Questions from Financial Accounting


Q: On April 1 of the current year, Andrea Byrd established a

On April 1 of the current year, Andrea Byrd established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of...

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Q: On December 1 of the current year, the following accounts and

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: At the annual stockholders’ meeting on March 3...

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Q: The following selected accounts appear in the ledger of EJ Construction Inc

The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affectin...

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Q: On August 26, Mountain Realty Inc. issued for cash 120

On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common stock (with a stated value of $5) at $8. On October 1, Mountain Realty Inc. issued at par value 40,000 shares of pref...

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Q: The following items were selected from among the transactions completed by Pioneer

The following items were selected from among the transactions completed by Pioneer Co. during the current year: Mar. 1. Purchased merchandise on account from Galston Co., $360,000, terms n/30. 31. Iss...

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Q: The investments of Steelers Inc. include a single investment: 33

The investments of Steelers Inc. include a single investment: 33,100 shares of Bengals Inc. common stock purchased on September 12, 2016, for $13 per share including brokerage commission. These shares...

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Q: Hurricane Inc. purchased a portfolio of available-for-sale

Hurricane Inc. purchased a portfolio of available-for-sale securities in 2016, its first year of operations. The cost and fair value of this portfolio on December 31, 2016, was as follows: On June 1...

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Q: List the errors you find in the following partial balance sheet:

List the errors you find in the following partial balance sheet:

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Q: During 2016, its first year of operations, Galileo Company purchased

During 2016, its first year of operations, Galileo Company purchased two available-for sale investments as follows: Assume that as of December 31, 2016, the Hawking Inc. stock had a market value of...

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Q: Shunda Corporation wholesales parts to appliance manufacturers. On January 1,

Shunda Corporation wholesales parts to appliance manufacturers. On January 1, 2016, Shunda Corporation issued $22,000,000 of five-year, 9% bonds at a market (effective) interest rate of 7%, receiving...

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