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accounting principles volume 2

Questions and Answers of Accounting Principles Volume 2

Becky Sherrick’s regular hourly wage rate is $15.00, and she is paid time and a half for work over 40 hours per week. In the pay period ended March 16, Becky worked 46 hours. Becky’s CPP
A list of possible liabilities follows: 1. An automobile company recalled a particular car model because of a possible problem with the brakes. The company will pay to replace the
Sleep-a-Bye Baby Company, a public company, is the defendant in a lawsuit alleging that its portable baby cribs are unsafe. The company has offered to replace the cribs free of charge for any
Bri Company’s gross pay for the week ended August 22 totalled $70,000, from which $3,815 was deducted for CPP, $1,106 for EI, and $19,360 for income tax. Prepare the entry to record the employer
Hidden Dragon Restaurant’s gross payroll for April is $46,600. The company deducted $2,540 for CPP, $736 for EI, and $9,011 for income taxes from the employees’ cheques. Employees are paid
Swenson Company has these payroll procedures: a. A supervisor approves overtime work. b. The human resources department prepares hiring authorization forms for new hires. c. A second
Diamond Dealers has two notes payable outstanding on December 31, 2024, as follows: a. A five-year, 5.5%, $60,000 note payable issued on August 31, 2024. Diamond Dealers is required to pay
Identify which of the following items should be classified as a current liability. For those that are not current liabilities, identify where they should be classified. a. A product warranty b.
To whom, and how often, are payroll deductions remitted?
Kate Gough’s regular hourly wage rate is $22.05, and she receives a wage of 1.5 times the regular hourly rate for work over 40 hours per week. Assuming June 15, 2021 is a Friday, Kate worked 44
In 2021, Donald Green worked for the Green Red Company and earned a gross salary of $57,000 for the year ($4,750 per month). He was paid once a month at the end of each
Rikard’s Menswear sells $4,750 of gift cards for cash in December 2024. Rikard’s has a December 31 fiscal year end and uses a perpetual inventory system. In January 2025, $2,425 of the gift cards
The following selected account balances are from LightHouse Distributors’ adjusted trial balance at September 30, 2024:Accounts payable
Medlen Models has the following account balances at December 31, 2024:Notes payable ($60,000 due after Dec. 31, 2025) ................................ $100,000Unearned
Emerald Enterprises has three notes payable outstanding on December 31, 2024, as follows: 1. A six-year, 6%, $60,000 note payable issued on March 31, 2024. Emerald Enterprises is required to pay
On August 1, 2024, Tundra Trees signed a seven-month, 6%, $50,000 note payable with Canada Bank. Interest is due at maturity. Tundra Trees has a December 31 fiscal year end. Tundra honours the note
On June 1, 2024, Novack Company purchases equipment on account from Moleski Manufacturers for $50,000. Novack is unable to pay its account on July 1, 2024, so Moleski agrees to accept a three-month,
In this collaborative learning activity, your group must decide on the best accounting treatment for a contingency. Your instructor will provide the class with a scenario and each group will be
The following expenditures related to property, plant, and equipment were made by Pascal Company: 1. Paid $400,000 for a new plant site. 2. Paid $5,000 in legal fees on the purchase of the
Hohenberger Farms purchased real estate for $1,280,000, which included $5,000 in legal fees. It paid $255,000 cash and incurred a mortgage payable for the balance. The real estate included land that
Air Canada is Canada’s largest domestic, U.S. transborder, and international airline. Air Canada serves virtually every major market in the world through its global route network. The following is
Surkis Company incurs the following costs in purchasing equipment: invoice price, $40,375; shipping, $625; installation and testing, $1,000; one-year insurance policy, $1,750. What is the cost of the
On June 9, 2023, Blue Ribbon Company purchased manufacturing equipment at a cost of $345,000. Blue Ribbon estimated that the equipment will produce 600,000 units over its five-year useful life, and
Rainbow Company purchased land, a building, and equipment on January 2, 2024, for $850,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management’s best
Yello Bus Lines uses the units-of-production method in depreciating its buses. One bus was purchased on January 1, 2024, at a cost of $148,000. Over its four-year useful life, the bus is expected to
Jacques asks why the total cost in a basket purchase has to be allocated to the individual assets. For example, if we purchase land and a building for $250,000, why can we not just debit an account
On April 22, 2023, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual
