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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations: Required Prepare journal entries to record the transactions. Began a public
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the direct
Details regarding Leroux Steel’s purchases of plant and equipment items during 2020 follow:Required Prepare the annual adjusting entry at December 31, 2020, Leroux’s year-end, for each plant and
Zebra Consulting prepares adjusting entries and financial statements monthly. Details regarding Zebra Consulting’s plant and equipment items follow:Required Prepare the monthly adjusting entry to
You have been given the following information for RPE Consulting for the year ended July 31, 2020.Required1. Prepare the company’s income statement, statement of changes in equity, and balance
You have been given the following information for RPE Consulting for the year ended July 31, 2020.Required1. Prepare the company’s income statement, statement of changes in equity, and balance
It’s a week before Frogbox’s October 31, 2020, year-end. You are the personnel director and are reviewing some financial information regarding the March 1, 2018, purchase of office furniture for
After the success of its first two months, Mary Graham has decided to continue operating Echo Systems. (The transactions that occurred in these months are described in Chapter 2.) Before proceeding
Camillo?s Cleaning Services is gathering information for its year-end, April 30, 2020. Selected accounts on the April 30, 2020, unadjusted trial balance are reproduced below: Required Prepare the
Willow Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December 31, 2020, unadjusted trial balance: Required Prepare the required monthly
Part 1Refer to WestJet’s income statement in Appendix III at the end of the textbook.a. Prepare two possible adjusting entries that would have caused 2017 guest revenues to increase.b. Prepare two
Calculate the return on common shareholders? equity for 2020 and evaluate the result against the industry average in Exhibit 17.11, explaining why it compares favourably or unfavourably (round to two
Calculate the return on total assets for 2020 and evaluate the result against the industry average in Exhibit 17.11, explaining why it compares favourably or unfavourably (round to two decimal
Delta Tech Corporation?s common shares are currently selling on a stock exchange at $85 per share, and a recent balance sheet shows the following information: Required Preparation Component: 1.
Using the information provided, calculate book value per common share assuming: a. There are no dividends in arrears. b. There are three years of dividends in arrears. Western Grass Inc. Equity
Spence Resources Inc.?s December 31 incomplete balance sheet information follows along with additional information: Required 1. Prepare a three-year comparative balance sheet for Spence Resources
The following information is available from the financial statements of Landscape Enhancements Inc.: Calculate Landscape Enhancements? return on total assets for 2019 and 2020. (Round answers to
Refer to Exhibit 17.14 and calculate Tia?s Trampolines Inc.?s profitability ratios for 2020 (round calculations to two decimal places). Also identify whether each of Tia?s Trampolines Inc.?s
Sustainable Seafood Inc. processes and markets frozen seafood products. Continental Pipelines Limited is in the oil and gas industry in Canada and abroad. Both companies are being considered as
Refer to Exhibit 17.14 and calculate Focus Metals? solvency ratios for 2019 and 2020 (round answers to two decimal places). Analysis Component: Identify whether the change in each ratio from 2019 to
Silver Bullet Slide Company calculated the ratios shown below for 2020 and 2019: Required 1. Identify whether the change in the ratios from 2019 to 2020 is favourable (F) or unfavourable (U). 2.
Web Structure Inc. calculated the ratios shown below for 2020 and 2019: Required 1. Identify whether the change in the ratios from 2019 to 2020 is favourable (F) or unfavourable (U). 2. Assess
Refer to Exhibit 17.14 and calculate Airspace?s liquidity and efficiency ratios for 2020 and 2019 (round answers to two decimal places). Analysis Component: Identify whether the change in each ratio
Eco Play Ltd., with its head office in Vancouver, manufactures enviro-friendly, safe playground equipment for elementary schools. Its 2020 balance sheet and income statement follow. Assume that the
Alberta Playground Inc. produces, markets, distributes, and installs durable playground equipment. It is a new, growing playground distributor in Canada, and is hoping to expand to other provinces
Refer to the information in Exercise 17-6 and calculate the days’ sales in inventory for Furniture Retailers and Custom Furniture Corp for 2020 (round to two decimal places). Which company has the
On December 31, 2020, Warner Publishing Inc. showed the following: Required Part 1: Calculate book value per common share and preferred share at December 31, 2020, assuming no dividends were
On December 31, 2020, University Security Inc. showed the following: Required Part 1: Calculate book value per common share and preferred share at December 31, 2020, assuming no dividends were
a. Calculate the inventory turnover for 2020 for each company (round to two decimal places). b. Can you compare these companies? Explain. c. Review the turnover for Fresh-Cut Flowers Inc. Does this
The 2020 four-year comparative financial statements of Digital Shelf Space Corp. follow: Required 1. Calculate the following for 2020 and 2019 and identify whether the ratios compare favourably
The 2020 financial statements of Outdoor Waterworks Inc. follow: Assume all sales were on credit. Also assume the long-term note payable is due in 2023, with no current portion. On the December
Western Windows constructs and installs windows for new homes. The sales staff are having a meeting and reviewing the following information to determine how to help reduce days? sales
Rhondda McNabb always asks her adviser in-depth questions before acquiring a company?s shares. Rhondda is currently considering investing in Simpson Scientific Corp. Simpson?s annual report contains
