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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The accountant for Coulombe Company is almost finished preparing the work sheet for the year ended July 31, 2021. The totals of the accounts in the income statement and balance sheet columns are
Selected financial information for JPC Enterprises as at December 31, 2021, follows: Additional information: 1. All accounts have normal balances. 2. $17,250 of the mortgage payable will be paid
Selected financial information is available at July 31 for Drew Co. a. Calculate (1) working capital, (2) the current ratio, and (3) the acid test ratio for 2020 and 2021. b. Indicate whether there
These financial statement items are for Basten Company at year end, July 31, 2021. Instructions a. Prepare an income statement and a statement of owner?s equity for the year. The owner did not make
The unadjusted trial balance for Laurie?s Laser Games at its fiscal year end of April 30, 2021, is as follows: Additional information: 1. On April 30, 2021, Laurie?s Laser Games had not collected
The unadjusted trial balance for Veda?s Video Arcade at its fiscal year end of May 31, 2021, is as follows: Additional information: 1. On May 31, 2021, Veda?s Video Arcade had provided services but
The adjusted trial balance for Arun?s Animations is presented below. Instructions a. Prepare an income statement and statement of owner?s equity for the year. Mr. Arun invested $5,000 cash in the
On December 31, 2021, Big River Company had $1 million of current assets and $900,000 of current liabilities. On the same day, Small Fry Company had $200,000 of current assets and $100,000 of current
Cypress Company has an October 31 fiscal year end and prepares adjusting entries on an annual basis. The October 31, 2021, trial balance included the following selected accounts:Accumulated
Bugatti Company has a September 30 fi scal year end and prepares adjusting entries on an annual basis. The trial balance included the following selected accounts:Accumulated depreciation
The unadjusted trial balance and adjustment data for Silver Ridge Plumbing are provided. Additional information: 1. The equipment has an expected useful life of 10 years. The vehicles? expected
The following items were taken from the financial statements of J. Parra Company on December 31, 2021. (All amounts are in thousands.) Instructions Prepare a classified balance sheet in good form
The December 31, 2021, adjusted trial balance of Odom Company includes the following accounts: Determine which accounts are non-current assets and prepare the non-current assets section of the
The unadjusted trial balance and adjustment data for Nazari Electrical Services are provided. Additional information: 1. The equipment has an expected useful life of 12 years. The vehicles?
The unadjusted trial balance and adjustment data for Elbow Cycle Repair Shop are provided. Additional information: 1. The 12-month insurance policy was purchased on June 1, 2020. 2. A physical
The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are provided. Additional information: 1. Services of $5,350 were provided but not recorded at September 30, 2021. 2. The
AN Big Rock Brewery Inc. brews and sells premium natural unpasteurized beer. The following information (all amounts in thousands) can be found on its recent balance sheets (or statements of financial
Ray Wong’s Magic Company has a capital balance on January 1, 2021, of $25,600. Ray Wong has drawings of $12,000. Prepare a statement of owner’s equity for the year assuming that net income is
Fox Enterprises is owned by Edmund Fox and has a January 31 fiscal year end. The company prepares adjusting entries on an annual basis. The following trial balance was prepared before
Zhang Company paid $27,000 to purchase equipment on January 1, 2021. Zhang Company has a December 31 fi scal year end and uses straight-line depreciation. The company estimates the equipment will
On July 1, 2021, Masood Company purchases equipment for $30,000 cash. The company uses straight-line depreciation. It estimates the equipment will have a 10-year life. Masood Company has a December
Your examination of the records of Southlake Co. shows the company collected $85,500 cash from customers and paid $48,400 cash for operating costs during 2021. If Southlake followed the accrual basis
Cassist Enterprises began operations on January 1, 2021. During 2021 and 2022, the company entered into the following transactions: Instructions a. Calculate revenue, operating expenses, and profi
The trial balance that follows for Shawnee Slopes Company does not balance: Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1.
