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Intermediate-Accounting Questions
Intermediate-Accounting Questions
Accounting Question
Pronghorn Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of € 4,100,000 on January 1, 2022. Pronghorn expected to complete the building by December 31, 2022. Pronghorn has the following d
QUESTION 6 - Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other breeds and sells horses...
How do I prepare this journal entry
Present Value of Annuities
Share base payment part 2
Allied reported deferred income tax on loss carried forward of $ 233,000 and deferred tax liability for 2021 as $ 72,000 vs 2020 for $ 96,000
The Fleming Foundation is a charitable organization founded by Gaylord Fleming and Sandy Fleming. The Flemings intended for the charity to provide programs in health care for the elderly, particularly those in poverty. The two main program divisions of th
Michek Company loans Sarasota Company $2,000,000 at 6% for 3 years on January 1, 2020. Michek intends to hold this loan to maturity and has the financial ability to do so. The fair value of the loan at the end of each reporting period is as follows. Dece
Marin Inc. owns the following assets at December 31, 2020: Cash in bank savings account $47,100 Chequing account balance $30,000 Cash on hand 14,700 Postdated cheque from Cullumber Company 460 Refund due (overpayment of income taxes) 30,400 Cash in
To promote the sale of some specialty goods, Kingbird Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of the
On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird’s $50,578, three-year, zero-interest-bearing note. The implied interest is 10%.
Flint Corporation sold $734,000 of accounts receivable to Tamarisk, Inc. on a without recourse basis under IFRS, as the risks and rewards have been transferred to Tamarisk. The transaction meets the criteria for a sale, and no asset or liability component
Sheridan Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $402. The fund is reimbursed when the cash in the fund is at $57. Petty cash receipts shows that funds were disbursed for $173 of supplies and $165 of frei
Sunland Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund is reimbursed when the cash in the fund is at $64. Petty cash receipts shows that funds were disbursed for $150 of supplies and $183 of freig
Larkspur, Inc. shows a balance of $526,240 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:
No More Books Corporation has an agreement with Floyd Bank whereby the bank handles $4.5 million in collections per day
Depreciation
BE 11-23
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows:
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