Corales Company acquires network equipment at a cost of $38,000 on May 1, 2024. The equipment is expected to have a residual value of $6,000 at the end of its four-year useful life. Assuming the
Bisor Company has a December 31 year end and uses straight-line depreciation for all property, plant, and equipment. On July 1, 2022, the company purchased equipment for $500,000. The equipment had
Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driven 550,000 km. Taxi 10 cost $38,950 and is expected to have a
Refer to the data given for Pandora Pants Company in BE9.9. Assume now that the company has a policy of recording a half year’s depreciation in the year of acquisition and a half year’s
On October 1, 2022, Chignecto Manufacturing Company purchased a piece of high-tech equipment for $90,000 cash. Chignecto estimated the equipment would have a six-year useful life and a residual
Cherry Technology purchased equipment on January 4, 2022, for $250,000. The equipment had an estimated useful life of six years and a residual value of $10,000. The company has a December 31 year
The following are some transactions of Surendal Company for 2024. Surendal Company uses straight-line depreciation and has a December 31 year end.Apr. 1 Retired a piece of equipment that was
On January 2, 2024, Ares Enterprises reports balances in the Equipment account of $32,000 and Accumulated Depreciation—Equipment account of $9,000. The equipment had an original residual value of
Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2024. It has been depreciated using the straight-line method based on estimated residual value of $5,000 and an estimated
Rivers Mining Company has a December 31 fiscal year end. The following information relates to its Golden Grove mine: 1. Rivers purchased the Golden Grove mine on March 31, 2023, for $2.6 million
On January 3, 2024, Ruiz Company retires equipment, which cost $25,700. No residual value is received. Prepare journal entries to record the transaction if accumulated depreciation is also $25,700 on
In the fourth year of an asset’s five-year useful life, the company decides that the asset will have an eight-year service life. How should the revision of depreciation be recorded? Why?
On July 1, 2024, Phillips Exploration invests $1.3 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $100,000 when production
Wilbur Company sells equipment on March 31, 2024, for $35,000 cash. The equipment was purchased on January 5, 2021, at a cost of $86,400, and had an estimated useful life of five years and a residual
An accounting student encountered the following situations at Chin Company: 1. During the year, Chin Company purchased land and paid legal fees on the purchase. The land had an old building,
Karsch Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following
Cuono Mining Co. purchased a mine for $6.5 million that is estimated to have 25 million tonnes of ore and a residual value of $500,000. In the first year, 5 million tonnes of ore are extracted and 3
How is a gain or loss on the sale of an item of property, plant, or equipment calculated? Is the calculation the same for an exchange of a piece of property, plant, or equipment?
Whiteway Company has a December 31 fiscal year end. Selected information follows for Whiteway Company for two independent situations as at December 31, 2024: 1. Whiteway purchased a patent from
Francoeur Mining Co. purchased for $7 million a mine that is estimated to have 35 million tonnes of ore and no salvage value. In the first year, 5 million tonnes of ore are extracted. a. Prepare
Linton Company purchased a delivery truck for $34,000 on January 1, 2024. The truck has an expected residual value of $2,000, and is expected to be driven 100,000 kilometres over its estimated useful
Mabasa Company purchases a patent for $150,000 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8 years. a. Record the purchase of the patent on January 2,
Suncor Energy Inc. reported the following information for the fiscal years ended December 31, 2019, and December 31, 2018 (in millions): Instructions a. Calculate Suncor’s asset turnover
Campanez Company purchases a patent for $140,000 on January 2, 2024. Its estimated useful life is 10 years. a. Prepare the journal entry to record amortization expense for the first year.b. Show
Why is the units-of-production method used frequently to calculate depletion for natural resources?
Information related to property, plant, and equipment; natural resources; and goodwill on December 31, 2024, for H. Dent Company is as follows: land $400,000, building $1,100,000, accumulated
A global provider of crop inputs and services headquartered in Saskatoon, reports the following in its 2019 financial statements (in millions of US$):“Sales” can be used in place of “Net
How should long-lived assets be reported on the balance sheet and income statement? What information should be disclosed in the notes to the financial statements?

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