All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
accounting

Questions and Answers of Accounting

The liabilities and shareholders' equity items (in thousands) that follow were taken from the March 31, 2012, balance sheet for Saputo Inc.:Accounts payable and accrued
These items are taken from the financial statements of Summit Ltd. at December 31, 2015:Instructions(a) Calculate profit and the ending balance of retained earnings at December 31, 2015. It is not
These financial statement items are for Batra Corporation at year end, July 31, 2015:Batra started the year with $6,000 of common shares and issued additional shares for $4,000 during the
The chief financial officer (CFO) of Padilla Corporation requested that the accounting department prepare a preliminary statement of financial position on December 20, 2015. He knows that certain
Huntingdon Capital Corp. is a competitor of Plazacorp and First Capital Realty. Huntingdon reported the following selected information (in
The following information is available for Cameco Corporation for the year ended December 31 (in thousands, except share
Here are some fundamental and enhancing qualitative characteristics of useful fi nancial information: 1. Comparability 7. Neutrality 2. Completeness 8. Predictive value 3. Confirmatory value 9.
You are provided with the following selected balance sheet accounts for entertainment retailer HMV Group plc: Accumulated depreciation Cash Common (ordinary) shares Current income tax
In 2011, when publicly traded companies in Canada adopted IFRS, real estate companies were given the choice of using cost or fair value to account for their real estate portfolios. Th is was not an
The following items are from the assets section of WestJet Airlines Ltd.'s December 31, 2012, statement of financial position (in thousands):Accounts
The following items are from the liability and shareholders' equity sections of WestJet Airlines Ltd.'s December 31, 2012, statement of financial position (in thousands): Accounts payable and accrued
These items are taken from the financial statements of Mbong Corporation for the year ended December 31, 2015:Additional information:1. Mbong started the year with $30,000 of common shares and
The financial statements of Johanssen Inc. are presented here:Additional information: 1. Profit available to common shareholders was $160,000. 2. The weighted average number of common shares was
Selected financial statement data for a recent year for Chen Corporation and Caissie Corporation, two competitors, are as follows:Instructions(a) Calculate working capital and the current ratio for
Selected financial data for a recent year for two clothing competitors, Le ChÃ¢teau Inc. and Reitmans (Canada) Limited, are presented here (in thousands, except share
Selected ratios for Pitka Corporation are as follows:Instructions(a) Identify if the change in each value or ratio is an improvement or deterioration between (1) 2013 and 2014, and (2) 2014 and
Bobby Young is the accountant for the Blazers, a new professional hockey team. He has just finished preparing the financial statements for the team's first year end, which falls on December 31,
You are provided with the following selected balance sheet accounts for L'Oréal Group SA, the world's largest beauty products company: Accumulated amortization-patents and trademarks
The following are hypothetical situations that require the choice of one of the two bases of measurement: cost or fair value. 1. You purchase your textbooks at the university bookstore to use during
The following items are from the assets section of Devon Limited's December 31, 2015, statement of financial position:Accounts
The following items are from the liability and shareholders' equity sections of Devon Limited's December 31, 2015, statement of financial position:Accounts
These items are taken from financial statements of Beaulieu Limited for the year ended December 31, 2015:Cash.....................................................................................$
The financial statements of Fast Corporation are presented here:Additional information: 1. Profit available to common shareholders was $96,600. 2. The weighted average number of common shares was
Selected financial statement data for a recent year for Belliveau Corporation and Shields Corporation, two competitors, are as follows:Instructions(a) Calculate working capital and the current ratio
Selected financial data for a recent year for two discount retail chains, Walmart Stores, Inc. and Target Corporation, are presented here (in U.S. $ millions, except for share price):Instructions(a)
Selected ratios for Giasson Corporation are as follows:Instructions(a) Identify if the change in each value or ratio is an improvement or deterioration between (1) 2013 and 2014, and(2) 2014 and
Brenda Chan is the new accountant for a small private company called Ace Construction Limited. She has recently prepared the year-end financial statements for the company. Brenda's boss, Virginia
The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book. Instructions (a) What were the balances of Shoppers Drug Mart's total current assets and total
The financial statements of Jean Coutu are presented in Appendix B following the financial statements for Shoppers Drug Mart in Appendix A.Instructions(a) For each company, calculate or find the
McCain Foods Limited is a large multinational private company generating in excess of $6 billion in sales. It produces both frozen and non-frozen food products and makes one-third of the frozen
Kenmare Architects Ltd. (KAL) was incorporated and commenced operations on January 1, 2014. Sheila Kenmare, the company's only employee, consults with various clients and uses expensive equipment to
Kathy Onishi, the controller at Redondo Corporation, a private corporation, discussed with Redondo's vice-president of finance the possibility of switching from ASPE to IFRS. She said it would result
As discussed in the "All About You" feature presented in this chapter, in order to evaluate your own financial situation, you need to prepare a personal statement of financial position. Assume that
After graduating from university and investigating the opportunities available to her, Natalie chooses to work for Koebel's Family Bakery Ltd. She begins the process of familiarizing herself with the
For each account listed below, indicate whether it generally will have debit entries only, credit entries only, or both debit and credit entries: (a) Cash (b) Accounts Receivable (c) Dividends (d)
(a) What is a general journal? (b) How does the journal facilitate the recording process?
