Questions from Intermediate Accounting


Q: The major classifications of activities reported in the statement of cash flows

The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity&mda...

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Q: The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning

The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows Net income of $44,000 was reported, and dividends of $23,000 were paid in...

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Q: Presented below is a condensed version of the comparative balance sheets for

Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31. Additional information: Investments were sold at a lo...

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Q: Harding Corporation has the following accounts included in its December 31,

Harding Corporation has the following accounts included in its December 31, 2014, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents $72...

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Q: The creditors of Chester Company agree to accept promissory notes for the

The creditors of Chester Company agree to accept promissory notes for the amount of its indebtedness with a proviso that two-thirds of the annual profits must be applied to their liquidation. How sh...

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Q: A comparative balance sheet for Shabbona Corporation is presented below.

A comparative balance sheet for Shabbona Corporation is presented below. Additional information: 1. Net income for 2014 was $125,000. No gains or losses were recorded in 2014. 2. Cash dividen...

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Q: The comparative balance sheets of Madrasah Corporation at the beginning and end

The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. Net income of $44,000 was reported, and dividends of $33,000 were paid in 2014. Ne...

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Q: Presented below is a list of accounts in alphabetical order.

Presented below is a list of accounts in alphabetical order. Instructions Prepare a classified balance sheet in good form. (No monetary amounts are to be shown.)  

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Q: Presented below are a number of balance sheet items for Montoya,

Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400...

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Q: The adjusted trial balance of Eastwood Company and other related information for

The adjusted trial balance of Eastwood Company and other related information for the year 2014 are presented as follows. Additional information: 1. The LIFO method of inventory value is used....

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