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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Zephyr Minerals completed the following transactions involving machinery.Machine No. 1550 was purchased for cash on April 1, 2020, at an installed cost of $52,900. Its useful life was estimated to be
On October 1, 2020, Kingsway Broadcasting purchased for $288,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next three years.
On January 4, 2020, Amber’s Boutique paid cash of $95,000 for a 10-year franchise. Prepare the entry to record the purchase of the franchise and the adjusting entry at December 31, 2020.
On February 3, 2020, Secure Software Group purchased the patent for a new software for cash of $220,800. The company expects the software to be sold over the next five years and uses the
Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Copper?s
Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru on October 1, 2020, by paying cash of $5,000,000 and incurring a non-current note payable for the $30,000,000 balance.
RangeStar Telecommunications recently acquired a patent regarding a new telecommunications application. Additional equipment and a computer were purchased to begin making the application available to
Candy Craze purchased and installed a machine on January 1, 2020, at a total cost of $296,800. Straight-line depreciation was taken each year for four years, based on the assumption of a seven-year
Ocean Fishers Ltd. had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $77,000. The PPE subledger shows the following information regarding the boat: On June
Flint Solar Energy showed the following information in its Property, Plant, and Equipment subledger regarding a machine. On September 1, 2020, the motor was replaced with a new one costing $60,000;
On August 26, 2015, Race World International purchased a piece of equipment for a total of $426,000. The PPE subledger shows the following information regarding the equipment: Early in 2020, it was
On October 6, 2020, Western Farms Co. traded in an old tractor for a new one, receiving a $68,000 trade-in allowance and paying the remaining $170,000 in cash. The old tractor cost $202,000, and
On November 3, 2020, Gamez 2 Go Media exchanged an old computer for a new computer that had a list price of $190,000. The original cost of the old computer was $150,000 and related accumulated
On January 2, 2020, Direct Shoes Inc. disposed of a machine that cost $96,000 and had been depreciated $50,450. Present the journal entries to record the disposal under each of the following
Jazzy Antiques purchased the copyright on a watercolour painting for $177,480 on January 1, 2020. The copyright legally protects its owner for 19 more years. However, Jazzy plans to market and sell
On September 5, 2020, Nelson Lumber purchased timber rights in Northern Quebec for $432,000, paying $96,000 cash and the balance by issuing a non-current note. Logging the area is expected to take
Huang Resources showed the following alphabetized adjusted trial balance at October 31, 2020:Account ............................................................................... BalanceAccounts
Montalvo Bionics showed the following alphabetized unadjusted trial balance at April 30, 2020:Account ..................................................................................
Nova Scotia Telecom Company had a truck that was purchased on July 7, 2018, for $36,000. The PPE subledger shows the following information regarding the truck: A customized tool carrier was
Refer to Exhibit AII.2. Identify which component of the AIS would process each of the following source documents: Exhibit AII.2 Accounts Payable (AP) Accounts Receivable (AR) Payroll (P) 1. Time
Paradise Hills Berry Farm has 25 employees who are paid biweekly. The payroll register showed the following payroll deductions for the pay period ending March 23, 2018. Required Using the
What determines the amount that must be deducted from an employee’s wages for income taxes?
