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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

The accounting records of Pacer Foods Inc. include the following items at December 31, 2020.{Requirements}1. Show how each relevant item would be reported on the Pacer Foods Inc. classified balance
The board of directors of Harmony Electronics authorizes the issue of \(\$ 8,000,000\) of \(10 \%, 25\)-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are
Goldwater Corporation experienced these five events during 2020a. December sales totalled \(\$ 50,000\), and Goldwater collected harmonized sales tax (HST) of \(13 \%\). The HST will be remitted to
Assume that the following transactions of Sleuth Book Store occurred during 2020 and 2021:{Requirement}Record the transactions in the company's journal. Explanations are not required. 2020 Jan. 9
Assume the board of directors of The Saddledome Foundation authorizes the issue of \(\$ 1\) million of \(8 \%, 20\)-year bonds. The semi-annual interest dates are March 31 and September 30. The bonds
On February 28, 2020, Panorama Ltd. issues 7\%, 10-year notes with a face value of \(\$ 300,000\). The notes pay interest on February 28 and August 31, and Panorama amortizes notes by the
1. Journalize the following transactions of Farm Equipment Limited:2. At December 31, 2020, after all year-end adjustments, determine the carrying amount of Farm Equipment Limited's bonds payable,
The notes to the Community Charities financial statements reported the following data on December 31, 2020 (end of the fiscal year):{Requirements}1. Answer the following questions about Community
Two businesses in very different circumstances are pondering how to raise \(\$ 2\) million.HighTech.com has fallen on hard times. Net income has been low for the last three years, even falling by
The accounting records of Braintree Foods, Inc., include the following items at December 31, 2020:{Requirements}1. Why is the interest-payable amount so much less than the amount of interest
The accounting records of Toronto Financial Services include the following items at December 31, 2020:{Requirements}1. Show how each relevant item would be reported on Toronto Financial Services's
The board of directors of Laptops Plus authorizes the issue of \(\$ 9,000,000\) of \(7 \%\), 15 -year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on
Which of the following is a characteristic of a corporation?a. Mutual agencyb. No income taxc. Limited liability of shareholdersd. Both a and b
Team Spirit Inc. issues 240,000 common shares for \$ \(\$ 5\) per share. The journal entry is: a. Cash..... 240,000 Common Shares. 240,000 b. Cash...... 1,200,000 Common Shares. 240,000 Gain on the
Which of the following is true about stated value?a. It represents what a share is worth.b. It represents the original selling price for a share.c. It is established for a share after it is issued.d.
The contributed capital portion of shareholders' equity does not includea. preferred shares.b. contributed surplusc. retained earnings.d. common shares.
Preferred shares are least likely to have which of the following characteristics?a. Preference as to assets on liquidation of the corporationb. Extra liability for the preferred shareholdersc. The
Which of the following classifications represents the largest quantity of common shares?a. Issued sharesb. Outstanding sharesc. Unissued sharesd. Authorized shares
What is total share capital for Sportaid Inc.?a. \(\$ 682,000\)b. \(\$ 701,345\)c. \(\$ 694,445\)d. \(\$ 753,800\)e. None of the above These account balances at December 31 relate to Sportaid Inc.
What is total shareholders' equity for Sportaid Inc.?a. \(\$ 766,300\)b. \(\$ 758,800\)c. \(\$ 753,800\)d. \(\$ 764,735\)e. None of the above These account balances at December 31 relate to Sportaid
Sportaid's net income for the period is \(\$ 119,600\), and beginning common shareholders' equity is \(\$ 681,400\) and it declared the full amount of annual dividends on the preferred shares. What
If the average issue price of Sportaid's outstanding common shares is \(\$ 11.86\), how many common shares are issued and outstanding?a. 50,000b. 100,000c. 593,000d. Unknown These account balances at
If Sportaid's board of directors decided to declare a december 31, what is the largest dividend it could declare?a. \(\$ 753,800\)b. \(\$ 71,800\)c. \(\$ 8,900\)d. \(\$ 593,000\)These account
If the board of directors declares a dividend of \(\$ 20,000\)on December 31, how much of this total would the common shareholders receive? No other dividends have been declared during the year.a.