Zhang Inc. and Black Inc. are similar firms that operate within the same industry. Black began operations in 2018 and Zhang in 2012. In 2020, both companies paid 7% interest to creditors. The
North Exploration Inc. and Eagle Minerals Inc. are similar firms that operate within the same industry. The following information is available: Required The controller of your company has asked you
You review the above information for your daycare business and it reveals decreasing profits despite increasing sales. You hire an analyst who highlights several points, including that ?Accounts
Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following
Part of your job is to review customer requests for credit. You have three new credit applications on your desk and part of your analysis requires that the current ratios and quick ratios be
Refer to the financial statements for Spin Master, WestJet, Telus, and Indigo in Appendix II. Calculate the following ratios for 2017 and 2016 for each company, indicating whether the change was
The condensed statements of Organic Grocery Corporation follow. Required 1. Calculate each year?s current ratio. 2. Express the income statement data in common-size percentages. 3. Express the
The condensed statements of Independent Auto Inc. follow: Required Rounding calculations to two decimal places: 1. Calculate each year?s current ratio. 2. Express the income statement data in
The following companies are competing in the same industry where the industry norm for the current ratio is 1.6. Required a. Complete the schedule (round to two decimal places). b. Identify the
You are the new human resources manager and are reviewing the bonus policies as part of familiarizing yourself with the payroll system. The plant superintendent?s bonus is calculated as the return on
Drinkwater Inc. reported the following information: Other information: 1. No shares were issued during the years ended March 31, 2020 and 2019. 2. No dividends were declared or paid during the
In your position as controller of Flashy Inc., a video production company, you are responsible for keeping the board of directors informed about the financial activities and status of the company. At
Complete the balance sheet for Hope Bicycle Recycle Corporation. Round amounts to the nearest $100. Selected Financial Information for Hope Bicycle Recycle Corporation Balance Sheet Hope Bicycle
The condensed comparative statements of Modern Health Inc. follow: Required Calculate trend percentages for the items of the statements using 2014 as the base year. Analysis Component: Analyze
The condensed comparative statements of Uranium Mining Corporation follow: Required Calculate trend percentages for the items of the statements using 2014 as the base year. Analysis Component:
Common-size and trend percentages for a company?s net sales, cost of goods sold, and expenses follow: Required Determine whether the company?s profit increased, decreased, or remained unchanged
Use the following information to answer questions (a) through (e) below. a. How much cash was received from customers during 2020? b. How much cash was paid for merchandise during 2020? c. How much
Use the following information to answer questions (a) through (c) below. a. How much cash was received from customers during 2020? b. How much cash was paid for merchandise during 2020? c. How much
Drum Holdings Inc. collected $737,000 cash from customers during 2020. If beginning accounts receivable were $41,000 and credit sales totalled $705,000, what was the balance in ending accounts
Middleton Supplies Inc. had sales revenue of $805,000 during 2020. Accounts receivable at the beginning of the year were $20,000 but were $24,000 at the end of the year. How much cash was collected
The summarized journal entries below show the total debits and credits to the Zebra Corporation?s Cash account during 2020. Required Use the information to prepare a statement of cash flows for
Organic Gardening Ltd. had operating expenses of $968,000 during 2020. Accrued liabilities at the beginning of the year were $27,000, and were $36,000 at the end of the year. Assuming all debits and
Rosetta Inc.’s records contain the following information about the 2020 cash flows.Cash and cash equivalents balance, December 31, 2019.......................... $ 37,500Cash and cash equivalents
Use the following information to prepare a statement of cash flows for the year ended October 31, 2020, using the indirect method. Sugar Bakery Inc. Comparative Balance Sheet Information Sugar
Refer to the information in Problem 16-11B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Country Feed Inc., a Saskatchwan-based farm and ranch livestock feed distributor, began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020 is shown below
Sunny Technologies Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019, and 2020 is shown below along with some other information. Other information
In each of the following cases, use the information provided about the 2020 operations of Prestige Water Corp. to calculate the indicated cash flow: Case A: Calculate cash received from customers:
Refer to the information in Problem 16-9B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. Other information:a. All
Refer to the information in Problem 16-9A. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Clear Strategy Corp., a strategic marketing consulting firm, began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020 is shown below along with some other
Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Other information regarding
Laura?s Fresh Cooking Inc. began operations on January 1, 2019. Laura?s prepares gourmet dinners and delivers to customers in fresh coolers; customers put them in the oven and have a meal within 30
Refer to the information in Problem 16-7B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Refer to the information in Problem 16-7A. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Zhang Systems Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020 is shown below along with some other information. Other information regarding
Paddleboard Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Other information regarding
Use the Western Environmental Inc. information given below to prepare a statement of cash flows for the year ended June 30, 2020, using the indirect method. a. A note is retired at carrying value. b.