On a sheet of notebook paper, draw a cash receipts journal like the one in Exhibit AII.10 and journalize the following March 2020 cash receipts transactions for Suttleton Company. Mar. 18 Collected
On a sheet of notebook paper, draw a purchases journal like the one that appears in Exhibit AII.12 and journalize the following March 2020 transactions for Suttleton Company. Mar. 2 Purchased $4,800
On a sheet of notebook paper, draw a cash disbursements journal like the one that appears in Exhibit AII.13 and journalize the following March 2020 payments for Suttleton Company (assume the first
Prairie Rigging?s three employees are paid weekly. Waverley works in the office and Johnson and Zender are sales representatives. Complete the payroll register above for the week ended March 9,
Spindle Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occurred during the month of
Meadow Lake Groceries has two employees who are paid monthly. Using the monthly payroll deduction tables link at the end of the appendix, complete the payroll register above for the month ended March
Maidstone Plumbing Services? two employees are paid biweekly. Assuming a tax rate of 30%, complete the payroll register above for the two-week period ended February 24, 2018. Deductions Pay
StickUps Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occurred during the month of
Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31, 2018, journal entry to record Games
Chandler Tailors pays its three part-time employees monthly. The following information is available for the February 2018 payroll: Required Prepare the journal entry to record payroll expenses for
Xion Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occurred during the month of March
Julie Leung, an employee of the Import Company, worked 172 hours during the month of January 2018. Her pay rate is $12.50 per hour, and her wages are subject to no deductions other than income taxes,
On May 11, 2020, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the
Lendrum Servicing?s four employees are paid every two weeks. Atkins runs the office and the remaining employees are sales representatives. Required Complete the payroll register above for the
D&D Stockyards? four employees are paid monthly. Each employee donates 5% of gross pay to United Way through payroll deductions. Crimson and Peterson purchase Canada Savings Bonds through monthly
Piperel Lake Resort?s four employees are paid weekly. Assume an income tax rate of 20%. Complete the payroll register above for the month ended January 31, 2018. Deductions Pay Distribution Gross
At the end of May 2020, the sales journal of Value-Mart Goods appeared as follows: Value-Mart had also recorded the return of merchandise with the following general journal entry: Required 1. On
Sharon Von Hatton is the only employee of a self-employed businessperson. She earned a monthly salary of $2,050 in February 2018, her first month of employment. In response to a citywide effort to
O’Riley Company’s payroll costs and fringe benefit expenses include the normal CPP and EI contributions, retirement fund contributions of 10% of total earnings, and health insurance premiums of
It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company?s previous accountant journalized its
Milly’s Drive-In’s 12 employees earn a gross pay of $2,050 each per month. Milly’s Drive-In contributes 8% of gross pay to a retirement program for employees and pays an extended medical
The payroll records of Brownlee Company provided the following information for the weekly pay period ended March 23, 2018: Required 1. Enter the relevant information in the proper columns of a
The Turner Company sells a product called TurnUp for $25 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of TurnUps and transactions during January
On January 13, at the end of the second weekly pay period of the year, a company’s payroll register showed that its 30 employees had earned $19,570 of sales salaries and $6,230 of office salaries.
A company showed the following information in its payroll register for the week ended March 16, 2018: 1. Prepare a general journal entry to record the payroll register information. 2. Prepare a
A company has three employees, each of whom has been employed since January 1, earns $2,600 per month, and is paid on the last day of each month. On March 1, the following accounts and balances
Duncan Industries completed these transactions during July 2020. The terms of all credit sales are 2/10, n/30. Required 1. Set up accounts receivable subledger accounts for Kelly Grody, Karen
The payroll records of Wailee Company provided the following information for the weekly pay period ended March 23, 2018: Required 1. Enter the relevant information in the proper columns of a
On January 13, at the end of the second weekly pay period of the year, a company’s payroll register showed that its 45 employees had earned $23,400 of sales salaries and $5,820 of office salaries.
It is October 16, 2020, and you have just taken over the accounting work of China Moon Products, whose annual accounting period ends October 31. The company?s previous accountant journalized its
A company showed the following information in its payroll register for the week ended March 16, 2018: 1. Prepare a general journal entry to record the payroll register information. 2. Prepare a
The adjusted trial balance for Dillan?s Tailoring Services on December 31, 2020, appears as follows: Required 1. Prepare closing entries. 2. Prepare a post-closing trial balance. No. Account Debit
The following information is from the work sheet for Hascal Company as of December 31, 2020. Using this information, determine the amount for Sam Hascal, Capital that should be reported on the
Below are excerpts from the work sheets of two businesses as at March 31, 2020. Those rows that calculate totals are at the bottom of the last two sets of columns. Required Do the following for each
MY Autobody?s adjusted trial balance on December 31, 2020, appears in the work sheet as follows: Required 1. Prepare closing entries. 2. Prepare the post-closing trial balance at December 31,
The Income Summary account is used for the following purpose:a. To transfer the permanent accounts to the owner’s capital account at the end of an accounting periodb. To keep track of the
You are the accountant at Stephos Greek Taverna. After completing the December 31, 2020 financial statements, you need to post the closing entries to prepare for the 2021 year. Start the process by
Using the information from Problem 4-4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020.
