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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Using the trial balance provided above, prepare an income statement and a statement of changes in equity for the first three months ended July 31, 2020, and a balance sheet at July 31,
Sato Inspection Services is in its second month of operations. You have been given the following journal entries regarding its January 2020 transactions. Required a. Set up the following accounts
Wilm Schmidt, the owner of Wilm?s Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2020, trial balance. The following errors were discovered: a.
On January 1, 2020, Paula Fernandes started a new business called Wicked Dance. Near the end of the year, she hired a new bookkeeper without checking references or requesting an academic transcript.
Using the account information shown below, prepare a trial balance at January 31, 2020. Vahn Landscaping General Ledger Unearned Brea Vahn, Capital Cash 101 Equipment 163 Revenue 233 301 5,000 6,000
Prepare journal entries to record the following August 2020 transactions of a new business called For the Love of Pixels. Joseph Eagle, the owner, invested $20,000 cash and photography equipment
Identify the transposition error in the following trial balance, assuming this is the only error. Be Fabulous Flowers Trial Balance September 30, 2020 Acct. No. Account Debit Credit $ 9,800 101
Identify the slide error in the following trial balance, assuming this is the only error. Body Boot Camp Trial Balance April 30, 2020 $330 Cash.. Supplies. Notes payable. Michelle Jackson, capital.
Media Marketing Services has been operating for several years. It showed the following trial balance information (in alphabetical order) for the month just ended March 31, 2020: Required Using the
Nicholas wants to save time by not preparing a trial balance. What are the risks of skipping this step?
Part A:1. Refer to Appendix III at the end of the textbook for the December 31, 2017, balance sheet for WestJet, a Canadian airline based in Calgary. What types of assets does WestJet have?2. To
You have decided to start a business. What will you sell? Identify the three forms of business organization you could choose and describe their characteristics. Which form of business is best for
On January 1, 2020, Fireworks Fantasia entered its third year of operations. On December 31, 2020, Wes Gandalf, the owner, finalized the company?s records that showed the following items. The
Ethics is defined as:a. Compliance requirements that can be established by the local government or trade associationb. Beliefs based on our value system that enable us to differentiate right from
Review Organico’s financial statements presented in the chapter for the month ended March 31, 2020. Review the balance sheet and determine the business form Hailey Walker has chosen to organize
Examples of ethical issues in the world of business include:a. Properly labelling products for customers to make informed decisionsb. Selling products to customers at the lowest price possiblec.
On January 1, 2019, Dog Obedience Training Co entered its second year of operations. This year the business expanded to include doggy daycare because many customers requested the service. On December
The accounting records of LeClaire Delivery Services show the following assets and liabilities as of the end of 2020 and 2019: During December 2020 the owner, Jess LeClaire, purchased a small
Social responsibility is defined as:a. Decisions made to maximize the health and well being of childrenb. Engaging in a commitment to minimize wastec. A concern for the impact of our actions on
The accounting records of Carmen Creek Gourmet Meats show the following assets and liabilities as of the end of 2020 and 2019: During 2020, Carmen Munch, the owner, purchased a small office
The following financial statement information is known about five unrelated companies: Required 1. Answer the following questions about Company A: a. What was the equity on December 31, 2019? b.
The business entity principle requires that:a. All businesses must define their scope and establish a corporate visionb. Financial statement users can safely assume the statements reflect a business
The following financial statement information is known about five unrelated companies: Required 1. Answer the following questions about Company V: a. What was the equity on December 31, 2019? b.