Fleming?s Logistics Consulting has the following transactions during August. Aug. 1 Received $17,970 cash from the company?s owner, Barbara Fleming. 4 Paid rent in advance for three months, $4,720. 5
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $8,050. During October, the following transactions occurred:1. Provided services to a client and received $1,820
The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2021: Instructions Prepare a trial balance at June 30, sorting each account into the debit
The following is an alphabetical list of accounts and balances for the J. Nikko proprietorship at November 30, 2021: Instructions a. Prepare a trial balance at November 30, sorting each account
Pridham Welding Company had the following transactions for June. June 1 Tyler Pridham invested $8,430 cash in a small welding business. 2 Bought used welding equipment on account for $2,620. 5 Hired
Oliver Nicholas, the owner of Nicholas Marketing Services, prepared the following trial balance at December 31, 2021. Instructions a. Prepare an income statement for the year ended December 31. b.
The following is the trial balance prepared for Owen?s Art Supplies. Instructions a. Prepare an income statement. b. Prepare a statement of owner?s equity. c. Prepare a balance sheet. Taking it
Presented below is information related to Berge Real Estate Agency:Oct. 1 Lia Berge begins business as a real estate agent with a cash investment of $30,000.2 Pays rent, $700, on office space.3
Derek Scoffin owns and operates YH Curling School on evenings and weekends.The company had the following balances in its general ledger at January 31, 2021: Cash $2,100, Accounts Receivable $720,
Hobson Nolan is a human resources professional who operates a consulting practice under the name HN Consulting. The company had the following balances in its general ledger at February 28, 2021: Cash
Ella Mendes prepared the following trial balance for her yoga studio, Mindful Meditation, for the year ended December 31, 2021. Instructions Use the trial balance to do the following: a. Prepare an
Refer to the trial balance that follows for Edden Electrical for the year ended April 30, 2021. Instructions Use the trial balance to do the following: a. Prepare an income statement. b. Prepare a
On September 1, Depot Company has the following accounts and account balances: Cash $17,400, Accounts Receivable $2,000, Supplies $1,900, Accounts Payable $1,000, Unearned Revenue $1,600, Owner?s
The ledger of Super Delivery Service has the following account balances at the company?s year end, August 31, 2021: Instructions a. Prepare a trial balance, with the accounts arranged in ledger
The ledger of Lazdowski Marketing Services has the following account balances at the company?s year end, October 31, 2021: Instructions a. Prepare a trial balance, with the accounts arranged in
Transactions from the journal of June Feldman, investment broker, are presented below: Instructions a. Post the transactions to T accounts. b. Prepare the trial balance at August 31, 2021. Account
Fortin Co.?s ledger is as follows: Instructions a. Journalize the October transactions. b. Determine the October 31, 2021, balance for each account. Prepare a trial balance at October 31, 2021.
The trial balance of Winter Co. does not balance: Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. Cash received from a customer
Using T accounts, post the following journal entries to the general ledger and calculate ending balances. General Journal Date Account titles Debit Credit Accounts Receivable Service Revenue Sept.
On July 31, 2021, Lee Meche, MD, had the following balances in the ledger for his medical practice: Cash $8,800, Accounts Receivable $2,750, Supplies $585, Equipment $15,550, Notes Payable $10,000,
From the ledger balances given below, prepare a trial balance for Amaro Company at June 30, 2021. All account balances are normal.Accounts Payable $8,100, Cash $5,800, Owner’s Capital $15,000,
Ahuja Dental Services’ general ledger at June 30, 2021, included the following: Cash $5,820, Supplies $1,180, Equipment $64,990, Notes Payable $50,020, Accounts Payable $680, and S. Ahuja, Capital
Use the ledger balances that follow to prepare a trial balance for Pettipas Company at April 30, 2021. All account balances are normal. Accounts payable Accounts receivable C. Pettipas, capital C.
