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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Due to rapid turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Riley Co. in the year ended December 31, 2021:1. Riley developed
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were recorded in a questionable way by Hahn Company in the year ended August 31,
Cherry Technology purchased equipment on January 4, 2019, 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 end
On July 1, 2021, 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
The intangible assets and goodwill reported by Ip Company at December 31, 2020, follow: Patent #1 was acquired in January 2019 and has an estimated useful life of 10 years. Copyright #1 was
The intangible assets and goodwill section of Ghani Corporation?s balance sheet at December 31, 2020, is as follows: The copyright was acquired in January 2019 and has an estimated useful life of
On January 2, 2021, 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
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, 2020, for $2.6 million cash.
Cypress Timber Company has a December 31 fiscal year end. The following information is related to its Westerlund tract of timber land:1. Cypress purchased a 50,000-hectare tract of timber land at
On January 3, 2021, 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
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
Andruski Company and Brar Company both manufacture school science equipment. The following financial information is for three years ended December 31 (in thousands): Instructions a. Calculate the
Mock Orange Company and Cotoneaster Company both manufacture pruning shears. The following financial information is for three years ended December 31 (in thousands): Instructions a. Calculate the
Wilbur Company sells equipment on March 31, 2021, for $35,000 cash. The equipment was purchased on January 5, 2018, at a cost of $86,400, and had an estimated useful life of five years and a residual
Whiteway Company has a December 31 fiscal year end. Selected information follows for Whiteway Company for two independent situations as at December 31, 2021:1. Whiteway purchased a patent from
Suncor Energy Inc. reported the following information for the fiscal years ended December 31, 2017, and December 31, 2016 (in millions): Instructions a. Calculate Suncor?s asset turnover and
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
Mabasa Company purchases a patent for $150,000 cash on January 2, 2021. Its legal life is 20 years and its estimated useful life is 8 years.a. Record the purchase of the patent on January 2, 2021.b.
Information related to property, plant, and equipment; natural resources; and goodwill on December 31, 2021, for H. Dent Company is as follows: land $400,000, building $1,100,000, accumulated
Agrium Inc., a global agricultural nutrients producer headquartered in Calgary, reports the following in its 2017 financial statements (in millions of US$): Note: ?Sales? can be used in place of
The unadjusted trial balance of LeBrun Company at its year end, July 31, 2021, is as follows: Adjustment information: 1. The July 31 bank statement reported debit memos for service charges of $50
Refer to the financial statements of Aritzia Inc. and the Notes to the Financial Statements in Appendix A.InstructionsAnswer the following questions about the company’s current and contingent
Udala Uke’s had the following transactions involving notes payable.July 1, 2021 Borrows $50,000 from First National Bank by signing a nine-month, 8% note.Nov. 1, 2021 Borrows $60,000 from
On January 1, 2021, the ledger of Accardo Company contains the following liability accounts.Accounts Payable ............................. $52,000HST Payable
On January 1, 2021, the ledger of Edmiston Software Company contains the following liability accounts:Accounts Payable ........................ $42,500GST Payable
Loblaw Companies Limited (which owns Shoppers Drug Mart) reported the following information about contingencies in the notes to its December 30, 2017, financial statements: InstructionsWhy would
Satterfield publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $18 per year. During November 2021, Satterfield sells 15,000 subscriptions beginning with the December
On June 1, Merando borrows $90,000 from First Bank on a six-month, $90,000, 6% note.Instructionsa. Prepare the entry on June 1.b. Prepare the adjusting entry on June 30.c. Prepare the entry at
Crab Apple Tree Farm has a December 31 fiscal year end. The company has six notes payable outstanding on December 31, 2021, as follows:1. A 10-month, 5%, $35,000 note payable issued on August 1,
Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable outstanding on December 31, 2021, as follows:1. A nine-month, 5%, $25,000 note payable issued on July 1, 2021.
In this group 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 required to decide if
Rabbitt Enterprises borrows $60,000 from LowLand Trust Co. on July 1, 2021, signing a 4%, one-year note payable. Interest is to be paid at maturity. Prepare journal entries for Rabbitt Enterprises to
On June 1, 2021, Novack Company purchases equipment on account from Moleski Manufacturers for $50,000. Novack is unable to pay its account on July 1, 2021, so Moleski agrees to accept a three-month,
The current liabilities section of the December 31, 2020, balance sheet of Learnstream Company included notes payable of $14,000 and interest payable of $490. The note payable was issued to Tanner
MileHi Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2020, balance
Blue Robin Retail has one store in Ottawa and one in Regina. All sales in Ontario are subject to 13% HST; all sales in Saskatchewan are subject to 5% GST and 6% PST. On March 12, 2021, the Ottawa
On March 1, 2021, Tundra Trees signed a seven-month, 8%, $30,000 note payable with Canada Bank. Interest is due at maturity. Tundra Trees has a July 31 fiscal year end. Tundra honours the note at
On January 1, 2021, Zaur Company’s general ledger had these liability accounts:Accounts payable ........................................................... $63,700Unearned revenue—loyalty program
Backyard Shed Solutions sells its largest shed for $1,800 plus HST of 13%. On May 10, 2021, it sold 40 of these sheds. On May 17, 2021, the company sold 95 of these sheds. All sales are cash sales.
On January 1, 2019, Hopewell Company began a warranty program to stimulate sales. It is estimated that 5% of the units sold will be returned for repair at an estimated cost of $30 per unit. Sales and
On January 1, 2019, Logue Company began a warranty program to stimulate sales. It is estimated that 5% of the units sold will be returned for repair at an estimated cost of $25 per unit. Sales and
Dresner Company has a December 31 fiscal year end. It receives a $9,600 property tax bill for the 2021 calendar year on March 31, 2021. The bill is payable on June 30. Prepare entries for March 31,
Save-Always Stores started a customer loyalty program at the beginning of 2020 in which customers making cash purchases of gasoline at Save-Always Gas Bars are issued rewards in the form of grocery
In 2021, Song Company introduces a new product that includes a two year warranty on parts. During 2021, 4,400 units are sold for $450 each. The cost of each unit was $175. The company estimates that
Charleswood Musical Theatre’s season begins in November and ends in April, with a different play each month. In October 2021, Charleswood sold 100 season tickets for the 2021–22 season, for $210
Mega Company, a public company, is preparing its financial statements for the year ended December 31, 2021. It is now January 31, 2022, and the following situations are being reviewed to determine
Big Fork Company, a private company that follows ASPE, is preparing its financial statements for the year ended December 31, 2021. It is now February 15, 2022, and the following situations are being
One-Stop Department Store has a loyalty program where customers are given One- Stop “Money” for cash or debit card purchases. The amount they receive is equal to 2% of the pre-tax sales total.
Satterfield publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $18 per year. During November 2021, Satterfield sells 15,000 subscriptions beginning with the December
Scoot Scooters has four employees who are paid on an hourly basis, plus time and a half for hours in excess of 40 hours a week. Payroll data for the week ended February 17, 2021,
Seaboard Company receives its annual property tax bill of $24,000 for the 2021 calendar year on May 31, 2021, and it is payable on July 31, 2021. Seaboard has a December 31 fiscal year
On January 31, 2021, Cardston Company had the following payroll liability accounts in its ledger: In February, the following transactions occurred: Feb. 4 Sent a cheque to the union treasurer for
On March 31, 2021, Babb Company had the following payroll liability accounts in its ledger: In April, the following transactions occurred: Apr. 4 Sent a cheque to the union treasurer for union
Rikard’s Menswear sells $4,750 of gift cards for cash in December 2021. Rikard’s has a December 31 fiscal year end and uses a perpetual inventory system. In January 2022, $2,425 of the gift cards
Castellitto Company began selling game consoles on November 1, 2021. The company offers a 75-day warranty for defective merchandise. Based on past experience with other similar products, Castellitto
The following selected account balances are from LightHouse Distributors’ adjusted trial balance at September 30, 2021:Accounts payable ............................................ $ 90,000Accounts
The following selected account balances are from Creative Carpentry’s adjusted trial balance at March 31, 2021:Accounts receivable ...................................... $184,000Accounts payable
Silver Cloud manufactures and sells computers for $2,000 each, with a two-year parts and labour warranty. Based on prior experience, the company expects, on average, to incur warranty costs equal to
Steig’s Sports Store has a customer loyalty program in which it issues points to customers for every cash purchase that can be applied to future purchases. For every dollar spent, a customer
Slovak Plumbing Company pays its support staff weekly and its plumbers on a semimonthly basis. The following support staff payroll information is available for the week ended May 12, 2018: The
Diamond Dealers has two notes payable outstanding on December 31, 2021, as follows:a. A five-year, 5.5%, $60,000 note payable issued on August 31, 2021. Diamond Dealers is required to pay $12,000
Suncor Energy Inc. reported the following current assets and current liabilities (in millions) at December 31, 2017:Accounts payable and accrued liabilities ................................
Emerald Enterprises has three notes payable outstanding on December 31, 2021, as follows:1. A six-year, 6%, $60,000 note payable issued on March 31, 2021. Emerald Enterprises is required to pay
Cecilia Hernandez earned $60,100 in 2018 and was paid monthly. She worked for HillSide Tours for all of 2018. Using the formulas, what were her CPP and EI deductions in(a) January 2018(b) December
Medlen Models has the following account balances at December 31, 2021:Notes payable ($60,000 due after 12/31/22) ............................. $100,000Unearned service revenue
In 2018, Viktor Petska was paid a gross salary of $1,000 on a weekly basis. For the week ended May 12, 2018: (a) Calculate his CPP and EI deductions (b) Use the excerpts in Illustration 10A.5 to
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. For the weekly pay period ended June 15, 2018, Kate
In 2018, 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 month.InstructionsCalculate
Record the billing for $450 of services by D. R. Wong, dentist, in the province of British Columbia. Dental services are exempt from GST and PST.
Willis Company has the following year-end account balances on April 30, 2021: Service Revenue $53,800; Rent Revenue $12,000; Salaries Expense $19,400; Depreciation Expense $8,000; Supplies Expense
Record the purchase on account of $4,100 of merchandise for resale in the province of Manitoba, where the PST is 8%. The company uses a perpetual inventory system and the purchase is PST exempt.
As part of the year-end procedures, depreciation for furniture was recorded in the amount of $6,800 for Leelantna Company. Prepare the adjusting entry dated November 30, 2021, using the appropriate
Following the preparation of the bank reconciliation for Lolitta Services, a correcting journal entry was needed. A cheque issued for the correct amount of $960 for a payment on account was recorded
Record the purchase on account of $4,100 of merchandise for resale in the province of New Brunswick, where HST is 15%. The company uses a perpetual inventory system.
Record the cash purchase of $600 of office supplies in the province of Saskatchewan, where the PST is 6%.
Record the purchase on account of a $32,000 delivery truck in the province of Prince Edward Island, where HST is 15%.
Record the purchase on account of $300 of office supplies and $5,000 of merchandise for resale in the province of Manitoba. The company uses a perpetual inventory system and the purchase of
The post-closing trial balance for Perrault Music Co. follows: The subsidiary ledgers contain the following information: 1. Accounts Receivable?S. Armstrong, $6,500; R. Goge, $30,000; B. Lu,
The post-closing trial balance for Lee Co. follows. Lee Co. reports under ASPE. The subsidiary ledgers contain the following information: 1. Accounts Receivable?W. Karasch, $3,250; L. Cellars,
Review the opening account balances in Winters Company?s general and subsidiary ledgers on January 1, 2021. All accounts have normal debit and credit balances. Winters uses a perpetual inventory
On July 1, 2021, Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a December 31 year end.a. Journalize the purchase of the insurance policy.b. Prepare the year-end adjusting
Kinder Company has the following balances in selected accounts on June 30, 2021, its fiscal year end.Accounts Receivable ................................................. $ 0Accumulated
Devin Wolf Company has the following balances in selected accounts on December 31, 2021. Devin has a calendar year end.Accounts Receivable .................................................... $
Action Quest Games adjusts its accounts annually. Assume that any prepaid expenses are initially recorded in asset accounts. Assume that any revenue collected in advance is initially recorded as
On March 1, 2021, Eire Co. paid $4,800 to Big North Insurance for a one-year insurance policy. Eire Co. has a December 31 fi scal year end and adjusts accounts annually. Complete the following for
Sam Buckley started his own cycle repair shop, Sam’s Cycles, on September 1, 2021.Sam wants to prepare monthly financial statements, so adjusting journal entries are required on September 30.
Logan Miller started her own accounting firm, Miller Accounting, on June 1, 2021.Logan Miller wants to prepare monthly financial statements, so adjusting journal entries are required on June 30.
Grant’s Graphics has a December 31 year end. Grant’s Graphics records adjusting entries on an annual basis. The following information is available.1. At the end of the year, the unadjusted
Hahn Consulting Company’s general ledger showed $785 in the Supplies account on January 1, 2021. On May 31, 2021, the company paid $3,255 for additional supplies. A count on December 31, 2021,
In this group activity, you will work in two different groups to improve your understanding of adjusting entries. First you will work in “expert” groups in which you will ensure that each group
Burke Bros. records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021:1. Burke Bros. has
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021:1.
Havanese Services Company records adjusting entries on an annual basis. The following information is available to be used in recording adjusting entries for the year ended December 31, 2021. 1.
Pierce Dussault, a lawyer, accepts a legal engagement in March, does the work in April, and is paid in May. If Dussault’s law firm prepares monthly financial statements, when should it recognize
Rogers Communications Inc. is a diversified Canadian communications and media company engaged in three primary lines of business: Wireless, Cable, and Media. The following is part of Rogers? revenue
Burke Bros. began operations on January 1, 2021. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions from 2021 follow:1.
Ouellette & Associates began operations on January 1, 2021. Its fiscal year end is December 31 and it prepares financial statements and adjusts its accounts annually. Selected transactions for
Calculate the missing information in each of the following independent situations: Supplies on hand, May 31, 2020 Supplies purchased during the year Supplies on hand, May 31, 2021 Supplies used
The financial statements of Aritzia Inc. are presented in Appendix A at the end of this textbook.Instructionsa. What title does Aritzia use for its income statement? What title does Aritzia use for
On August 31, 2021, the account balances of Pitre Equipment Repair were as follows: The company adjusts its accounts on a monthly basis. Adjustment data consist of the following: 1. Supplies on

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