Questions from Intermediate Accounting


Q: Koch Corporation’s adjusted trial balance contained the following asset accounts at December

Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance $5,200...

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Q: Included in Outkast Company’s December 31, 2012, trial balance are

Included in Outkast Company’s December 31, 2012, trial balance are the following accounts: Prepaid Rent $5,200; Debt Investments $56,000; Unearned Fees $17,000; Land (held for investment) $39,000; Not...

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Q: Lowell Company’s December 31, 2012, trial balance includes the following

Lowell Company’s December 31, 2012, trial balance includes the following accounts: Inventory $120,000; Buildings $207,000; Accumulated Depreciation—Equipment $19,000; Equipment $190,000; Land (held fo...

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

Crane Corporation has the following accounts included in its December 31, 2012, trial balance: Equity Investments (trading) $21,000; Goodwill $150,000; Prepaid Insurance $12,000; Patents $220,000; Fra...

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Q: Patrick Corporation’s adjusted trial balance contained the following asset accounts at December

Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises $47,000;...

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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 Sondergaard Corporation for the last two years at December 31. Additional information: Investments were sold at a loss (n...

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

A comparative balance sheet for Orozco Corporation is presented below. Additional information: 1. Net income for 2012 was $105,000. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds paya...

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Q: Standard-setting bodies have issued a number of authoritative pronouncements.

Standard-setting bodies have issued a number of authoritative pronouncements. A list is provided on the left, below, with a description of these pronouncements on the right. Instructions Match the de...

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Q: Chekov Corporation’s balance sheet at the end of 2011 included the following

Chekov Corporation’s balance sheet at the end of 2011 included the following items. The following information is available for 2012. 1. Net income was $55,000. 2. Equipment (cost $...

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

The comparative balance sheets of Menachem Corporation at the beginning and end of the year 2012 appear below. Net income of $34,000 was reported, and dividends of $23,000 were paid in 2012. New equ...

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