Identify which GAAP most directly describes each of the following correct practices:_____________1. Tracy Regis owns two businesses, Second Time Around Clothing and Antique Accents, both of which are
George Littlechild started a new kitchen and bath design business called Littlechild Enterprises. The following activities occurred during its first month of operations, March 2020: a. Littlechild
The revenue recognition principle requires that:a. Revenue is recorded at the time it is earnedb. Revenue is recorded in the currency in which the company primarily operatesc. Different knowledgeable
Lily Zhang started a new business on January 1, 2020, called Zhang Consulting. She develops financial investment plans for young adults. During the business?s first year of operations, the following
Larry Power started a new business in the name of Power Electrical on October 1, 2020. During October, a number of activities occurred and the following totals resulted at October 31, 2020 (shown in
The three key methods to determine the dollar value to record a transaction at its current value accounting records are:a. Current cost, fair value, value in useb. Historical cost, future cost,
Beyond Music provides DJ services for events such as high school dances, weddings, and corporate events. Michael Cantu started the business on June 1, 2020. The June activities resulted in totals at
On January 1, 2019, Dance Training Co entered its second year of operations. Dance Training Co provides elite personal training courses to dancers who want to work on cruise ships. On December 31,
On November 1, 2020, Jean Higgins started a wedding planning company, Extraordinary Studios. On November 30, 2020, the company?s records showed the following items. Use this information to prepare a
Using your answer to Problem 1-9A, prepare an income statement, a statement of changes in equity, and a balance sheet. Analysis Component: Assets are financed by debt and equity. Profit is a
Another acceptable term for the income statement is:a. Statement of Cash Flowsb. Statement of Financial Positionc. Statement of Earningsd. Statement of Changes in Equity
Using your answer to Problem 1-9B, prepare an income statement, a statement of changes in equity, and a balance sheet. Analysis Component: Assets are financed by debt and equity. Owner investment is
Use the facts in Exercise 1-9 to prepare a November statement of changes in equity for Extraordinary Studios, similar to Exhibit 1.9. Analysis Component: What activities caused equity to increase
Use the facts in Exercise 1-9 to prepare a November 30 balance sheet for Extraordinary Studios, similar to Exhibit 1.10. Analysis Component: Identify how much of the assets held by Extraordinary
On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company?s records that showed the following items. Use
Using the accounting equation provided, calculate: 1. Beginning capital on January 1, 2020, and 2. Ending capital at December 31, 2020. Liabilities Assets Equity Beginning capital on January 1, 2020
Use the facts in Exercise 1-12 to prepare a July statement of changes in equity for Academic Learning Services, similar to Exhibit 1.9. Analysis Component: Identify those activities that caused
Use the facts in Exercise 1-12 to prepare a July 31 balance sheet for Academic Learning Services, similar to Exhibit 1.10. Analysis Component: Identify how much of the assets held by Academic
Tim Roadster began Roadster Servicing on April 1, 2020, and showed the following items after the first month of operations. Match each of these items with the financial statement or statements on
Using the information provided in QS 1-15, calculate each of the following financial statement elements.1. Total revenues 5. Total liabilities2. Total operating expenses 6. Tim Roadster, capital
Paul Sangha began Sangha Consulting on May 1, 2020 and reported the items below at May 31, 2020. Match each numbered item with the part of the balance sheet on which it should be presented. If the
Using the information in QS 1-17, prepare an income statement and statement of changes in equity for the month ended May 31, 2020, and a balance sheet at May 31, 2020.QS 1-17Paul Sangha began Sangha
Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant. The following activities
Using your answer from Exercise 1-20, prepare an income statement, a statement of changes in equity, and a balance sheet using the formats provided.Analysis Component: Identify which assets were
Using your answer from Exercise 1-22, prepare an income statement, statement of changes in equity, and balance sheet for March 2020. Analysis Component: Review Omar?s income statement. Does the
Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for Vivid
Using your answer from Exercise 1-24, prepare an income statement, a statement of changes in equity, and a balance sheet for July 2020. Analysis Component: Review Gold?s balance sheet. How much of
Dublin Window Cleaners began operations on January 1, 2019. The owner invested $400,000 during the first year and made no withdrawals.During 2020, the business reported profit of $192,000, owner
The professional association CPA Canada requires its members to maintain a commitment to:a. Environmental sustainability reportingb. Ethical decision making to benefit the largest number of
On August 1, 2019, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group and personal training courses that have been derived from scientific research and
Blue Water Kayak began operations on January 1, 2019. The owner invested $10,000 during the first year and was able to withdraw cash of $42,000 after a successful first year. During 2020, the second
You are the accountant at Global Consulting. The marketing manager is excited about the success of their new marketing campaign. She boasts, “We spent $1 million on marketing in 2019 and we have
Susan Huang began the practice of law October 1, 2020, with an initial investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the
Accounting involves designing:a. Information systems to provide useful reports to monitor and control an organization’s activitiesb. An efficient warehouse to enable free flow of goodsc. An
The form of business organization that enables limited owner liability is:a. Sole proprietorshipb. Partnershipc. Business entityd. Corporation
Glenrose Servicing began operations on June 1, 2020. The transactions for the first two months follow: Required 1. Create two tables like the one in Exhibit 1.15 for each of June and July using the
Jack Tasker opened his Auto Repair Shop in November 2020. The balance sheet at November 30, 2020, prepared by an inexperienced part-time bookkeeper, is shown below. Required Prepare a correct
(USA) is an international provider of soup products. Management is very interested in continuing to grow the company in its core business, while “spinning off ” those businesses that are not part
The loan department of Calgary Bank uses standard costs to determine the overhead cost of processing loan applications. During the current month, a fire occurred, and the accounting records for the
Kiyan Parts’ overhead rate was based on estimates of Rs10,000,000 for overhead costs and 20,000 direct labor hours. Kiyan’s standards allow 2 hours of direct labor per unit produced. Production
Luang Textiles is considering the purchase of a new machine. Its invoice price is €122,000, freight charges are estimated to be €3,000, and installation costs are expected to be €5,000.