The purpose of a post-closing trial balance is:a. To list all permanent accounts and their balances after all closing entries are postedb. To list all temporary accounts and their balances after all
Using the adjusted trial balance in Problem 4-6B, prepare the income statement, statement of changes in equity, and classified balance sheet. Analysis Component: Why must liabilities be separated on
A classified balance sheet involves:a. Grouping assets and liabilities into current and noncurrent assets and liabilitiesb. Providing more detailed information regarding a company’s existing
Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2020: Required Prepare the closing entries. Debit Credit $ 21,400 Accounts
Bullseye Market Research Company (BMRC) specializes in conducting focus groups for businesses launching a new product. BMRC analyzes customer likes and dislikes to ensure new products will be
An operating cycle isa. The average time it takes to produce a product for a manufacturing-based company b. The average time it takes a company to pay off operating expenses during a fiscal
Warden Repairs showed the following adjusted account balances on October 31, 2020. Prepare and post the closing entries. Liabilities Capital Assets 250 110 200 Withdrawals Revenue Expenses 20 100
Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The
An example of a current asset is:a. Intangible assetsb. Property, plant, and equipmentc. Accounts payabled. Merchandise inventory
Refer to Spin Master’s income statement in Appendix III at the end of the book. What journal entry was recorded as of December 31, 2017 to close the revenue account?
Silver Star Automotive showed the following account balances at October 31, 2020, after posting the closing entries. Prepare the post closing trial balance. Cash Accounts Receivable Unearned Revenue
Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Marcy
Based on the adjusted trial balance prepared in Problem 4-8A, prepare an income statement and a statement of changes in equity for the year ended March 31, 2020, and a classified balance sheet at
The following closing entries were prepared for Greenway Gardening Services regarding the year ended October 31, 2020: Required 1. Prepare an income statement based on the information provided. 2.
The current ratio provides information to users of financial statements regarding:a. Ability to pay for existing assets with day-to-day obligationsb. Ability to pay day-to-day obligations with
The following closing entries were prepared for Apex Architectural Designs regarding its year just ended June 30, 2020: Required 1. Prepare an income statement based on the information provided. 2.
Jozef?s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2020: Required 1. Identify the error(s) in the post-closing trial
The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Required Preparation Component: a. Place an X in the space provided beside
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below: Required 1. Calculate the capital
On July 1, 2020, Amy Young created a new self-storage business called Young Co. These events occurred during the company?s first month: The company?s chart of accounts included these
Use the following March 31, 2020, year-end adjusted balances to prepare Jardine Servicing’s liabilities section on its March 31, 2020, classified balance sheet.Accounts
Refer to the December 31, 2017, balance sheet for WestJet in Appendix III at the end of the book. What amount of WestJet’s long-term debt is coming due before December 31, 2018?
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the
The unadjusted trial balance for Lewis Fitness Centre as of December 31, 2020, follows: Information necessary to prepare adjusting entries is as follows: a. As of December 31, employees have earned
A partial alphabetized list of adjusted account balances is shown for Dover Pacific Tours as at November 30, 2020 (all accounts have normal balances). Pat Dover, the owner, uses the following account
The following is selected financial information from WestJet?s Balance Sheet as at December 31, 2017 and 2016. Calculate the debt to equity ratio for 2017 and 2016 (round to two decimal places).
Use the following adjusted trial balance of Hanson Trucking Company to prepare a classified balance sheet as of December 31, 2020. Account Title Debit Credit $ 13,000 Cash. ..... Accounts
On December 31, 2020, Ace Management Co. prepared an adjusting entry to accrue $9,800 of earned but unrecorded rent revenue. On January 20, 2021, Ace received rent payments in the amount of $15,500.
After five years of operations, Svenson?s Tutoring Clinic showed the following post-closing balances at December 31, 2019. Required Analysis Component: a. Explain why Leda Svenson, Withdrawals,
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are
Breaker Corporation records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for Breaker Corporation as of August 31,
The following conditions existed for Maxit Co. on October 31, 2020, the end of its fiscal year:a. Maxit rents a building for $3,200 per month. By a prearrangement, the company delayed paying
Part 1 Prepare general journal entries to record the following perpetual system merchandising transactions of Laser Supply Company. Use a separate account for each receivable and payable; for
A merchandiser reports gross profit on its income statement to demonstrate which of the following:a. How much the company earns after deducting the direct cost of the goods purchased (cost of goods
The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement.
Colombia Textiles began operations several years ago. Its post-closing trial balance at December 31, 2020, is shown below (with accounts listed in alphabetical order): Account
Earlier segments of this problem have described how Mary Graham created Echo Systems on October 1, 2020. The company has been successful, and its list of customers has started to grow. To accommodate
The main difference between a periodic inventory system and a perpetual inventory system is:a. The length of time it takes to sell an item in inventoryb. The frequency of receipt of goods by the
Answer the following questions. a. Based on a review of the income statement for Spin Master in Appendix III at the end of the textbook, determine if Spin Master sells products or services. Explain
Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2020 to

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