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Questions and Answers of Accounting

CREIT (Canadian Real Estate Investment Trust) is a real-estate property management company. Its properties include retail, office, and industrial centres across Canada and in the U.S. It is a
Melissa Young had always been encouraged by her accounting professor to apply her accounting skills as much as possible. When her uncle asked her to prepare his accounting records for a company he
Ron Hollister is a member of a group of students who have been given an accounting assignment by their professor. Ron is responsible for the portion of the assignment that requires the preparation of
In this chapter, you learned the features of accounting information systems that companies use to keep track of their important financial information. Let's now apply these same concepts to your
On June 1, 2014, Natalie becomes both a shareholder and chief administrator of operations of Koebel's Family Bakery Ltd. Aft er much discussion with her parents, Janet and Brian, Natalie decides not
Soft ware Advisors Limited was organized on January 1, 2015. The company plans to use the following chart of accounts:The company had the following transactions in the month of January:January 2
Why are adjusting entries needed? Include in your explanation a description of the recognition criteria that relate to adjusting the accounts.
"An adjusting entry affects at least one statement of financial position and one income statement account." Do you agree? Why or why not?
Adjusting entries for prepayments always include the Cash account, and adjusting entries for accruals never include the Cash account. Do you agree? Why or why not?
The original journal entry must first be examined before an adjusting entry for a prepayment can be prepared. Why is this not also the case for an adjusting entry for an accrual?
Reactor Corp. has incurred utility costs for the month of December, but the utility company does not send out its bills until the 15th of the following month. Reactor does not plan on recording the
Why is it appropriate to prepare financial statements directly from an adjusted trial balance but not from an unadjusted trial balance?
How do adjusting journal entries differ from transaction entries recorded on a daily basis? How do closing journal entries differ from adjusting journal entries?
Explain how an unadjusted trial balance, adjusted trial balance, and post-closing trial balance are similar, and how they differ. How oft en, and when, should each one be prepared?
Why is the retained earnings balance on the unadjusted trial balance the same amount that appears on the adjusted trial balance? Why is the retained earnings balance on an adjusted trial balance
What are two reasons for recording closing entries?
Why is the account Dividends not closed with the expense accounts?
Identify whether the Income Summary account would be debited or credited when making each of the four closing entries, assuming the company has (a) profit for the year, and (b) a loss for the year.
Which steps in the accounting cycle may be done daily, which steps are done on a periodic basis (monthly or quarterly), and which steps are usually done only at the company's fiscal year end?
How does the cash basis of accounting differ from the accrual basis of accounting? Which basis gives more useful information for decision making? Why?
The name "prepaid expense" implies that this type of account is an expense account and belongs on an income statement. However, these accounts actually appear on the statement of financial position
The name "unearned revenue" implies that this type of account is a revenue account and belongs on an income statement. However, these accounts actually appear on the statement of financial position
Depreciation is a process of valuation that results in the reporting of the fair value of the asset. Do you agree?
Explain the difference between (a) depreciation expense and accumulated depreciation, and (b) cost and carrying amount.
What is a contra asset account? Why do we use a contra asset account to record accumulated depreciation instead of directly reducing the depreciable asset account?
Transactions that affect cash do not necessarily affect profit. Identify the impact, if any, of each of the following transactions on cash and profit. The first transaction has been completed for you
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2015:Prepare an adjusted trial balance at February
Refer to the data in BE4-10 for Oromocto Corporation. During the year ended February 28, 2015, common shares were issued for $5,000. Prepare(a) An income statement,(b) A statement of changes in
Refer to the data in BE4-10 for Oromocto Corporation. Prepare the closing journal entries.Data from BE4-10The Oromocto Corporation reports the following adjusted account balances, shown in
The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $90,000; Repairs and Maintenance Expense $15,000; and Income Tax
The following selected accounts appear in the adjusted trial balance for Maple Leaf Foods Inc. Identify which accounts would be included in Maple Leaf Foods' post-closing trial balance.(a) Accounts
Blindleia Care Corporation had the following selected transactions in September:1. Collected $200 cash from customers for services provided in August.2. Collected $500 cash from customers for
Sain Advertising Ltd.'s opening trial balance on January 1 shows Supplies $1,500. On May 1, the company purchased additional supplies for $4,800 on credit. On December 31, there are $2,300 of
On January 2, 2015, the Claymore Corporation purchased a delivery truck for $50,000 cash. The company uses straight-line depreciation and estimates that the truck will have a five-year useful life.
On June 1, 2015, Bere Ltd. pays $6,000 to Marla Insurance Corp. for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually.(a) Record the
The total weekly payroll for Classic Auto Repairs Ltd. is $5,000 ($1,000 per day). The payroll is paid every Monday for employee salaries earned during the previous five-day workweek (Monday through
Zieborg Maintenance Corp. has a $375 monthly contract with Crispy Treat Inc. for general maintenance services. Zieborg invoices Crispy on the first of the month for services that it provided in the
On July 1, 2015, Nakhooda Limited purchased a truck for $40,000, paying $10,000 cash and signing a 6% sixmonth bank loan payable for the remainder.Prepare the journal entries to record each of the
Fill in the missing amounts in the following income tax schedule for the Ducharme Corporation. Assume that 2013 was the company's first year of operations.
