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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Kesler Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2023, after all posting was completed, its Cash account showed a $10,932 debit balance.
Bolton Company’s October 31, 2023, bank statement showed a cash balance of $15,400, while the company’s general ledger Cash account for the same date showed a balance of $13,150. A bank deposit
Your accountant has been asked to prepare the bank reconciliation for Ultimate Discs (UD), a store that sells frisbees.You log in to the online bank statement and note that the bank balance is
Wallace Contracting recorded the following transactions during November 2023:*Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable.Required1. Open
A major source of revenue for Alphabet Inc. (parent company of Google Inc.) is advertising. With Google’s AdSense, advertisers are required to pay for advertising services on a cost-per-impression
Clara Dover, the owner of Dover Plumbing Sales and Service, showed the following adjusted account balances for the year ended March 31, 2023 (listed alphabetically):RequiredPrepare a classified
A major source of revenue for Alphabet Inc. (parent company of Google Inc.) is advertising. With Google’s AdWords, advertisers can pay on a cost-per-click basis. This means that the advertisers pay
You are the finance officer at a bank where the owner of Delta Designs is applying for a $600,000 loan. In reviewing the account information for the year ended June 30, 2023 you are concerned by the
On December 31, 2023, Stilton Service Company’s year-end, the unadjusted trial balance included the following items:Required1. Prepare the adjusting entry on the books of Stilton Service Company to
PacRim Careers provides training to individuals who pay tuition directly to the business. The business also offers extension training to groups in off-site locations. Additional information available
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Additional information available for the month ended September 30, 2020: a. Interest of $162 had
Willis Consulting follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Willis’s unadjusted trial balance follows for the year ended March 31,
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows: Required 1. Calculate the total goods
Using the current year’s withholding tables for Canada Pension Plan, Employment Insurance, and income tax, update the payroll register of Exhibit A.2. In calculating income tax withholdings, state
The Digit-All Company sells a product called ReCord for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of ReCords and transactions during July
Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10, n/30. Required 1. Set up accounts receivable subledger accounts for Paul Abrams, Linda Hobart,
Janish Supplies completed the transactions listed below during April 2020. All sales are on terms 2/10, n/30. Required 1. Prepare a sales journal, cash receipts journal, purchases journal, cash
On December 31, 2020, a day when the available interest rate was 9%, Valcent Products Inc. leased equipment with an eight-year life. The contract called for an $8,400 annual lease payment at the end
Refer to the information in QS 15-5. Show how the investments will be presented on the December 31, 2020, balance sheet.QS 15-5Non-strategic ...................................................
In each of the following cases, use the information provided about the 2020 operations of River Bungee Inc. to calculate the indicated cash flow:
The following ratios are available for Western Roofing: Instructions a. Calculate the collection period, days sales in inventory, and operating cycle for each year. b. Has Western Roofing’s
Westor Company lost all of its inventory in a fire on December 28, 2021. The accounting records showed the following gross profit data for November and December: Westor is fully insured for fire
Selected information follows for Cathrea Select Corporation at December 31: Additional information: 1. Principal payments on the mortgage payable were $25,000. 2. A building was purchased for
What information is reported in a balance sheet?
What information is reported in an income statement?
Define (a) assets, (b) liabilities, (c) equity, and (d) net assets
Following are five graphs representing various cost behaviors.(1) Identify whether the cost behavior in each graph is mixed, step-wise, fixed, variable, or curvilinear.(2) Identify the
Refer to the information from Exercise 22-7. Use spreadsheet software to use ordinary least-squares regression to estimate the cost equation, including fixed and variable cost amounts.Data from
Walt Disney reports the following information for its two Parks and Resorts divisionsAssume Walt Disney uses a balanced scorecard and sets a target of 90% occupancy in its resorts. Using Exhibit
The purpose of this team activity is to ensure that each team member understands process operations and the related accounting entries. Find the activities and flows identified in Exhibit 20.4 with
Retailers as well as manufacturers can apply just-in-time (JIT) to their inventory management. Both Research In Motion and Apple want to know the impact of a JIT inventory system for their operating
Refer to the chapter opener regarding John Hewitt and his company, Liberty Tax Service. All successful businesses track their costs, and it is especially important for start-up businesses to monitor
Both managerial accounting and financial accounting provide useful information to decision makers. Indicate in the following chart the most likely source of information for each business decision (a
In the following chart, compare financial accounting and managerial accounting by describing how each differs for the items listed. Be specific in your responses.
Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as a prime and/or conversion cost. (2)
Listed here are product costs for the production of soccer balls. (1) Classify each cost (a) as either fixed or variable and (b) as either direct or indirect. (2) What pattern do you see regarding
Refer to Decision Maker, Purchase Manager, in this chapter. Assume that you are the motorcycle manufacturer’s managerial accountant. The purchasing manager asks you about preparing an estimate of
Shepler Boot Company makes specialty boots for the rodeo circuit. On December 31, 2010, the company had (a) 500 pairs of boots in finished goods inventory and (b) 1,500 heels at a cost of $5 each in
Shown here are annual financial data at December 31, 2011, taken from two different companies.Required1. Compute the cost of goods sold section of the income statement at December 31, 2011, for each
The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Plaza CompanyRequired1. Prepare the company’s 2011 manufacturing
The Edge Company makes specialty skates for the ice skating circuit. On December 31, 2010, the company had (a) 500 skates in finished goods inventory and (b) 2,000 blades at a cost of $15 each in raw
Shown here are annual financial data at December 31, 2011, taken from two different companies.Required1. Compute the cost of goods sold section of the income statement at December 31, 2011, for
The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Firethorn FurnitureRequired1. Prepare the company’s 2011 manufacturing
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfinancial information including
Corey Rimmel, Adam Hendin, and David Melnick of Hot Box Cookies must understand manufacturing costs to effectively operate and succeed as a profitable and efficient business.Required1. What are the
Access Nokia’s Website (www.nokia.com/about-nokia) and select “Corporate Governance” and then select “Overview.” Read the section dealing with the responsibilities of its board of
As Baldwin Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information.After the meeting,
Refer to Apple’s financial statements in Appendix A. Compute its profit margin for the fiscal year ended September 26, 2009.
Refer to the information in Problem 16-7B.RequiredPrepare the cash flows from operating activities section only of the company’s 2011 statement of cash flows using the direct method.Data From
The following transactions and events occurred during the year. Assuming that this company uses the direct method to report cash provided by operating activities, indicate where each item would
Financial data from three competitors in the same industry follow.1. Which of the three competitors is in the strongest position as shown by its statement of cash flows?2. Analyze and compare the
Refer to the financial statements of Research In Motion in Appendix A. Com pute its return on total assets for the year ended February 27, 2010.
Access Nokia’s Website (www.Nokia.com) and research the company’s history1. When was the company founded?2. What three companies merged to create Nokia Corporation?3. What
Assume that the partners of Exercise 12-5 agreed to share net income and loss by granting annual salary allowances of $55,000 to Cosmo and $45,000 to Ellis, 10% interest allowances on their
Refer to the facts in QS 10-3. Assume that the Crossover Band uses straight-line depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this
Refer to the information in QS 10-3. Compute the year 2011 depreciation using the units of-production method.Data From Quick Study 10-3:On January 2, 2011, the Crossover Band acquires sound equipment
Refer to Research In Motion’s financial statements in Appendix A to answer the following.1. Identify the note that reports on Research In Motion’s business segments.2. Describe
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column
Refer to the information in QS 6-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to
Refer to the information in QS 6-5 and assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. (Round per
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. (Round per
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on FIFO. (Round per unit costs
Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. (Round
Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. (Round per
Refer to the information in QS 6-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs to
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. (Round per
Identify the accounts listed in QS 4-9 that would be included in a post-closing trial balanceData From Quick Study 4-9:The ledger of Avril Company includes the following accounts with normal
Answer each of the following questions related to international accounting standards.a. What type of entry system is applied when accounting follows IFRS?b. Identify the number and usual
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner’s equity, and B for balance sheet.a. Buildings b. Interest
A trial balance has total debits of $20,000 and total credits of $24,500. Which one of the following errors would create this imbalance? Explain.a. A $2,250 debit posting to Accounts Receivable
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.a. Landb. Service Revenuec. Interest Payabled. Accounts Receivablee. Salaries Expensef. Owner
Identify the normal balance (debit or credit) for each of the following accounts.a. Equipmentb. Wages Expensec. Repair Services Revenued. Office Suppliese. Owner Withdrawalsf. Accounts Receivableg.
