Questions from Financial Accounting


Q: Refer back to Problem 3-84B. From problem

Refer back to Problem 3-84B. From problem 84: The accounts of Sunny Stream Service, Inc., at March 31, 2010, are listed in alphabetical order. Requirements 1. Prepare the company’...

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Q: This problem demonstrates the effects of transactions on the current ratio and

This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Hillsboro Company. Hillsboros condensed and adapted balance sheet at December 31, 2009, follows. Assum...

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Q: The September 30, 2011, records of Image Communications include these

The September 30, 2011, records of Image Communications include these accounts: During the year, Image Communications estimates doubtful-account expense at 1% of credit sales. At year-end, the compan...

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Q: Assume Smith & Jones, the accounting firm, advises Catch of

Assume Smith & Jones, the accounting firm, advises Catch of the Day Seafood that its financial statement must be changed to conform to GAAP. At December 31, 2010, Catch of the Days accounts includ...

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Q: Quick Meals completed the following selected transactions: /

Quick Meals completed the following selected transactions: Requirements 1. Record the transactions in Quick Meals journal. Round all amounts to the nearest dollar. Explanations are not required. 2....

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Q: Nice Buy purchases inventory in crates of merchandise; each crate of

Nice Buy purchases inventory in crates of merchandise; each crate of inventory is a unit. The fiscal year of Nice Buy ends each February 28. Assume you are dealing with a single Nice Buy store in Dall...

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Q: Assume a Tiger Sports outlet store began October 2010 with 48 pairs

Assume a Tiger Sports outlet store began October 2010 with 48 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $69. During October, the store completed these inve...

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Q: Fatigues Surplus began October with 72 tents that cost $17 each

Fatigues Surplus began October with 72 tents that cost $17 each. During the month, Fatigues Surplus made the following purchases at cost: Fatigues Surplus sold 324 tents and at October 31 the ending...

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Q: The records of Bell Aviation include the following accounts for inventory of

The records of Bell Aviation include the following accounts for inventory of aviation fuel at December 31 of the current year: Requirements 1. Prepare a partial income statement through gross profi...

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Q: Identify the internal control weakness in the following situations. State how

Identify the internal control weakness in the following situations. State how the person can hurt the company. a. James Mason works as a security guard at SAFETY parking in Detroit. Mason has a maste...

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