Questions from Intermediate Accounting


Q: Gator Printers Incorporated is an on-line retailer of printing services

Gator Printers Incorporated is an on-line retailer of printing services, reaching thousands of customers across North America every year. The company was founded 15 years ago as a university campus co...

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Q: Aero Inc. had the following statement of financial position at the

Aero Inc. had the following statement of financial position at the end of operations for 2013: During 2014, the following occurred: 1. Aero liquidated its investment portfolio at a loss of $5,000. The...

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Q: Kahnert Corporation's adjusted trial balance contained the following asset accounts at December

Kahnert Corporation's adjusted trial balance contained the following asset accounts at December 31, 2014: Cash……………………………………………………………………………..$3,000 Treasury Bills (with original maturity of three mont...

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Q: The following accounts are in Tan Limited's December 31, 2014 trial

The following accounts are in Tan Limited's December 31, 2014 trial balance: Prepaid Rent………………………………………………$1,300 Fair Value-OCT Investments………………………$62,000 Unearned Revenue………………………………………$7,000 Land...

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Q: Lowell Corp's December 31, 2014 trial balance includes the following accounts

Lowell Corp's December 31, 2014 trial balance includes the following accounts: Inventory……………………………………………………………$120,000 Buildings……………………………………………………………$207,000 Accumulated Depreciation-Equipment…………...

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Q: The bookkeeper for Garfield Corp. has prepared the following statement of

The bookkeeper for Garfield Corp. has prepared the following statement of financial position as at July 31, 2014: The following additional information is provided: 1. Cash includes $1,200 in a petty...

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Q: Assume that Iris Inc. has the following accounts at the end

Assume that Iris Inc. has the following accounts at the end of the current year: 1. Common Shares 2. Raw Materials 3. FV-OCI Investments 4. Unearned Rent Revenue 5. Work-in-Process Inventory 6. Intang...

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Q: Samson Corporation is preparing its December 31, 2014 statement of financial

Samson Corporation is preparing its December 31, 2014 statement of financial position. The following items may be reported as either current or long-term liabilities: 1. On December 15, 2014, Samson d...

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Q: The trial balance of Zeitz Corporation at December 31, 2014,

The trial balance of Zeitz Corporation at December 31, 2014, follows: Instructions (a) Prepare a classified statement of financial position as at December 31, 2014. Ignore income taxes. (b) Is there...

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Q: Taylor Corporation had net sales revenue of $2,780,

Taylor Corporation had net sales revenue of $2,780,000 and investment revenue of$103,000 in 2014. Other items pertaining to 2014 were as follows: Taylor has 10,000 common shares outstanding. Prepare...

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