Explain why the format of the following items in a journal entry are important: (a) Including a date.(b) Recording debit entries first.(c) Indenting credit entries. (d) Including a brief
Meghan is recording the purchase of a truck in a journal entry and can't decide what account title to use for the truck. She is thinking about using "Truck Purchased," but she also likes the account
An efficiency expert who was reviewing the steps in the accounting cycle suggested dropping the general journal and recording and summarizing transactions directly into the general ledger instead.
(a) What is a general ledger? (b) In what order are accounts usually arranged in a general ledger?
(a) What is a chart of accounts and why is it important? (b) How does numbering the accounts help?
(a) What is a trial balance? (b) From what source document(s) is it prepared?
Why are some events recorded as accounting transactions but others are not?
Does it matter in which order accounts are listed in the trial balance?
On a trial balance, why does the retained earnings balance shown relate to the beginning of the period rather than the end of the period?
Identify and describe the first four steps in the accounting cycle.
Which of the following events should be recorded in the accounting records? Explain your answer in each case. (a) The company wins an award as one of the top 50 companies in Canada to work for. (b)
What is the effect of each of the following transactions on the expanded accounting equation? (a) Paid cash for janitorial services. (b) Purchased equipment on account. (c) Issued common shares to
Natalie Boudreau, an introductory accounting student, believes debit balances are favourable and credit balances are unfavourable. Is Natalie correct? Discuss.
Given that both liabilities and shareholders' equity are on the same side of the accounting equation, why is it that all liability accounts are increased by credits but all shareholders' equity
For each of the following accounts, indicate (a) whether the account would have a normal debit or credit balance, and (b) the appropriate statement classifi cation (income statement, statement of
For the following transactions, identify the account to be debited and the account to be credited: (a) Supplies are purchased on account (b) Payment of an amount owing to a supplier (c) Cash is
Presented below are a number of economic events. Prepare a tabular analysis of the eff ects of the above transactions on the expanded accounting equation. 1. Purchased supplies on account, $250. 2.
Selected transactions are presented in journal entry form below. For each entry, (a) Provide an explanation of the transaction.(b) Using T accounts, post the journal entries to the general
From the ledger balances given below, listed in alphabetical order, prepare a trial balance for Carland Inc. at June 30, 2015. All accounts have a normal debit or credit balance.
Diff erent types of posting errors are identifi ed in the following table. For each error, indicate (a) whether the trial balance will balance (yes or no), (b) the amount of the diff erence if the
An inexperienced bookkeeper prepared the following trial balance. She fi nished with a huge sigh of relief because she was able to balance the trial balance. (a) Is the trial balance correct? (b) If
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classifi cation (income statement, statement of
Selected transactions for Ing Corporation for the month of June are presented below. For each transaction, prepare a (a) basic analysis, (b) equation analysis, and (c) debit-credit analysis. June 1
Riko Corporation has the following selected transactions:1. Issued common shares to shareholders in exchange for $5,000.2. Paid rent in advance for six months, $2,100.3. Paid administrative assistant
Journalize the transactions given in BE3-1.BE3-11. Purchased supplies on account, $250.2. Provided a service on account, $500.3. Paid salaries expense, $300.4. Issued common shares in exchange for
Journalize the transactions for Ing Corporation given in BE3-3.BE3-3June 1 Issued common shares to shareholders in exchange for $2,500 cash.2 Purchased supplies on account for $250.12 Billed J.
Journalize the transactions for Riko Corporation given in BE3-4.BE3-4Riko Corporation has the following selected transactions:1. Issued common shares to shareholders in exchange for $5,000.2. Paid
Fill in the missing amounts from the following T accounts.
Using T accounts, post the journal entries in BE3-6 to the general ledger. BE3-6 June 1 Issued common shares to shareholders in exchange for $2,500 cash. 2 Purchased supplies on account for $250. 12
Selected transactions for Green Lawn Care Ltd. follow: 1. Issued common shares to shareholders in exchange for $5,000 cash. 2. Purchased $250 of supplies on account. 3. Billed customers $2,500 for
The following is the general ledger for Holly Corp.:Instructions(a) Prepare an explanation for each ledger posting that was made above.(b) Prepare a trial balance at October 31, 2015.
