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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Accrued Wages}A company employs a part-time staff of 50 employees, each earning \(\$ 10\) per hour and working 30 hours per week. Employees work five days per week, Monday through Friday, and are
Accrued Wages}Employees earn \(\$ 2,500\) per day, work five days per week, Monday through Friday, and get paid every Friday. The previous payday was Friday, March 29 , and the accounting period ends
Accrued Wages and Payment of Payroll Hansen Legal offices are open Monday through Friday, and Hansen pays employees salaries of \(\$ 35,000\) every other Friday. During the current year December 31
Sales and Excise Tax Betty's Antique Shop, a shop specializing in antiques from the 19 th century, recently sold a chair from the Civil War era for \(\$ 60,000\) on account. The harmonized sales tax
Sales Tax}Farrah's Furniture sold 35 couches to Angel's Inc. for \(\$ 850\) each plus an additional harmonized sales tax of \(13 \%\). Angel's Inc. purchased on credit.\section*{Required:}Provide the
Unearned Sales Revenue}Curtis's Carpet Cleaning normally charges \(\$ 90\) to clean one room of carpeting. During the holiday season, Curtis offers a promotion to clean the customer's carpet 10 times
Unearned Rent Revenue Mannion Property Management leases commercial properties and expects its clients to pay rent on a monthly basis. A new client signs a four-year lease with a yearly rent of \(\$
Contingent Liabilities}OBJECTIVE 3 Many companies provide warranties with their products. Such warranties typically guarantee the repair or replacement of defective goods for some specified period of
Contingent Liabilities}OBJECTIVE 3 SLC Electronics is the plaintiff in a class-action lawsuit. Their attorney has written a letter that it is now extremely likely that SLC will lose the lawsuit and
Warranties}In 2018, Lee Electronics, a franchise of electronics stores located in small towns throughout Canada, sold 450 32-inch televisions for \(\$ 575\) each. The televisions carry an attached
Warranties}Wally's Party Warehouse provides wholesale party equipment and materials to Party Shops. In 2018, Wally's Party sold 30 bounce houses at \(\$ 30,000\) each. The bounce houses carry a
Liquidity Ratios}JRL's financial statements contain the following information:Assume the accounts payable balance is all trade payables and opening and closing balances are the
Liquidity Ratios SJM's financial statements contain the following information:Assume the accounts payable balance is all trade payables and opening and closing balances are the
Accrued Wages}Rising Stars Hockey pays its hourly employees every Saturday. The weekly payroll for hourly employees is \(\$ 5,000\) and the employees' hours are spread evenly from Monday through
Recording Various Liabilities}Glenview Hardware had the following transactions that produced liabilities during 2018:a. Purchased merchandise on credit for \(\$ 30,000\) (Note: Assume a periodic
Recording Various Liabilities}Yarmouth Electronics had the following transactions that produced liabilities during 2018:a. Purchased merchandise on credit for \(\$ 80,000\). (Note: Assume a periodic
Reporting Liabilities}Mumbai Electronics had the following obligations:a. A legally enforceable claim against the business to be paid in three months.b. A guarantee given by a seller to a purchaser
Accounts Payable}Hammerton Autos, a used-car dealer, has a December 31 year-end. For Hammerton, the following transactions occurred during the first 10 days of August:a. Hammerton purchased, on
Accrued Liabilities}Charger Inc. had the following items that require adjusting entries at the end of the year.a. Charger pays its employees \(\$ 5,000\) every Friday for a five-day work week. This
Accrued Liabilities}Thornwood Tile had the following items that require adjusting entries at the end of the year.a. Thornwood pays payroll of \(\$ 180,000\) every other Friday for a two-week period.