Refer to the information in Problem 16-5B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Refer to the information in Problem 16-5A. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect
Triple Flip Inc., a sporting goods retailer, recently completed its 2020 operations. Triple Flip Inc.?s balance sheet information and income statement follow. Additional information regarding
ICE Drilling Inc.?s balance sheet information and income statement are as follows: Additional information regarding ICE Drilling?s activities during 2020: 1. Loss on sale of equipment is
The following items include the 2020 and 2019 balance sheet information and the 2020 income statement of the Clear Water Corporation. Additional information about the company?s 2020 transactions is
Refer to the information in Problem 16-3B. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Refer to the information in Problem 16-3A. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities.Other information:a. All
Green Forest Corp.’s 2020 income statement showed the following: profit, $292,600; depreciation expense, building, $43,000; depreciation expense, equipment, $6,630; and gain on sale of equipment,
Wendy Cramer is working late on a Friday night in preparation for a meeting with her banker early Monday morning. Her business is just finishing its fourth year. In Year 1, the business experienced
Use the following information to prepare a statement of cash flows for the year ended March 31, 2020, using the indirect method. Parker Consulting Parker Consulting Comparative Balance Sheet
Refer to the information below for CakePops Inc. a. Calculate the profit or loss for 2020. b. What caused common shares to change during 2020? Show your calculations. c. What caused the change in
Refer to the following information for LED Lighting Inc. a. What caused the change in common shares during 2020? Calculate the change. b. What caused the change in notes payable? Calculate the
Refer to the information below for Morningside Environmental Inc. Calculate the: a. Cash paid for the purchase of the franchise during 2020. b. Cash proceeds for equipment sold during 2020. c. Change
Refer to the information below for Douglas Tree Housing Inc. a. Calculate the cash paid for equipment purchased during 2020. b. Calculate the cash proceeds for equipment sold during 2020. Douglas
The following information for 2020 relates to Day Cycle Manufacturing Corp.:Profit .................................................................................. $49,000Inventory decrease
The following information for 2020 is extracted from Mountain Toys Limited, owner of a retail store:Profit ........................................................................ $24,500Accounts
Using the indirect method, calculate the cash inflow or outflow from operating activities using the following information: Smoothy Juice Inc. Comparative Balance Sheet Information December 31 2020
Using the indirect method, calculate the cash inflow or outflow from operating activities, using the following information: Denman Inc. Comparative Balance Sheet Information December 31 2020 2019
The following information is available for Swing High Inc.: Required Calculate the times interest earned ratio for 2020 and compare it to the industry average in Exhibit 17.11. Explain why it
The chapter-opening vignette indicated that Calvin Su follows the cash flow of his business very closely. Why do you think it is imperative for business owners to strictly manage their cash resources?
The following information relates to three companies that operate similar businesses: For each company, calculate the debt ratio, equity ratio, and pledged assets to secured liabilities. Identify
Refer to Spin Master’s statement of cash flows shown in Appendix II. What activity comprised the largest financing activity resulting in cash outflows for the year ended December 31, 2017?
Family Co manufactures books. It buys significant quantities of supplies from various vendors in order to make its quality products. Calculate Family?s accounts payable turnover for 2020 and 2019 and
Refer to Spin Master’s balance sheet shown in Appendix II. First, find the Cash balances on December, 2016, and December 31, 2017, and calculate the change in Cash. Next, refer to Spin Master’s
Outdoor Play Inc. reported the following facts in its 2020 annual report: net sales of $9,683 million for 2019 and $9,050 million for 2020; total end-of-year assets of $10,690 million for 2019 and
Calculate and interpret the days? sales uncollected for 2020 and 2019 based on the following selected information for Lumbar Cushions Company (round to two decimal places): 2020 2019 $ 220,000
Refer to Indigo’s statement of cash flows shown in Appendix II. What activity comprised Indigo’s cash outflows from financing activities for the fiscal year ended 2017?
The following data are taken from the comparative balance sheets of Duncan Data Storage Company. Calculate the accounts receivable turnover for 2020 and 2019 (round to two decimal places). Is the

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