A list of accounts and their balances of O?Neill?s Psychological Services, at its year end July 31, 2021, is presented below. Instructions a. Prepare a trial balance in financial statement
Terry Zelinski, the owner of Royal Mountain Tours, prepared the following trial balance at March 31, 2021. A review shows that Terry made the following errors in the accounting records:1. A
Your examination of the records of Northland Co. shows the company collected $136,200 cash from customers and paid $108,700 cash for operating costs in 2021. If Northland followed the accrual basis
Jake?s Mechanics owns the following long-lived assets: Instructions a. Prepare depreciation adjusting entries for Jake?s Mechanics for the year ended December 31, 2021. b. For each asset, calculate
The following independent items for Last Planet Theatre during the year ended December 31, 2021, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid
The following independent items for Théâtre Dupuis during the year ended November 30, 2021, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid
Evan Watts opened a dental practice on January 1, 2021. During the first month of operations, the following transactions occurred.1. Watts performed services for patients totalling $2,400. These
Melody Lane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company’s September 30, 2021,
Best First Aid offers first aid training to individuals and groups across the city. The following information is available to be used in recording annual adjusting entries for the company’s October
A review of the ledger of Greenberg Company at December 31, 2021, produces the following important data for the preparation of annual adjusting entries: 1. Prepaid Advertising, December 31, 2021,
A review of the ledger of Hashmi Company at July 31, 2021, produces the following data for the preparation of annual adjusting entries:1. Prepaid Insurance, July 31, 2021, unadjusted balance,
On March 1, 2021, Big North Insurance received $4,800 cash from Forest Co. for a one-year insurance policy. Big North Insurance has an October 31 fiscal year end and adjusts accounts annually.
Plex Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021.1. Plex Paintball
During 2021, Cobalt Co. borrowed cash from Azores Enterprises by issuing notes payable as follows:1. March 31, 2021, issued a one-year, 3.8% note for $107,900. Interest is payable quarterly, on June
During 2021, Alabaster Co. borrowed cash from Fuchsia Enterprises by issuing notes payable as follows:1. June 1, 2021, issued a seven-month, 4% note for $50,000. Interest and principal are payable at
Nile Company had the following trial balance at June 30, 2021 (its year end): During the month of July, the following selected transactions took place: July 2 Paid $750 cash for rent for July,
Reyes Rides is owned by Jason Reyes. The company has an August 31 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at August 31,
Red Bridges Towing is owned by Ken Cordial. The company has a June 30 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at June 30,
Butternut Squash Company has the following two notes receivable at May 31, 2021, its fiscal year end:1. $50,000 six-month, 6% note issued January 1, 20212. $20,000 three-month, 5% note issued April
The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries: An analysis of the accounts shows the following: 1. The
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end
Mountain Best Lodge has a May 31 fi scal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end
On July 31, 2020, a company purchased equipment for $150,000, paying $40,000 cash and signing a 5% note payable for the remainder. The interest and principal of the note are due on January 31, 2021.
During 2021, Aubergine Co. borrowed cash from Chartreuse Company by issuing notes payable as follows:1. July 1, 2021, issued an eight-month, 4% note for $75,000. Interest and principal are payable at
On November 1, 2021, the account balances of Hamm Equipment Repair were as follows. During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due
On November 1, 2021, the account balances of Pine Equipment Repair were as follows: During November, the following summary transactions were completed. Nov. 8 Paid $1,100 for salaries due
A company makes an accrued expense adjusting entry for $600. Which financial statement items were overstated or understated before this entry? Explain.