Sales Tax}Weinstein Cellular provides wireless phone service. During April 2018, it billed a customer a total of \(\$ 135,000\) before taxes. Weinstein also must pay the harmonized sales
Payroll Accounting and Discussion of Labour Costs Bas Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll:2. What is the
Unearned Revenue}Irvine Pest Control signed a \(\$ 1,500\)-per-month contract on December 1, 2018, to provide pest control services to rental units owned by Garden Grove Properties. Irvine received
Recognition and Reporting of Contingent Liabilities}OBJECTIVE 2 A list of alternative accounting treatments is followed by a list of potential contingent liabilities.\section*{Alternative Accounting
Warranties}Merleau Entertainment sells televisions and other sound and video equipment. Sales and expected warranty claims for the year are as follows:\section*{Required:}1. Prepare the entry to
Ratio Analysis}Intel Corporation provided the following information on its statement of financial position and statement of cash flows:\section*{Required:}1. Calculate the following: (a) current
(Appendix 8A): Deferred (Future) Income Tax: Timing Differences\section*{Required:}Identify and explain which of the following would be considered a timing difference for deferred income tax
(Appendix 8A): Deferred (Future) Income Tax: Temporary DifferencesThe average income tax rate used for 2017 and 2018 is \(40 \%\) and for the foreseeable future. Temporary differences of \(\$
(Appendix 8A): Deferred (Future) Income Tax: DepreciationAssume the company calculates depreciation using the straight-line method.The company recently purchased one piece of equipment for the
Payable Transactions}Richmond Company engaged in the following transactions during 2018:a. Purchased \(\$ 16,000\) of supplies from ABC Supplies on February 16. Amount due in full on March 31 .b.
Payroll Accounting Stadium Manufacturing has the following data available for its September 30, 2018, payroll:\section*{Required:}1. Compute the amounts of taxes payable and the amount of wages that
Note Payable and Accrued Interest Farsi Company borrowed \(\$ 600,000\) on an \(8 \%\), interest-bearing note on October 1, 2018. Farsi YOUDECIDE ends its fiscal year on December 31. The note was
Interest-Bearing Note Replacing an Unpaid Account Payable}Conti Products owed \(\$ 80,000\) on account for inventory purchased on December 1, 2018. Conti uses a perpetual inventory system and has a
Excise Taxes}Essex Power provides electricity to a wide area of western Ontario. During October 2018 it billed 20,000 of its residential customers located in the town of Heyworth a total of \(\$
Unearned Revenue and Customer Deposits}On November 20, 2017, Manitoba Electronics agreed to manufacture and supply 750 electronic control units used by Wausau Heating Systems in large commercial and
Warranties}Mason Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Mason offers a six-month warranty on all repairs. The following data are available for
Ratio Analysis Consider the following information taken from DER's financial statements:Also, DER's operating cash flows were \(\$ 12,829\) and \(\$ 14,874\) in 2018 and 2017 , respectively.Note:
Payable Transactions}Daniels Company engaged in the following transactions during 2018:a. Purchased \(\$ 25,000\) of supplies from XYZ Supplies on January 26. Amount due in full on February 28 .b.
Payroll Accounting}Baghdad Manufacturing has the following data available for its March 31, 2018, payroll:\section*{Required:}1. Compute the taxes payable and wages that will be paid to employees.
Note Payable and Accrued Interest Bordewick Company borrowed \(\$ 275,000\) on a \(6 \%\), interest-bearing note on November \(1,2018\). Bordewick ends its fiscal year on December 31. The note was
Interest-Bearing Note Replacing an Unpaid Account Payable Monte Cristo Products, which uses a perpetual inventory system, owed \(\$ 770,000\) on account for inventory purchased on November 1, 2018.
Excise Taxes}Yossarian Power Corporation provides electricity to a wide area of eastern Alberta. During March 2018, it billed 3,000 of its residential customers located in the town of Maryville a
Unearned Revenue and Customer Deposits}On November 20, 2017, Billy Gramm Technology agreed to manufacture and supply 1,000 centrifuges used by Cathcart Systems to produce chemicals. Cathcart
Warranties}Montague Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Montague offers a six-month warranty on all repairs. The following data are
Ratio Analysis Consider the following information taken from Niagara Water Slide's (NWS's) financial statements:Also, NWS's operating cash flows were \(\$ 25,658\) and \(\$ 29,748\) in 2018 and 2017
Ethics and Current Liabilities}Many long-term loans have contractual restrictions designed to protect the lender from deterioration of the borrower's liquidity or solvency. These restrictions
Short-Term Borrowing with Restrictions}Rocky Mountain Products has a line-of-credit agreement with the Royal Bank that allows it to borrow up to \(\$ 100,000\) at any given time provided that Rocky
Continuing Problem: Front Row Entertainment Front Row has the following selected balances at February 28, 2018:The following information is not reflected in these balances:a. On February 28, 2018,
Professional and Ethical Behaviour}Ryan is the owner of Northjet Inc., a regional airline company that has been operating out of Ontario for the last eight years. During those eight years, he has
The time period assumption states that:a. revenue should be recognized in the accounting period in which it is earned.b. expenses should be matched with revenues.c. the economic life of a business
The principle or assumption dictating that efforts (expenses)be matched with accomplishments (revenues) is the:a. matching principle.b. cost principle.c. periodicity assumption.d. revenue recognition
One of the following statements about the accrual basis of accounting is false. That statement is:a. Events that change a company's financial statements are recorded in the periods in which the
Each of the following is a major type (or category) of adjusting entries except:a. prepaid expenses.b. accrued revenues.c. accrued expenses.d. earned revenues.
