Questions from Intermediate Accounting


Q: Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at

Douglas McDonald Company’s balance sheet included the following shareholders’ equity accounts at December 31, 2020: On March 16, 2021, a 4% common stock dividend wa...

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Q: Access the FASB Accounting Standards Codification at the FASB website (www

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following it...

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Q: Assume the same facts as in BE 6–24 except that

Assume the same facts as in BE 6–24 except that the trade name “Saar Associates” is not well known in the marketplace and the owner provides no advertising or other benefits to a licensee of the Saar...

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Q: The balance sheet of Consolidated Paper, Inc., included the following

The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts at December 31, 2020: During 2021, several events and transactions affected the re...

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Q: Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are

Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech pays no dividends and instead reinvests all earnings for future growth. Required: 1. Determine the return...

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Q: On January 1, 2021, the general ledger of Freedom Fireworks

On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: During January 2021, the following transactions occur: January 2: Issue an additional 2,000 shares...

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Q: Ozark Distributing Company is primarily engaged in the wholesale distribution of consumer

Ozark Distributing Company is primarily engaged in the wholesale distribution of consumer products in the Ozark Mountain regions. The following disclosure note appeared in the company’s 2021 annual re...

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Q: When companies offer new equity security issues, they publicize the offerings

When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 20...

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Q: Allied Paper Products, Inc., offers a restricted stock award plan

Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company granted 16 million of its $1 par common shares, subject to forfeiture if emplo...

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Q: Tesla Motors’s disclosure notes for the year ending December 31, 2017

Tesla Motors’s disclosure notes for the year ending December 31, 2017, included the following regarding its $0.001 par common stock: EMPLOYEE STOCK PURCHASE PLAN—Our employees are eligible to purchase...

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