Questions from Financial Accounting


Q: Green Earth Homes, Inc., builds environmentally sensitive structures. The

Green Earth Homes, Inc., builds environmentally sensitive structures. The company’s 2018 revenues totaled $2,770 million. At December 31, 2018, and 2017, the company had, respectivel...

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Q: Barnacle Sales, Inc.’s, comparative income statements and balance

Barnacle Sales, Inc.’s, comparative income statements and balance sheets show the following selected information for 2017 and 2018: Requirements: 1. Calculate the companyâ ...

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Q: On September 1, 2019, The Shoppes at Forest Lake,

On September 1, 2019, The Shoppes at Forest Lake, Inc., purchased inventory costing $63,000 by signing an 8%, six-month, short-term note payable. The company will pay the entire note (principal and in...

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Q: Cape Cod Sales Company completed the following note payable transactions:

Cape Cod Sales Company completed the following note payable transactions: Requirements: 1. How much interest expense must be accrued at December 31, 2018? (Round your answer to the nearest whole doll...

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Q: Sherlock Sports Authority purchased inventory costing $30,000 by signing

Sherlock Sports Authority purchased inventory costing $30,000 by signing a 4%, short-term, one-year note payable. The purchase occurred on July 31, 2018. Sherlock pays annual interest each year on Jul...

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Q: The LO 4accounting records of Carmen Appliances included the following balances at

The LO 4accounting records of Carmen Appliances included the following balances at the end of the period: In the past, Carmen’s warranty expense has been 8% of sales. During the curr...

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Q: On September 30, 2018, Baytex, Inc., purchased 6

On September 30, 2018, Baytex, Inc., purchased 6.8% bonds of Whitmore Corporation at 98 as a long-term, held-to-maturity investment. The maturity value of the bonds will be $35,000 on September 30, 20...

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Q: Centennial Publishing completed the following transactions for one subscriber during 2018:

Centennial Publishing completed the following transactions for one subscriber during 2018: Requirement: 1. Journalize these transactions (explanations not required). Then report any liability on the...

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Q: Buckeye has an annual payroll of $170,000. In

Buckeye has an annual payroll of $170,000. In addition, the company incurs payroll tax expense of 9% of the annual payroll. At December 31, Buckeye owes salaries of $7,800 and FICA and other payroll t...

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Q: Western Electronics completed these selected transactions during March 2018: a

Western Electronics completed these selected transactions during March 2018: a. Sales of $2,400,000 are subject to an accrued warranty cost of 9%. The accrued warranty payable at the beginning of the...

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