Questions from General Accounting


Q: Selected information taken from the financial statements of Fordstar Co. for

Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2022, follows: a. Calculate income from operations (operating income) for the year ended Decemb...

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Q: On January 10, 2022, the first day of the spring

On January 10, 2022, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was $3,600....

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Q: Calco Inc. rents its store location. Rent is $9

Calco Inc. rents its store location. Rent is $9,000 per month, payable quarterly in advance. On July 1, a check for $27,000 was issued to the landlord for the July–September quarter. Required: Use th...

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Q: Set up a horizontal model in the following format: /

Set up a horizontal model in the following format: Required: a. Enter the beginning (July 28, 2019) and ending (August 2, 2020) account balances for Accounts Receivable, Inventories, and Payable to Su...

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Q: Big Blue Rental Corp. provides rental agent services to apartment building

Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.’s preliminary income statement for August 2022 and its August 31, 2022, preli...

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Q: Beckett Co. received its bank statement for the month ending June

Beckett Co. received its bank statement for the month ending June 30, 2022, and reconciled the statement balance to the June 30, 2022, balance in the Cash account. The reconciled balance was determine...

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Q: Branson Co. received its bank statement for the month ending May

Branson Co. received its bank statement for the month ending May 31, 2022, and reconciled the statement balance to the May 31, 2022, balance in the Cash account. The reconciled balance was determined...

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Q: HighTech Inc. and OldTime Co. compete within the same industry

HighTech Inc. and OldTime Co. compete within the same industry and had the following operating results in 2022: Required: a. Calculate the breakeven point for each firm in terms of revenue. b. What ob...

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Q: The following is a portion of the current assets section of the

The following is a portion of the current assets section of the balance sheets of Avanti’s, Inc., at December 31, 2023 and 2022: Required: a. If $9,100 of accounts receivable were wr...

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Q: The following is a portion of the current asset section of the

The following is a portion of the current asset section of the balance sheets of HiROE Co., at December 31, 2023 and 2022: Required: a. Describe how the allowance amount at December 31, 2023, was most...

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