Questions from Financial Accounting


Q: Seaside Water Company reported the following items on its statement of shareholders’

Seaside Water Company reported the following items on its statement of shareholders’ equity for the year ended December 31, 2016 (amounts in thousands of dollars): Requirements 1....

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Q: Tropical Goods is authorized to issue 10,000 shares of common

Tropical Goods is authorized to issue 10,000 shares of common stock. During a two-month period, Tropical completed these stock-issuance transactions: Requirements 1. Journalize the transactions. 2...

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Q: Nationwide Publishing was recently organized. The company issued common stock to

Nationwide Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $27,000 to help organize the corporation. Nationwide Publishing also issu...

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Q: The financial statements of Royal Employment Services, Inc., reported the

The financial statements of Royal Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value): Prepare the stockholders...

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Q: Mike Magid Toyota is an automobile dealership. Magid’s annual report includes

Mike Magid Toyota is an automobile dealership. Magid’s annual report includes Note 1—Summary of Significant Accounting Policies as follows: Bay Are...

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Q: Patterson Software had the following selected account balances at December 31,

Patterson Software had the following selected account balances at December 31, 2016 (all numbers and amounts are in thousands, except par value per share): Requirements 1. Prepare the stockholders&...

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Q: Raintree Marketing Corporation reported the following stockholders’ equity at December 31 (

Raintree Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions): Common stock.................................. $ 365 Additional paid-in capital....

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Q: At December 31, 2016, Pioneer Corporation reported the stockholders’ equity

At December 31, 2016, Pioneer Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts). Common stock $3.00 par value per share, 22...

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Q: Use the Pioneer Corporation data in E10-42B to prepare the

Use the Pioneer Corporation data in E10-42B to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2017. From E10-42B Common stock $3.00 par value per share, 22 m...

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Q: Crogan Products Company reported the following stockholders’ equity on its balance sheet

Crogan Products Company reported the following stockholders’ equity on its balance sheet: Requirements 1. What caused Crogan’s preferred stock to decrease during...

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