The trial balance shows Supplies $1,350 and Supplies Expense $0. If $750 of supplies are on hand at the end of the period, the adjusting entry is: a. Supplies 600 Supplies Expense 600 b. Supplies 750
Joe Thomas, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. It Thomas's law firm prepares monthly financial statements, when should it recognize revenue
In completing the engagement in (3) above, Thomas incurs$4,500 of expenses in April, which are paid in May.How much expense should be deducted from revenues in the month the revenue is recognized?
Corts Company purchased equipment for $18,000. By the current balance sheet date, $7,000 had been depreciated. Indicate the balance sheet presentation of the data.
Moon Company debits Supplies Expense for all purchases of supplies and credits Rent Revenue for all advanced rentals. For each type of adjustment, give the adjusting entry.
The ledger of Lim Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (c) Unearned Revenue(b) Depreciation Expense (d) Interest Payable
Lopez Company accumulates the following adjustment data at December 31. Indicate(a) the type of adjustment (prepaid expense, accrued revenues and so on), and (b) the accounts before adjustment
The trial balance of Wow Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate(a) the type of
The adjusted trial balance of Lucille Corporation at December 31, 2006, includes the following accounts: Retained Earnings $15,600; Dividends $6,000; Service Revenue $38,400;Salaries Expense $16,000;
Partial adjusted trial balance data for Lucille Corporation is presented in BE3-9. The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the year
Basler Company records all prepayments in income statement accounts. At April 30.the trial balance shows Supplies Expense $3,100, Service Revenue $9,200, and zero balances in related balance sheet
Judi Dench is a licensed architect During the first month of the operation of her company, Judi Dench, Inc., the following events and transactions occurred.April I Stockholders invested $25,000 cash
Chambers Brokerage Services Inc. was formed on May 1. 2006. The following transactions took place during the first month.Transactions on May 1:1. Stockholders invested $120,000 cash in the company in
The trial balance of Ron Salem Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following
The Russo Theater will begin operations in March. The Russo will be unique in that it will show only triple features of sequential theme movies. As of March 1. the ledger of Russo showed: No. 101
If beginning inventory is \(\$ 40,000\), purchases is \(\$ 215,000\), and ending inventory is \(\$ 35,000\), what is cost of goods sold as determined by the cost of goods sold model?a. \(\$
Which of the following transactions would not result in an entry to the inventory account in the buyer's accounting records under a perpetual inventory system?a. The purchase of merchandise on
Razor Company purchased \(\$ 15,000\) of inventory on credit with credit terms of \(2 / 10, \mathrm{n} / 30\). Razor paid for the purchase within the discount period. How much did Razor pay for the
Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system?a. The sale of merchandise for cashb. The sale of merchandise on
U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased for \(\$ 20,000\) each, two SUVs were purchased for \(\$ 31,000\) each, and six hybrid cars were
Morgenstern Ltd. has the following units and costs for the month of April.1. Beginning inventory, April \(1,1,000\) units at \(\$ 20\) (Cost)2. Purchase (1) April \(9,1,200\) units at \$23 (cost)3.
