Questions from Intermediate Accounting


Q: A partial adjusted trial balance of Piper Company at January 31,

A partial adjusted trial balance of Piper Company at January 31, 2014, shows the following. Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount...

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Q: What is the major distinction (a) between revenues and gains

What is the major distinction (a) between revenues and gains and (b) between expenses and losses?  

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Q: Presented below are selected accounts for Alvarez Company as reported in the

Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2014. Instructions Complete the worksheet by extending amounts reported in the adjusted...

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Q: Andy Roddick is the new owner of Ace Computer Services. At

Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information...

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Q: Greco Resort opened for business on June 1 with eight air-

Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data: 1. The balance in prepaid insurance is a one-year premium...

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Q: The adjusted trial balance of Anderson Cooper Co. as of December

The adjusted trial balance of Anderson Cooper Co. as of December 31, 2014, contains the following. Instructions (a) Prepare an income statement. (b) Prepare a statement of retained earnings....

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Q: The adjusted trial balance of Lopez Company shows the following data pertaining

The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $800,000, Delivery Expense $12,000, Sales Retu...

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Q: Presented below is information related to Gonzales Corporation for the month of

Presented below is information related to Gonzales Corporation for the month of January 2014. Instructions Prepare the necessary closing entries.  

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Q: Presented below is financial information for two different companies.Instructions

Presented below is financial information for two different companies. Instructions Instructions Compute the missing amounts.  

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Q: Presented below are selected account balances for Homer Winslow Co. as

Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014. Instructions Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Omit explanat...

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