The following independent situations require professional judgement to determine when to recognize revenue from the transactions:(a) WestJet sells you a non-refundable one-way airline ticket in
The adjusted trial balance for Fraser Valley Services Ltd. was prepared in E4-9. During the year, the company issued common shares for $1,000.InstructionsPrepare (a) an income statement, (b) a
The adjusted trial balance for Fraser Valley Services Ltd. was prepared in E4-9.Data from E4-9.Instructions(a) Prepare the closing entries at August 31.(b) Prepare a post-closing trial balance.
In its first year of operations, Athabasca Corp. earned $52,000 in service revenue. Of that amount, $8,000 was on account and the remainder, $44,000, was collected in cash from customers.The company
Acadia Inc. owns the following long-lived assets:(a) Prepare depreciation adjusting entries for each asset for the year ended December 31, 2015, assuming the company adjusts its accounts annually.(b)
The CCBC Corporation had the following post-closing trial balance at the beginning of its fiscal year, July 1, 2015:During the month of July, the following selected transactions took place:July 2
On March 31, 2015, Easy Rental Agency Inc.'s trial balance included the following unadjusted account balances. The company's year end is December 31 and it adjusts its accounts quarterly.An analysis
A partial adjusted trial balance follows for Nolet Ltd. at January 31, 2015. The company's fiscal year end is December 31 and it makes adjustments monthly.Instructions(a) If $1,600 was received in
Fraser Valley Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, August 31, 2015:InstructionsPrepare an adjusted trial balance.
Your examination of the records of Southlake Corp. shows the company collected $187,800 in cash from customers and paid $109,400 in cash for operating costs in its first year of operations. If
Accounts from the adjusted trial balance at September 30, 2015, are listed in alphabetical order below for Ozaki Corp.:Instructions(a) Prepare an adjusted trial balance.(b) Prepare the closing
The following is the unadjusted trial balance for Rainbow Lodge Ltd. at its year end, May 31, 2015. The company adjusts its accounts monthly.Additional information:1. An annual insurance policy was
Refer to the data for Rainbow Lodge Ltd. in P4-11A.Data in P4-11A.Instructions(a) Prepare the closing journal entries.(b) Post the closing entries to the T accounts prepared in P4-11A.(c) Prepare a
Ouellette Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow:1. On January 2, purchased
A review of the ledger of Chance Corporation at July 31, 2015, produces the following unadjusted data for the preparation of annual adjusting entries:1. Prepaid Insurance, July 31 unadjusted balance,
Near the end of its first year of operations, December 31, 2015, Creative Designs Ltd. approached the local bank for a $20,000 loan and was asked to submit financial statements prepared on an
The following is River Tours Limited's unadjusted trial balance at its year end, November 30, 2015. The company adjusts its accounts annually.Additional information:1. The insurance policy has a
On October 31, 2015, the Alou Equipment Repair Corp.'s post-closing trial balance was as follows. The company adjusts its accounts monthly.During November, the following transactions were
Refer to the data for Alou Equipment Repair Corp. in P4âˆ’8A. Assume that Alou closes its books monthly.Instructions(a) Prepare the closing journal entries.(b) Post the closing entries to the T
Your examination of the records of Northland Corp. shows the company collected $78,100 in cash from customers and paid $53,900 in cash for operating costs in its first year of operations. If
Accounts from the adjusted trial balance at December 31, 2015, are listed in alphabetical order below for Grant Advertising Agency Limited:Instructions(a) Prepare an adjusted trial balance.(b)
The following is the unadjusted trial balance for Rocky Mountain Resort Inc. at its year end, August 31, 2015. The company adjusts its accounts annually.Additional information:1. The one-year
Refer to the data for Rocky Mountain Resort Inc. in P4-12B.Instructions(a) Prepare the closing journal entries.(b) Post the closing entries to the T accounts prepared in P4-12B.(c) Prepare a
Bourque Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow:1. On January 2, purchased
Hangzhou Corporation had the following selected transactions in the month of November. The company adjusts its accounts monthly.1. Hangzhou has a biweekly payroll of $6,000. Salaries are normally
The following independent events for Repertory Theatre Ltd. during the year ended December 31, 2015, require a journal entry or an adjusting journal entry, or both. The company adjusts its accounts
A review of the ledger of Greenberg Corporation at October 31, 2015, produces the following unadjusted data for the preparation of annual adjusting entries:1. Prepaid Advertising, October 31
The Radical Edge Ltd., a ski tuning and repair shop, opened November 1, 2014. Although the company did not keep any formal accounting records, it did maintain a record of cash receipts and payments.
