Questions from Financial Accounting


Q: Yerbury Corp. manufactures construction equipment. Journalize the entries to record

Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016: Feb. 2. Purchased for cash 5...

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Q: The following accounts appear in an adjusted trial balance of San Jose

The following accounts appear in an adjusted trial balance of San Jose Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) cur...

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Q: Emil Corp. produces and sells wind-energy-driven engines

Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9% callable bonds on May 1, 2016 at their face amount, with interest paya...

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Q: Using data in Exercise 8-9, assume that the allowance

Using data in Exercise 8-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of $6,350 before adjustment on August 31. Journalize the adjusting entry for unc...

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Q: On January 1, 2016, Hebron Company issued a $175

On January 1, 2016, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,380, beginning on December 31, 2016. Journalize the entri...

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Q: A John Deere tractor acquired on January 4 at a cost of

A John Deere tractor acquired on January 4 at a cost of $120,000 has an estimated useful life of 25 years. Assuming that it will have no residual value, determine the depreciation for each of the firs...

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Q: The actual cash received from cash sales was $51,175

The actual cash received from cash sales was $51,175 and the amount indicated by the cash register total was $50,997. Journalize the entry to record the cash receipts and cash sales.

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Q: JED Capital Inc. makes investments in trading securities. Selected income

JED Capital Inc. makes investments in trading securities. Selected income statement items for the years ended December 31, 2016 and 2017, plus selected items from comparative balance sheets, are as fo...

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Q: Loomis, Inc. reported the following on the company’s income statement

Loomis, Inc. reported the following on the company’s income statement in 2016 and 2015: a. Determine the number of times interest charges were earned for 2016 and 2015. Round to on...

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Q: Jets Bancorp Inc. purchased a portfolio of trading securities during 2016

Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows: On May 10, 2017, Jets Bancorp Inc. purchase...

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