Refer to the information in MultipleChoice Exercise 6.6 above. If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under weighted average cost at April 30? (Note:
When purchase prices are rising, which of the following statements is true?a. LIFO produces a higher cost of goods sold than FIFO.b. LIFO produces a higher cost for ending inventory than FIFO.c. FIFO
Which method results in a more realistic amount for income because it matches the most current costs against revenue?a. FIFOb. Weighted average costc. Specific identificationd. LIFO
Which of the following statements regarding the lower of cost and net realizable value (LCNRV) rule is true?a. The LCNRV rule is an application of the cost principle.b. When the replacement cost of
Which of the following statements is true with regard to the gross profit ratio?1. An increase in cost of goods sold would increase the gross profit ratio (assuming sales remain constant).2. An
An increasing inventory turnover ratio indicates that:a. a company has reduced the time it takes to purchase and sell inventory.b. a company is having trouble selling its inventory.c. a company may
Ignoring taxes, if a company understates its ending inventory by \(\$ 10,000\) in the current year,a. assets for the current year will be overstated by \(\$ 10,000\).b. net income for the subsequent
Which of the following statements is true for a company that uses a periodic inventory system?a. The purchase of inventory requires a debit to Inventory.b. The return of defective inventory requires
Lee Ltd. has the following units and costs for the month of April.1. Beginning inventory, April \(1,1,000\) units at \(\$ 20\) (Cost)2. Purchase (1) April 9, 1,200 units at \(\$ 23\) (cost)3. Sold 1,
Refer to the information for MultipleChoice Exercise 6.15 above. If Lee uses a periodic inventory system, what is the cost of ending inventory under weighted average cost at April 30? (Note: Use four
Applying the Cost of Goods Sold Model Charest Company has the following data for 2018.\section*{Required:}1. How many units were sold?2. Using the cost of goods sold model, determine the cost of
Recording Purchase Transactions}Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April.a. On April 1, Jeet purchased
Recording Sales Transactions}Refer to the information for Cornerstone Exercise 6-18 above.\section*{Required:}Prepare the journal entries to record these transactions on the books of Reece
Inventory Costing: FIFO}Filimonov Inc. has the following information related to purchases and sales of one of its inventory items.The company uses a perpetual inventory
Inventory Costing: Weighted Average Cost CORNERSTONE 6.6 Refer to the information for Cornerstone Exercise 6-20 above. The company uses a perpetual inventory system.\section*{Required:}Calculate the
Effects of Inventory Costing Methods}Refer to your answers for Filimonov Inc. in Cornerstone Exercises 6-20 and 6-21 above.\section*{Required:}1. In a period of rising prices, which inventory costing
Lower of Cost and Net Realizable Value}The accountant for Lahore Company prepared the following analysis of its inventory at yearend.\section*{Required:}1. Compute the carrying value of the ending
Inventory Analysis}Singleton Ltd. reported the following information for the current year.\section*{Required:}Compute Singleton's (a) gross profit ratio, (b) inventory turnover ratio, and (c) average
Inventory Errors}Lhasa Corp. reported net income of \(\$ 150,000\) for 2018 and \(\$ 165,000\) for 2019. Early in 2019, McLelland discovers that the December 31,2018 , ending inventory was overstated
(Appendix) Recording Purchase Transactions}Refer to the information for Jeet Company in Cornerstone Exercise 6-18 above and assume that Jeet uses a periodic inventory system.\section*{Required:}1.
(Appendix) Inventory Costing Methods: Periodic FIFO}Refer to the information for Filimonov Inc. in Cornerstone Exercise 6-20 above and assume that the company uses a periodic inventory
(Appendix) Inventory Costing Methods: Periodic Weighted Average Cost}Refer to the information for Filimonov Inc. in Cornerstone Exercise 6-20 above and assume that the company uses a periodic
Applying the Cost of Goods Sold Model Milton Company reported inventory of \(\$ 60,000\) at the beginning of 2018. During the year, it purchased inventory of \(\$ 625,000\) and sold inventory for
Recording Purchase and Sales Transactions}Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January:Jan. 1 Raymond
Inventory Costing Methods}Refer to the information for Tyler Company above and assume the company uses a perpetual inventory system.\section*{Required:}Calculate ending inventory and cost of goods
Effects of Inventory Costing Methods}Refer to the information for Tyler Company above.\section*{Required:}1. Which inventory costing method produces the highest amount for net income?2. Which

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