Questions from Financial Accounting


Q: The following items appear on a bank reconciliation: 1.

The following items appear on a bank reconciliation: 1. ___ Outstanding checks 2. ___ Bank error: The bank credited our account for a deposit made by another bank customer. 3. ___ Service charge 4....

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Q: Sponsor Corporation reports short-term investments on its balance sheet.

Sponsor Corporation reports short-term investments on its balance sheet. Suppose a division of Sponsor completed the following short-term investment transactions during 2010: Requirement 1. Prepare...

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Q: On November 16, ACA, Inc., paid $95,

On November 16, ACA, Inc., paid $95,000 for an investment in the stock of American Pacific Railway (APR). ACA plans to account for these shares as trading securities. On December 12, ACA received a $4...

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Q: Assume Dogwood Leaf Foods, Inc., experienced the following revenue and

Assume Dogwood Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Dogwood Leaf estimates that 1% of revenues will become uncollectible. Requirement 1. J...

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Q: Assume Lennys Lanes borrowed $14 million from Greenback Bank and agreed

Assume Lennys Lanes borrowed $14 million from Greenback Bank and agreed to (a) pay an interest rate of 7.7% and (b) maintain a compensating balance amount equal to 5.7% of the loan. Determine Lennys...

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Q: Assume Port City Credit Union completed these transactions: /

Assume Port City Credit Union completed these transactions: Show what the company would report for these transactions on its 2010 and 2011 balance sheets and income statements.

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Q: Toys Plus prepares budgets to help manage the company. Toys Plus

Toys Plus prepares budgets to help manage the company. Toys Plus is budgeting for the fiscal year ended January 31, 2010. During the preceding year ended January 31, 2009, sales totaled $9,300 million...

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Q: Green Grass Golf Company manufactures a popular line of golf clubs.

Green Grass Golf Company manufactures a popular line of golf clubs. Green Grass Golf employs 188 workers and keeps their employment records on time sheets that show how many hours the employee works e...

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Q: The following items appear on a bank reconciliation. Classify each item

The following items appear on a bank reconciliation. Classify each item as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d)...

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Q: On November 16, SRO, Inc., paid $98,

On November 16, SRO, Inc., paid $98,000 for an investment in the stock of Northwest Pacific Railway (NPR). SRO intends to account for these shares as trading securities. On December 12, SRO received a...

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