Frankfurt Clinic is considering investing in new heart-monitoring equipment. It has two options. Option A would have an initial lower cost but would require a significant expenditure for rebuilding
T3 Tools is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data (in thousands) on each project are as follows.Depreciation is
Sapporo Enterprises is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net
Werribee Service Center just purchased an automobile hoist for €32,400. The hoist has an 8-year life and an estimated residual value of €3,000. Installation costs and freight charges were
Youqui Transport is considering three capital expenditure projects. Relevant data for the projects are as follows.Annual income is constant over the life of the project. Each project is expected to
BSU Ltd. wants to purchase a new machine for £29,300, excluding £1,500 of installation costs. The old machine was purchased five years ago and had an expected economic life of 10 years with no
Kohima Ltd. is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for Rs4,300,000. The company believes
BAK Ltd. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently is not equipped to do. Estimates
Alpine Clothing manufactures snowsuits. Alpine is considering purchasing a new sewing machine at a cost of €2.45 million. Its existing machine was purchased five years ago at a price of €1.8
Diego’s Custom Construction is considering three new projects, each requiring an equipment investment of €22,000. Each project will last for 3 years and produce the following net annual cash
Newcastle Beverages is considering purchasing a new delivery truck. The truck has many advantages over the company’s current truck (not the least of which is that it runs). The new truck would cost
Koeq Enterprises is considering a long-term investment project called ZIP. ZIP will require an investment of NT$1,200,000. It will have a useful life of 4 years and no residual value. Annual revenues
Koeq Enterprises is considering a long-term investment project called ZIP. ZIP will require an investment of NT$1,200,000. It will have a useful life of 4 years and no residual value. Annual cash
New Wales Power has decided to invest in renewable energy sources to meet part of its energy needs for production. It is considering solar power versus wind power. After considering cost savings as
Koeq Enterprises is considering a long-term investment project called ZIP. ZIP will require an investment of NT$1,200,000. It will have a useful life of 4 years and no residual value. Annual cash
Koeq Enterprises is considering a long-term investment project called ZIP. ZIP will require an investment of NT$1,400,000. It will have a useful life of 4 years and no residual value. Annual cash
Swift Oil is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $130,000 and will increase annual expenses by $70,000 including depreciation.
Viera AG is considering investing in a new facility. The estimated cost of the facility is €2,045,000. It will be used for 12 years, then sold for €716,000. The facility will generate annual cash
Darsha Ltd. is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The machine will cost Rs17,600,000, has an estimated useful life of 7 years, a
Karadag A.Ş. is performing a post-audit of a project completed one year ago. The initial estimates were that the project would cost 250,000, would have a useful life of 9 years, zero residual value,
Baichun Group is considering two different, mutually exclusive capital expenditure proposals. Project A will cost W400,000,000, has an expected useful life of 10 years, a residual value of zero, and
Caine Bottling is considering the purchase of a new bottling machine. The machine would cost £200,000 and has an estimated useful life of 8 years with zero residual value. Management estimates that
Thunder Attractions, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost €136,000 and have an estimated useful life of 5 years. It will be sold for
Hsung Motors accumulates the following data concerning a proposed capital investment: cash cost HK$215,000, net annual cash flows HK$40,000, and present value factor of cash inflows for 10 years 5.65
Jingga Industries is considering purchasing new equipment for Rp450,000,000. It is expected that the equipment will produce net annual cash fl ows of Rp60,000,000 over its 10-year useful life. Annual
Your classmate, Ahana Nath, is confused about the factors that are included in the annual rate of return technique. What is the formula for this technique?
At Kanpur Company, production workers in the Painting Department are paid on the basis of productivity. The labor time standard for a unit of production is established through periodic time studies
Glassmaster Company (USA) is organized as two divisions and one subsidiary. One divisionfocuses on the manufacture of filaments such as fishing line and sewing thread; the other division manufactures
Jiarong Professionals, a management consulting firm, specializes in strategic planning for financial institutions. Hoang Le and Qilin Jian, partners in the fi rm, are assembling a new strategic
Using the information in P26.3, compute the overhead controllable variance and the overhead volume variance.Data from P26.3:Rudd Clothiers is a small company that manufactures tall-men’s suits. The
Using the information in P26.2, compute the overhead controllable variance and the overhead volume variance.Data from P26.2:Ayala plc accumulates the following data relative to jobs started and
Using the information in P26.1, compute the overhead controllable variance and the overhead volume variance.Data from P26.1:Tjandra Company manufactures a single product. The standard cost per unit
Limyadi Company uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of Product B
Koeq NV uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several kilograms of direct materials and 1.6 standard hours of direct labor at a standard
Rudd Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2020, 11,250 suits were produced. The following standard and
Ayala plc accumulates the following data relative to jobs started and finished during the month of June 2020.Overhead is applied on the basis of standard machine hours. Three hours of machine time

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