Questions from General Accounting

Q: 1. Prepare the journal entry to record Tamasine Company’s issuance of

1. Prepare the journal entry to record Tamasine Company’s issuance of 5,000 shares of $100 par value, 7% cumulative preferred stock for $102 cash per share. 2. Assuming the facts in part 1, if Tamasin...

Q: Which of the following statements a through g are true of long

Which of the following statements a through g are true of long-term investments? ______ a. They are held as an investment of cash available for current operations. ______ b. They can include funds ear...

Q: Complete the following descriptions by filling in the blanks. 1

Complete the following descriptions by filling in the blanks. 1. The controlling investor is called the ______, and the investee is called the ______. 2. A long-term investment classified as equity se...

Q: A solar company invests in the following securities. Identify those investments

A solar company invests in the following securities. Identify those investments as either an investment in debt (D) securities or equity (E) securities. ______ a. U.S. treasury bonds ______ b. Google...

Q: Wilcox Electronics uses a sales journal, a purchases journal, a

Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed the...

Q: Identify the most likely role in an accounting system played by each

Identify the most likely role in an accounting system played by each of the numbered items 1 through 12 by assigning a letter from the list A through E on the left. A. Source documents B. Input device...

Q: Enter the letter of each system principle in the blank next to

Enter the letter of each system principle in the blank next to its best description. A. Control principle B. Relevance principle C. Compatibility principle D. Flexibility principle E. Cost-benefit p...

Q: Refer to Google’s financial statements in Appendix A. Identify Google’s net

Refer to Google’s financial statements in Appendix A. Identify Google’s net earnings (income) for the year ended December 31, 2013. Is its net earnings equal to the...

Q: An internal control system consists of all policies and procedures used to

An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies. Evaluate ea...

Q: Choose from the following list of terms/phrases to best complete

Choose from the following list of terms/phrases to best complete the following statements. a. Cash b. Cash equivalents c. Outstanding check d. Liquidity e. Bank reconciliation f. Current assets 1....