Identify whether a debit or credit yields the indicated change for each of the following accounts.a. To increase Store Equipmentb. To increase Landc. To decrease
Identify the items from the following list that are likely to serve as source documents.a. Bank statementb. Sales ticketc. Income statementd. Trial
Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of owner’s equity, and B for balance sheet.a. Accounts
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense,(2) identify the normal balance of the account, and(3) enter debit (Dr.) or credit
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2011, and are issued on that
Access Nokia’s 2009 annual report dated December 31, 2009, from its Website www.Nokia.com. Identify and read the section on Environment—Corporate Responsibility.RequiredNokia reports that up to
Read the chapter opener about Marco Giannini and his company, Dogswell. Marco is considering building a new, massive warehousing center to make his business more efficient and reduce costs. He
Break into teams and identify four reasons that an international airline such as Southwest, Delta, or American would invest in a project when its direct analysis using both payback period and net
Elite Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected four-year life and a $20,000
This chapter explained two methods to evaluate investments using recovery time, the payback period and break-even time (BET). Refer to QS 25-14 and (1) compute the recovery time for both the payback
The usefulness of budgets, variances, and related analyses often depends on the accuracy of management’s estimates of future sales activity.Required1. Identify and record the prior three
Analysis of flexible budgets and standard costs emphasizes the importance of a similar unit of measure for meaningful comparisons and evaluations. When Research In Motion compiles its financial
Analysis of flexible budgets and standard costs emphasizes the importance of a similar unit of measure for meaningful comparisons and evaluations. When Research In Motion compiles its financial
Prepare a flexible budget performance report title (in proper form) for Spalding Company for the calendar year 2011. Why is a proper title important for this or any report?
One source of cash savings for a company is improved management of inventory. To illustrate, assume that Research In Motion and Apple both have $200,000 per month in sales of one model of handheld
Financial statements often serve as a starting point in formulating budgets. Review Research In Motion’s financial statements to determine its cash paid for acquisitions of property, plant and
Financial statements often serve as a starting point in formulating budgets. Review Research In Motion’s financial statements to determine its cash paid for acquisitions of property, plant and
BTN 22-9 Access and review Nokia’s Website (www.Nokia.com) to answer the following questions.Required1. Do you believe that Nokia’s managers use single product CVP analysis or multiproduct
A high proportion of Company X’s total costs are variable with respect to units sold; a high proportion of Company Y’s total costs are fixed with respect to units sold. Which company is likely to
Refer to the information from QS 22-6. How will the break-even point in units change in response to each of the following independent changes in selling price per unit, variable cost per unit, or
Nokia is thinking of expanding sales of its most popular cell-phone model by 65%. Do you expect its variable and fixed costs for this model to stay within the relevant range? Explain.
A company reports the following information about its sales and its cost of sales. Each unit of its product sells for $500. Use these data to prepare a scatter diagram. Draw an estimated line of cost
The following financial information (in millions except for market price per share) is for two major corporations for the two fiscal years ended December 31: Suncor does not have preferred shares
The balance sheet for Miley Consulting reports the following information on July 1, 2021.Non-current liabilitiesBonds payable, 4%, due 2024 ............... $940,000The face value of these bonds is $1
Refer to the consolidated financial statements and notes of Aritzia Inc. in Appendix A.Instructionsa. Referring to Note 10, what was the long-term debt reported by Aritzia on February 25, 2018, and
Refer to the financial statements and the notes to consolidated financial statements for Aritzia Inc. for the year ended February 25, 2018, which are reproduced in Appendix A.InstructionsUse these
Aritzia’s financial statements are presented in Appendix A of this book.Instructionsa. Based on the information contained in these financial statements, determine each of the following:1. Cash and

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