Questions from General Accounting


Q: Suppose 3M Company reported the following financial data for 2014 and 2013

Suppose 3M Company reported the following financial data for 2014 and 2013 (in millions). Instructions: (a) Calculate the current ratio for Sedgewick Boutique for 2014 and 2013. (b) Suppose that at...

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Q: Mike Cichanowski founded Wenonah Canoe and later purchased Current Designs, a

Mike Cichanowski founded Wenonah Canoe and later purchased Current Designs, a company that designs and manufactures kayaks. The kayak-manufacturing facility is located just a few minutes from the cano...

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Q: Wendall Company specializes in producing fashion outfits. On July 31,

Wendall Company specializes in producing fashion outfits. On July 31, 2014, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely d...

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Q: Tenrack is a fairly large manufacturing company located in the southern United

Tenrack is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the company...

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Q: Anchor Glass Container Corporation, the third largest manufacturer of glass containers

Anchor Glass Container Corporation, the third largest manufacturer of glass containers in the United States, supplies beverage and food producers and consumer products manufacturers nationwide. Parent...

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Q: The Institute of Management Accountants (IMA) is an organization dedicated

The Institute of Management Accountants (IMA) is an organization dedicated to excellence in the practice of management accounting and financial management. Address: www.imanet.org, or go to www.wiley....

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Q: Putnam Corporation had these transactions during 2014. (a)

Putnam Corporation had these transactions during 2014. (a) Purchased a machine for $30,000, giving a long-term note in exchange. (b) Issued $50,000 par value common stock for cash. (c) Issued $200,000...

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Q: Presented below is a list of costs and expenses usually incurred by

Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. 1. Salaries for assembly line inspectors. 2. Insurance on factory m...

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Q: On June 1, Tucker Inc. issues 3,000 shares

On June 1, Tucker Inc. issues 3,000 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares.

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Q: Determine whether each of the following costs should be classified as direct

Determine whether each of the following costs should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO). (a) ______ Frames and tires used in manufacturing bicycl...

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