Questions from Financial Accounting


Q: Partners Vladimir and Thao wish to avoid the unlimited personal liability of

Partners Vladimir and Thao wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as V & T Fabrication, Inc. The charter from the...

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Q: Gamma Corporation was organized in 2015. At December 31, 2015

Gamma Corporation was organized in 2015. At December 31, 2015, Gamma Corporation’s balance sheet reported the following stockholders’ equity: Requirement Answer...

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Q: The Davenport Hotel, Inc., included the following stockholders’ equity on

The Davenport Hotel, Inc., included the following stockholders’ equity on its year-end balance sheet at December 31, 2016. Requirements 1. Identify the different issues of stock t...

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Q: Kommeri Consulting, Inc., has 9,000 shares of $

Kommeri Consulting, Inc., has 9,000 shares of $6.00, no-par preferred stock and 60,000 shares of no-par common stock outstanding for 2014–2016. Kommeri Consulting, Inc., declared and paid the followin...

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Q: Cho Sporting Goods, Inc., completed the following selected transactions during

Cho Sporting Goods, Inc., completed the following selected transactions during 2016: Requirements 1. Record the transactions in the journal.

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Q: The balance sheet of Johnson Supply, Inc., at December 31

The balance sheet of Johnson Supply, Inc., at December 31, 2015, reported 800,000 shares of $2 par common stock authorized with 116,000 shares issued and outstanding. Paid-in Capital in Excess of Par&...

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Q: Laferty Wholesale, Inc., reported the following statement of stockholders’ equity

Laferty Wholesale, Inc., reported the following statement of stockholders’ equity for the year ended September 30, 2016: Requirements 1. What is the par value of the companyâ...

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Q: Partners Roberto and Salina wish to avoid the unlimited personal liability of

Partners Roberto and Salina wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as R & S Enterprises, Inc. The charter from th...

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Q: Cutter Furniture, Inc., was organized in 2015. At December

Cutter Furniture, Inc., was organized in 2015. At December 31, 2015, Cutter Furniture, Inc.’s balance sheet reported the following stockholders’ equity: Requireme...

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Q: You are the chief operating officer (COO) of a small

You are the chief operating officer (COO) of a small public corporation. The company just completed its fiscal year, and the annual meeting is just a few weeks away. Your company has had a pretty good...

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