The following is Ortega Limo Service Ltd.'s unadjusted trial balance at its year end, December 31, 2015. The company adjusts its accounts annually.Additional information:1. The insurance policy has a
On August 31, 2015, the Rijo Equipment Repair Corp.'s post-closing trial balance was as follows. The company prepares adjusting entries monthly.During September, the following transactions were
Refer to the data for Rijo Equipment Repair Corp. in P4-8B. Assume that Rijo closes its books monthly.Instructions(a) Prepare the closing journal entries.(b) Post the closing entries to the T
The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book.Instructions(a) Review Shoppers Drug Mart's balance sheet at December 29, 2012.1. Identify two
The financial statements of Jean Coutu are presented in Appendix B following the financial statements for Shoppers Drug Mart in Appendix A.Instructions(a) Shoppers Drug Mart has a current asset
First Capital Realty Inc. and First Pro Shopping Centres are both real estate development companies, specializing in shopping centres. However, First Capital Realty is a public company using IFRS and
Janice Tamagi is the accountant for Thin Dime Ltd., which retails low-priced household products through over 20 retail stores across Canada. The company's year-end is December 31 and Janice is
Sundream Travel Agency Ltd. is a company that sells vacation packages and has a new Chief Executive Officer (CEO) who is reviewing the draft December 31 year-end financial statements prepared by the
In this chapter, you learned the three conditions that must be met before revenue can be recognized. In any organization, there is always a risk that fictitious revenue may be recorded before it is
Natalie reviews the updated trial balance prepared in Chapter 3. She recalls from her introductory accounting class that there are some adjustments that need to be prepared. She gathers up as much
At June 30, 2015, the end of its most recent fiscal year, Red River Computer Consultants Ltd.'s post-closing trial balance was as follows:The company underwent a major expansion in July. New staff
(a) Distinguish between a quantity discount, a purchase discount, and a sales discount.(b) Explain how each kind of discount is recorded.
If merchandise is returned and restored to inventory, the Cost of Goods Sold account is credited. However, if merchandise is returned but not restored to inventory (because it is not resaleable),
As the end of Agnew Inc.'s fiscal year approached, it became clear that the company had excess inventory. Belden Glass, the head of marketing and sales, ordered his sales staff to "add 20% more units
Distinguish between a single-step and a multiple-step income statement for a merchandising company.
(a) What is the difference between classifying expenses in an income statement by nature or by function?(b) Does this classification apply only to a single-step income statement, to a multiple-step
Shoppers Drug Mart's biggest competitor, after Jean Coutu, is the Katz Group. Its Canadian stores include Rexall Drug Stores, Guardian, Medicine Shoppe, and Pharma Plus Drugmart, among others. Katz
Why is interest expense reported as a non-operating expense and not as an operating expense on a multiple-step income statement?
Explain the difference, if any, between gross profit margin and profit margin.
What factors affect a company's gross profit margin; that is, what can cause the gross profit margin to increase and what can cause it to decrease?
Identify two types of companies that you would expect to have a high gross profit margin and two types of companies that you would expect to have a low gross profit margin.
How is the cost of goods sold calculated and recorded in a periodic inventory system? In a perpetual inventory system?
What differences would be found on an income statement prepared for a company using a periodic inventory system, compared with a company using a perpetual inventory system?
Suppose you are starting a company that sells used clothes. What factors would you consider in determining whether to use a perpetual or periodic inventory system?
Song Yee wonders why a physical inventory count is necessary in a perpetual inventory system. After all, the accounting records show how much inventory is on hand. Explain why a physical inventory
Why are purchases of merchandise for resale not recorded in the same account as purchases of other items, such as supplies or equipment? Would it not be better to use one account to record all these
Butler's Roofing Ltd. received an invoice for a purchase of merchandise for $10,000, terms 1/10, n/30.(a) Calculate the cost of missing this purchase discount to Butler's Roofing.(b) Should it take
Inventory was purchased on credit in April and paid for in May. It was sold in June. In which month should the company record the sale as revenue and in which month should the company record the cost
Explain why purchase returns are credited directly to the Merchandise Inventory account but sales returns are not debited directly to the Sales account.
The operating cycles of three different companies are shown below.Company ______Operating Cycle (in days)A ....................................... 40B ....................................... 72C
In 2012, Canadian Tire Corporation reported sales revenue of $11,427.2 million, cost of goods sold of $7,929.3 million, and profit of $499.2 million. In 2011, it reported sales revenue of $10,387.1
From the information in BE5-5, prepare the journal entries to record the purchase transactions on Xtra Inc.'s books, assuming a periodic inventory system is used instead of a perpetual inventory
From the information in BE5-6, prepare the journal entries to record the sales transactions on Fundy Corp.'s books, assuming a periodic inventory system is used instead of a perpetual inventory

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