During 2021, Royal Co. borrowed cash from Struck Company by issuing notes payable as follows:1. June 1, 2021, issued an eight-month, 6% note for $85,000. Interest and principal are payable at
Shek Enterprises is owned by Memphis Shek and has a December 31 fiscal year end. The company prepares adjusting entries on an annual basis. Some additional information follows: 1. A one-year
The account balances (after adjustments) from the general ledger of Winterholt Company at September 30, 2021, follow in alphabetical order. All accounts have normal balances. a. Prepare an adjusted
Trenton Company?s fiscal year end is December 31. On January 31, 2021, the company?s partial adjusted trial balance shows the following: Instructions a. If $1,600 was received in January for
The adjusted trial balance of Wildwood Company at December 31, 2021, includes the following accounts: D. Wood, Capital $15,600, D. Wood, Drawings $7,000, Service Revenue $39,000, Salaries Expense
The trial balances before and after adjustment for Lane Company at October 31, 2021, which is the end of its fiscal year, are as follows: Instructions a. Prepare the adjusting entries that were
The adjusted trial balance for Unser Company, owned by J. Unser, is available. Instructions a. Prepare closing entries. b. Use T accounts to post the closing entries and calculate the balance in
Alou Equipment Repair has a September 30 year end. The company adjusts and closes its accounts on an annual basis. On August 31, 2021, the account balances of Alou Equipment Repair were as
The financial statements and accompanying notes of Aritzia Inc. are presented in Appendix A at the end of this book.Instructionsa. What classifications does Aritzia use in its balance sheet?b. In
The following accounts were included on a company’s adjusted trial balance. In the blank space, identify which accounts should be closed (C) or not closed (NC) at the year end._________ Accounts
Selected accounts for Lee?s Salon at December 31, 2021, are presented below. Instructions a. Prepare closing entries to close the accounts. b. Post the entries. A. Lee, Capital A. Lee, Drawings Cr.
The adjusted trial balance for Thao Company, owned by D. Thao, is as follows. Instructions a. Prepare closing entries. b. Use T accounts to post the closing entries and calculate the balance in
The adjusted trial balance for Edgemont Entertainment Solutions is as follows: Instructions a. Prepare an income statement, statement of owner?s equity, and a classified balance sheet. M. Edgemont
The Gap, Inc. reports its financial results for 52-week fiscal periods ending on a Saturday around the end of January each year. The following information (in US$ millions) was included in recent
The trial balance for Arbor Green Golf Club for the year ended July 31 shows Service Revenue of $16,400; Salaries Expense $8,400; Rent Expense $2,500; T. Arid, Capital $47,000; and T. Arid, Drawings
Selected T accounts for Victoire Esthetics on August 31, 2021, are as follows: Instructions a. Prepare a statement of owner?s equity for the month ended August 2021. b. Prepare entries to close the
The completed adjusted trial balance for Bray Company is below. Instructions a. Prepare an income statement, a statement of owner?s equity, and a classifi ed balance sheet. L. Bray did not make any
The adjusted trial balance for Boreal Rock Climbing Centre is as follows: Instructions a. Calculate profit or loss for the year. It is not necessary to prepare an income statement. b. Prepare a
In this group activity, you will be provided with a skeleton classified balance sheet. Then, using the clues provided (including liquidity ratios) and the amounts from the statement, you will
Rizzo Company has the following year-end account balances on November 30, 2021: Service Revenue $38,500; Insurance Expense $2,750; Rent Expense $8,000; Supplies Expense $1,500; L. Wilfrid, Capital
At the end of its fiscal year, the adjusted trial balance of Donatello Company is as follows: Instructions Prepare the closing entries. DONATELLO COMPANY Adjusted Trial Balance July 31, 2021 Credit
The adjusted trial balance for Marine Fishing Centre is as follows: Instructions a. Prepare an income statement for the year ended March 31, 2021. b. Prepare a statement of owner?s equity. The
The following is Edge Sports Repair Shop?s trial balance at September 30, 2021, the company?s fiscal year end: Additional information: 1. Services of $5,350 were provided but not recorded at
The adjusted trial balance for Mosquera Golf Club at its October 31, 2021, year end included the following: Prepare closing entries. Credit Debit $ 7,500 Cash Prepaid expenses Equipment Accumulated
An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2021, for Alpine Bowling Lanes is as follows: Instructions Prepare the closing entries at
The following is Elbow Cycle Repair Shop?s trial balance at January 31, 2021, the company?s fiscal year end: Additional information: 1. The 12-month insurance policy was purchased on June 1,

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