Questions from Financial Accounting


Q: Crutchfield Furniture Gallery, Inc., provided the following data from the

Crutchfield Furniture Gallery, Inc., provided the following data from the company’s records for the year ended October 31, 2017: a. Credit sales, $584,200 b. Loan to another company, $12,800 c. Cash...

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Q: To prepare the statement of cash flows, accountants for Percy Electric

To prepare the statement of cash flows, accountants for Percy Electric Company have summarized 2016 activity in two accounts: Percy Electric’s 2016 income statement...

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Q: The comparative balance sheets of Donna Dunn Design Studio, Inc.,

The comparative balance sheets of Donna Dunn Design Studio, Inc., at June 30, 2016, and 2015, and transaction data for fiscal 2016, are as follows: Transaction data for the year ended...

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Q: Pruitt Motors, Inc., was formed on January 1, 2016

Pruitt Motors, Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On January 1, 2016, Pruitt issued its common stock for $440,000. Early in January, Pruitt made the...

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Q: Use the Pruitt Motors, Inc., data from P12-67B

Use the Pruitt Motors, Inc., data from P12-67B. Requirements 1. Prepare Pruitt’s income statement for the year ended December 31, 2016. Use the singlestep format, with all revenues listed together...

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Q: Johnson Software Corp. has assembled the following data for the years

Johnson Software Corp. has assembled the following data for the years ending December 31, 2016 and 2015: Requirement 1. Prepare Johnson Software Corp.’s statement of cash flows u...

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Q: The comparative balance sheets of Barberton Movie Theater Company at September 30

The comparative balance sheets of Barberton Movie Theater Company at September 30, 2016 and 2015, reported the following: Barberton’s transactions during the year ended September 3...

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Q: The 2016 and 2015 comparative balance sheets and 2016 income statement of

The 2016 and 2015 comparative balance sheets and 2016 income statement of Lombardi Supply Corp. follow: Lombardi Supply had no noncash investing and financing transactions during 201...

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Q: For each of the situations listed, identify which of three principles

For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct that is violated. Assume all pe...

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Q: The partners who own Lane Rafts wished to avoid the unlimited personal

The partners who own Lane Rafts wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Lane Rafts, Inc. The charter from the state of California...

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