., sells sports equipment to customers. Its

Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in 2012: a. Purchased $314,000 of new sports equipment inventory; pai...

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Q: Revenues are normally recognized when the delivery of goods or services has

Revenues are normally recognized when the delivery of goods or services has occurred, there is persuasive evidence of an arrangement for customer payment, the price is fixed or determinable, and colle...

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