The following is a list of accounts for Speedy Delivery Service, Inc. at July 31, 2015:Additional information:During the year, the company issued common shares for $11,000.Instructions(a) Prepare a
The bookkeeper for Castle's Equipment Repair Corporation made these errors in journalizing and posting:1. A credit posting of $400 to Accounts Receivable was omitted.2. A debit posting of $750 for
Wong Computer Corporation entered into these transactions during the month of May: 1. Purchased computers on account for $8,000 from Dell. 2. Paid $1,600 for rent for the month of May. 3. Provided
You are presented with the following alphabetical list of items, selected from the fi nancial statements of Saputo Inc.: Accounts payable and accrued liabilities............................... Income
Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as follows: March 2 Issued common shares for $11,000 cash. 4 Purchased used
Data for the Wong Computer Corporation were presented in E3-2.E3-2Wong Computer Corporation entered into these transactions during the month of May:1. Purchased computers on account for $8,000 from
Data for the Decorators Mill Ltd. were presented in E3-4. E3-4 Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as
The journal entries for the Decorators Mill were prepared in E3-6.E3-6Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as
Selected transactions for the Basler Corporation during its first month in business are presented below:Sept. 1 Issued common shares for $20,000 cash.2 Performed $9,000 of services on account for a
Selected transactions from the general journal of Kang, Inc. for its first month of operations are presented here:Instructions (a) Prepare an explanation for each of the journal entries listed
Refer to the trial balance for Taggar Enterprises Inc. prepared in P3-9A. In addition to this information, note that during the year, common shares in the amount of $2,000 were issued and $1,250 of
The following trial balance of Cantpost Ltd., at the end of its first year of operations, June 30, 2015, does not balance:Each of the listed accounts has a normal balance per the general ledger.
On July 31, 2015, the general ledger of Hills Legal Services Inc. showed the following balances: Cash $4,000; Accounts Receivable $1,500; Supplies $500; Equipment $5,000; Accounts Payable $4,100;
You are presented with the following alphabetical list of selected items from the financial statements of Danier Leather Inc.: Accounts payable and accrued
You are presented with the following transactions for Paddick Enterprises Ltd. for the month of February: Feb. 2 Purchased supplies on account, $600. 3 Purchased equipment for $10,000 by signing a
The Adventure Miniature Golf and Driving Range, Inc. opened on May 1. The following selected events and transactions occurred during May: May 1 Issued common shares for $120,000 cash. 4 Purchased
During the first month of operations, the following events and transactions occurred for Virmani Architects Inc.: Apr.1 Invested cash of $10,000 and equipment of $6,000 in the company in exchange for
On February 28, 2015, the Star Theatre, Inc.'s general ledger showed Cash $15,000; Land $85,000; Buildings $77,000; Equipment $20,000; Accounts Payable $12,000; Mortgage Payable $118,000; Common
Pamper Me Salon Inc.'s general ledger at April 30, 2015, included the following: Cash $5,000; Supplies $500; Equipment $24,000; Accounts Payable $2,100; Bank Loan Payable $10,000; Unearned Revenue
You are presented with the following alphabetical list of accounts and balances (in thousands) for Taggar Enterprises Inc. at June 30, 2015:Instructions (a) Prepare a trial balance at June 30,
On May 1, Marty's Repair Shop, Inc. commenced operations. The following transactions were completed during the month: 1. Issued common shares for $28,000 cash. 2. Paid $1,280 for May offi ce rent. 3.
Refer to the trial balance for Asian Importers prepared in P3-9B. In addition to this information, note that during the year, common shares in the amount of $12,900 were issued and $6,300 of the
The following trial balance of Messed Up Ltd., at the end of its first year of operations, May 31, 2015, does not balance:Each of the listed accounts has a normal balance per the general ledger.
The general ledger of Corso Care Corp., a veterinary company, showed the following balances on August 31, 2015: Cash $4,500; Accounts Receivable $1,800; Supplies $350; Equipment $6,500; Accounts
You are presented with the following alphabetical list of selected items from the financial statements of Reitmans (Canada) Limited: Administrative
You are presented with the following transactions for the Dankail Corporation for the month of January: Jan. 2 Issued $10,000 of common shares for cash. 5 Provided services on account, $2,500. 6
The Mountain Biking Corp. opened on April 1. The following selected events and transactions occurred during April:Apr. 1 Issued common shares for $100,000 cash.3 Purchased an out-of-use ski hill
During the first month of operations, the following events and transactions occurred for Astromech Accounting Services Inc.: May 1 Issued common shares for $20,000 cash. 1 Paid office rent of $950
On March 31, 2015, the Lake Theatre, Inc.'s general ledger showed Cash $6,000; Land $100,000; Buildings $80,000; Equipment $25,000; Accounts Payable $5,000; Mortgage Payable $125,000; Common Shares
KG Spring Skating School Inc. had the following account balances as at April 30, 2012: Cash $23,000; Equipment $2,000; Accounts Payable $500; Unearned Revenue (for advance registration fees)
You are presented with the following alphabetical list of accounts and balances (in thousands) for Asian Importers Limited as at January 31, 2015:Instructions (a) Prepare a trial balance, sorting
Th e fi nancial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book. They contain the following selected accounts:Accounts payable and accrued
The financial statements of Jean Coutu are presented in Appendix B following the fi nancial statements for Shoppers Drug Mart in Appendix A.Instructions(a) Using Shoppers Drug Mart's financial

Showing 101000 - 101100 of 107832

First
1004
1005
1006
1007
1008
1009
1010
1011
1012
1013
1014
1015
1016
1017
1018
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved