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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Lima Company enters into a contract to sell $9,000 of merchandise, n/30. The cost of the merchandise to Lima is $4,500. Lima’s management uses the expected value method to estimate returns and has
At the end of its first year of operations, on December 31, 2021, CDW Partners? accounts show the following: The capital balance represents each partner?s initial capital investment. No closing
The following are independent situations.1. The results for the economic performance confirms Sam’s predictions about the company.2. The manager records the cost of a new building as an asset.3. A
Abbotsford Ltd., a sports equipment wholesaler, sold $350,000 of merchandise to a customer on November 14, 2021. The merchandise was shipped on November 29, 2021, FOB shipping point and was received
In this group activity, you will be given a set of financial statements and a list of items that might need correcting. You will be required to(a) Decide if an adjusting journal entry is
Presented below are selected qualitative characteristics of financial information.1. Relevance2. Neutrality3. Verifiability4. Timeliness5. Faithful representation6. Comparability7.
On January 1, 2021, the capital balances in Gablesmith Partnership are as follows:Zoya Gable ......................................... $20,000Matthew Smith .................................
The trial balances of two proprietorships on January 1, 2021, follow: Domic and Dasilva decide to form a partnership on January 1 and agree on the following valuations for the noncash assets that
Olive Oil Imports is a partnership owned by Magda Stavros and Giannis Metaxas. The partners share profit on a 3:2 basis, respectively. On January 1, 2021, they have capital balances of $95,000 and
A. Veveris and J. Rubenis share profit on a 2:1 basis, respectively. They have capital balances of $42,000 and $33,000, respectively, when S. Weiss is admitted to the partnership on September 1,
Dr. J. Kovacik and Dr. S. Donovan have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Kovacik and 40% for Dr. Donovan. The dental
Copperfield Developments is a partnership owned by Alvaro Rodriguez and Elisabetta Carrieri. On December 31, 2020, the partners’ capital balances are Rodriguez $67,140 and Carrieri $78,140. During
Daisey Brodsky and Jim Leigh began a partnership on February 1, 2021, by investing $62,000 and $88,000, respectively. They agree to share profit and losses by allocating yearly salary allowances of
R. Huma and W. How have capital balances on July 1, 2020, of $62,000 and $58,000, respectively. The partnership profit-sharing agreement specifies:1. salary allowances of $30,900 for Huma and $21,900
K. Ison (beginning capital, $50,000) and I. McCoy (beginning capital $80,000) are partners. During 2021, the partnership reported profit of $60,000, and Ison made drawings of $15,000 while McCoy made
On November 15 of the current year, the account balances in Bluesky Partnership were Cash $11,000; Land $20,000; D. Black, Capital $15,000; V. Green, Capital $12,000; and B. Brown, Capital $4,000.
On December 31, 2021, capital balances of the partners in Shelby Charters are C. Murphy $45,000; M. Knight $35,000; and T. Shelby $25,000. The partners share profit in a 5:3:2 ratio, respectively.
On December 31, 2021, capital balances of the partners in Manitoba Maple are R. Neepawa $45,000; S. Altona $35,000; and T. Morden $25,000. The partners share profit in a 5:3:2 ratio, respectively.
The medical practice of Dr. W. Jarratt and Dr. M. Bramstrup had the following general ledger account balances at April 30, 2021, its fiscal year end: a. Calculate the profit or loss for the
Togna Company had a $15,300 loss for the year ended October 31, 2021. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $24,900 and Terry
The MillStone Partnership reported profit of $60,000 for the year ended February 28, 2021. Salary allowances are $45,000 for H. Mills and $25,000 for S. Stone. Interest allowances of 5% are
MET Co. reports profit of $70,000 for the current year. Partner salary allowances are J. Moses $24,000; T. Eaton $30,000; and M. Tung-Ching $5,000. The profit and loss ratio is 6:2:2. Calculate the
During the fiscal year ended November 30, 2021, the profit for Scrimger & Woods Partnership was $84,000. The partners, A. Scrimger and D. Woods, share profit and loss in a 3:5 ratio,
R. Black and B. Rivers decide to organize the Black River Partnership. Black contributes $10,000 cash. Rivers contributes $2,400 of accounts receivable, of which the artners agree that $2,000 is
Junk Grrlz (Junk) is a wholesale distributor of goods. Junk purchases goods that are not selling from manufacturers and other wholesalers and sells them to discount retail outlets. You are a
McCain Foods Limited is a large multinational private company with $8.5 billion in sales. It produces both frozen and non-frozen food products and makes one third of the frozen French fries produced
Refer to the notes to the consolidated financial statements for Aritzia Inc. in Appendix A at the end of the textbook.Instructionsa. Refer to Note 1 and the statement of compliance. What measurement
EastJet Airlines reported a $1-million loss for the year ended December 31, 2019. After financial restructuring in 2019, EastJet continued to report losses, and it reported a $900,000 loss for the
Jivraj and Juma are accountants at Desktop Computers. Desktop Computers has not adopted the revaluation model for accounting for its property, plant, and equipment. The accountants disagree over the
On October 2, 2021, Solar Supplies Ltd. entered into a contract to supply solar panels to Spade Enterprises, FOB shipping point, terms 2/20, n/30. The selling price of the solar panels is $65,000 and
Dusky Designs makes and sells custom jewellery and accessories to retail stores throughout Canada. On April 6, 2021, Dusky entered into a contract with Tara’s Boutique to supply 50 custom bracelets
Crittenden Cellular enters into a contract to supply Joe’s Country Corner Store with 10 smart phones at a price of $45 per phone on March 4, 2021. The phones will be delivered to Joe’s on March
The following transactions took place in October 2021 for Slim’s Organic Food Store. Slim’s uses the earnings approach to revenue recognition and a perpetual inventory system. Slim’s estimates
Brilliance Holiday Light Services offers commercial and residential lighting services for the holiday season. Brilliance charges a standard rate of $100 per hour. The company also offers a wide
Eugene Company is a small private company that sells computers and provides consulting services. The owner of the company, Eugene, wants to expand and has asked you to become his business partner.
The following financial statements were provided by Zytel Communications Co. The owner, Daniel Zytel, is meeting with an investor who is interested in investing in the company. The investor has
Czyz and Ng are accountants at Kwick Kopy Printers. Kwick Kopy has not adopted the revaluation model for accounting for its property, plant, and equipment. The accountants are having disagreements
On April 2, 2021, Pharma Company entered into a contract to supply medication to Laxall Drug Stores, FOB shipping point, terms 2/30, n/45. The selling price of the medication is $40,000 and the
Nicolet Publishers sells textbooks to universities across Canada. On July 10, 2021, Nicolet entered into a contract with Hinton University to supply 300 accounting textbooks at a price of $110 per
Port Automotive Supply enters into a contract to supply Kelsee Electrocar Company with 300 automotive tires at a price of $40 per tire on August 4, 2021. The tires were delivered to Kelsee on
The following transactions took place in December 2021 for MegaMart. MegaMart uses the contract-based approach to revenue recognition and a perpetual inventory system. MegaMart estimates returns at
Santa’s Holiday Farm sells and delivers fir trees over the holiday season. All sales are cash and Santa’s Holiday Farm does not have a return policy—all sales are final. The trees sell for $50
Kamloops Company is a grocery wholesaler and is planning to expand its operations. The company has asked the bank for a loan to finance the expansion. Alphonzo, the company’s manager, has prepared
The following financial statements were provided by Sumsong Electronics Company. The owner, Gillian Sumsong, is applying for a second loan from the bank to buy some new equipment. The bank manager
(USA) has its headquarters in Tecumseh, Michigan. It describes itself as “a global multinational corporation producing mechanical and electrical components essential to industries creating
Assume the same information for Chen Company as in GAAP18.1. Prepare the income statement and comprehensive income statement using the two-statement approach.Data from Gaap Exercises 1Chen Company
Use the equity section of an annual report and identify the major components.InstructionsSelect a well-known company, search the Internet to obtain its most recent annual report, and then answer the
This exercise is an introduction to the U.S. Big Four accounting firms, all of which are partnerships: Deloitte & Touche, Ernst & Young, KPMG, and Price water house Coopers.InstructionsSelect
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Ontario Skateboard Company employs a perpetual inventory system. Required 1.
a. What are the two categories of inventory that Spin Master has?b. Refer to Notes for the balance sheet for WestJet in Appendix III at the end of the textbook and determine the types of inventory
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Stilton Company has two credit sales during the period. The units have a selling
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10
The following amounts appeared on Excel Company?s adjusted trial balance as of May 31, 2020, the end of its fiscal year: Required 1. Present a classified multiple-step income statement for internal
The following information is from the unadjusted trial balance for Journey?s End Company prepared at October 31, 2020, the end of the fiscal year: Rent and salaries expense are equally divided
Smart Resource Company?s unadjusted trial balance on December 31, 2020, the end of its annual accounting period, is as follows: Information necessary to prepare adjusting entries is as follows: a.
You are the accountant at Spin Master. Refer to Appendix III for Spin Master’s Consolidated Balance Sheets as at December 31, 2017. Your manager has asked you to do the following:a. Calculate the
You are the accountant at Indigo. Refer to Appendix III for Indigo’s Consolidated Balance Sheet as at March 31, 2018. Your manager has assigned you the following tasks.a. Calculate the current
The December 31, 2020, unadjusted trial balance for Musical Sensations after its second year of operations follows: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
The following information is from the work sheet for Pursley Company as of December 31, 2020. Using this information, determine the amount that should be reported for Alice Pursley, Capital on the
In the closing process temporary accounts are used for which of the following reasons:a. To record transactions temporarily, preparing for adjusting entriesb. To keep track of one-time-only or unique
Presented below is the unadjusted trial balance of Webster Demolition Company as of June 30, 2020, the end of its fiscal year. The owner invested $17,500 cash in the company during the
The June 30, 2020, unadjusted trial balance for Trenton Consulting after its first year of operations follows: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
The December 31, 2020, unadjusted trial balance for Tucker Photographers after the first month of operations is shown below: Required 1. Enter the unadjusted trial balance onto a work sheet. 2.
The March 31, 2020, unadjusted trial balance for Silva Rentals after its first year of operations is shown below: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him. 1. Balance sheets as of
Which of the following statements is true about work sheets:a. They are required and must be prepared by all companies that produce financial statementsb. They are optional working papers that can
The July 31, 2020, unadjusted trial balance for Daimler Tours after its first month of operations is shown below: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
The transactions of Echo Systems for October through December 2020 have been recorded in the problem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing the
The owner of Delton Property Rentals, Teal Delton, has requested an emergency meeting with you, a representative from the bank. ?Our accountant has been on leave for the past several months and her
Sarda Electrical Servicing began operations two years ago. Its adjusted account balances at December 31, 2020, are listed alphabetically below. The owner, Nymeth Sarda, made a $20,000 investment
On January 20, 2020, Jennifer Nelson, the staff accountant for Newby Enterprises, is feeling pressure to complete the preparation of the annual financial statements. The president of the company has
Using the information in Problem 3-9B, complete the following:1. Set up balance column accounts for Hallmark Surveying Services and enter the balances listed in the unadjusted trial balance.2. Post
After winning the TV show competition Star Chef, Adriana started a cooking school, Adriana’s Apron. Adriana’s Apron prepares monthly financial statements. The following are the transactions for
Queen & Ace Games (Q&A Games) runs its business from January 1 to December 31 (year-end). On January 1, 2020, Q&A Games pays $12,000 for a one-year insurance policy that covers January 1,
On January 1, you started a tutoring business called Brain Worx and charge $30 an hour for tutoring. The following are your transactions for 2020. Assume Brain Worx uses the straight-line method to
On March 31, 2020, Capital Investment Advisers paid $4,570,000 for land with two buildings on it. The plan was to demolish Building 1 and build a new store (Building 3) in its place. Building 2 was
Additional information: a. Annual depreciation of the equipment; $11,500. b. $12,000 of the Prepaid Insurance balance has expired. c. Unbilled and unrecorded revenues at year-end totalled
Rainbow Janitorial Services follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Rainbow?s unadjusted trial balance for the year ended October 31, 2020,
Yara Clothing (Yara), a retail store at the mall, hires a number of employees to work 7 days a week. Yara owes its employees wages for the period of December 27, 2020 to January 9, 2021 (14 days) for
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end: Additional information available at year-end: a. The Prepaid Arena Rental of $182,000 was
Landmark Properties owns and operates an apartment building and prepares annual financial statements based on a March 31 fiscal year-end.RequiredJournalize the adjusting entry for each of (a) and
Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2020, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of
On November 1, 2020, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2020, Race Car Repairs’ year-end, it was determined that $3,000 of
Club 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On October 1, 2020, Club 17X sells a one-year prepaid gym membership for $300 cash. a. Record the
Rainmaker Environmental Consultants is just finishing its second year of operations. The company?s unadjusted trial balance at October 31, 2020, follows. Rainmaker prepares adjustments each October
Ben Hallmark, the owner of Hallmark Surveying Services, has been in business for two years. The unadjusted trial balance at December 31, regarding the month just ended, follows. The following
Gold Co. purchased a vehicle on March 1, 2020, for cash of $32,000. It will be used by the president for business purposes for four years and then sold for an estimated amount of $8,000. Gold Co.’s
The following information concerns the adjusting entries to be recorded on November 30, 2020, for RaiLink?s year just ended. a. The Office Supplies account started the year with a $4,800 balance.
Valor Ventures prepares adjusting entries monthly. The following information concerns the adjusting entries that need to be recorded on October 31, 2020, for the month just ended. a. The Office
EnviroWaste’s year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries:a. Of the $18,500 balance in Unearned Revenue, $3,050 remains
On January 1, 2020, Taco Taqueria, a Mexican restaurant, purchased equipment for $12,000 cash. Taco Taqueria estimates that the equipment will last five years (useful life). The restaurant expects to
Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted trial balance at January 31, 2020, the following information was available for the preparation of
Kazz Industries’ year-end is May 31. Based on an analysis of the unadjusted trial balance at May 31, 2020, the following information was available:a. Machinery costing $77,500 was acquired on
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31.a. Record the journal entry on April 1, 2020.b. How
Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting
Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financial statements and has a December 31, 2020 year-end.a. On April 1, 2020, JJ
WonderWeb prepares adjusting entries monthly. In reviewing the accounts on March 31, 2020, WonderWeb discovered the following:a. Interest of $450, representing 25 days in March, had accrued on the
Splish Splash Art is a centre that offers children’s music and dance lessons. Splish Splash prepares annual financial statements and has a December 31, 2020, year-end.a. On September 1, Splish
Helping Hand Outdoor Services pre-sells yard maintenance packages for the gardening season. During October, the company collects cash from clients for Christmas trees to be delivered in December.
Blackfeather Tours sells scuba diving and kayaking excursions, along with a number of unique sightseeing packages. The company requires a 50% payment from the customer at the time of booking. The

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