Shareholders are eligible for a dividend if they own the shares on the date ofa. declaration.b. record.c. payment.d. issuance.
Mario's Foods has outstanding \(500 \$ 7.00\) preferred shares and 1,200 common shares. Mario's declares dividends of \(\$ 14,300\). The correct entry is: a. Retained Earnings.. 14,300 Dividends
A corporation has \(20,000 \$ 8.00\) preferred shares outstanding with a stated value of \(\$ 2,000,000\). Also, there are 20,000 common shares outstanding. If a \(\$ 350,000\) dividend is paid, how
Assume the same facts as in question 15 . What is the amount of dividends per share on common shares?a. \(\$ 9.50\)b. \(\$ 8.00\)c. \(\$ 17.50\)d. \(\$ 1.50\)e. None of the above
Which of the following is not true about a \(10 \%\) stock dividend?a. Shareholders do not receive additional shares.b. No assets are affected.c. Retained Earnings decreases.d. The market price of
A company declares a \(5 \%\) stock dividend. The debit to Retained Earnings is an amount equal to thea. stated value of original shares.b. excess of the market price over the original issue price of
Which of the following statements is not true about a 3 -for-1 stock split?a. Stated value is reduced to one-third of what it was before the split.b. Total shareholders' equity increases.c. The
Franco Company's net income and preferred dividends are \(\$ 44,000\) and \(\$ 4,000\), respectively, and average total common shareholders' equity is \(\$ 384,000\). How much is Franco's return on
Riverside Corporation began 2020 owing noles payable of \(\$ 3.5\) million. During 2020. Riverside borrowed \(\$ 1.7\) million on notes payable and paid off \(\$ 1.6\) million of notes payable from
During 2020, Valley Sales Inc. earned revenues of \(\$ 500,000\) on account. Valley Sales collected \(\$ 410,000\) from customers during the year. Expenses totalled \(\$ 420,000\), and the related
Marquis Inc. made sales of \(\$ 700\) million during 2020. Of this amount, Marquis Inc. collected cash for all but \(\$ 30\) million. The company's cost of goods sold was \(\$ 300\) million, and all
Great Sporting Goods Inc. began 2020 owing notes payable of \(\$ 4.0\) million. During 2020 , the company borrowed \(\$ 2.6\) million on notes payable and paid off \(\$ 2.5\) million of notes payable
Ford Canada sells large fleets of vehicles to auto rental companies, such as Budget and Avis. Suppose Budget is negotiating a contract with Ford to purchase 1,000 Explorers by the end of next year.
Answer the following questions about prepaid expenses:a. On November 1, World Travel Ltd. prepaid \(\$ 6,000\) for three months' rent. Give the adjusting entry to record rent expense at December 31.
During 2020, Many Miles Trucking paid salary expense of \(\$ 40\) million. At December 31, Many Miles accrued salary expense of \(\$ 2\) million. Many Miles paid \(\$ 1.9\) million to its employees
Return to the situation in exercise 3-7. Here you are accounting for the same transactions on the books of Scotiabank, which lent the money to Schwartz \& Associates Inc. Perform all three steps in
Write a paragraph explaining why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example: Maclean's magazine collects cash from subscribers in
Josie Inc. collects cash from customers two ways:1. Accrued Revenue. Some customers pay Josie after Josie has performed service for the customer. During 2020, Josie made sales of \(\$ 50,000\) on
Entertainment Centre Ltd. reported the following data at March 31, 2020, with amounts adapted and in thousands:You are the CFO responsible for reporting Entertainment Centre Ltd. (ECL) results. Use
Use the Entertainment Centre Ltd. data in exercise 3-12 to make the company's closing entries at March 31, 2020. Then set up a T-account for Retained Earnings and post to that account. Compare
Use the Entertainment Centre Ltd. data in exercise 3-12 to answer the following questions.1. Was the net revenue high enough to cover all of ECL's costs?2. What could you do to improve this
Use the Entertainment Centre Ltd. data in exercise 3-12 to compute ECL'sa. Current ratiob. Debt ratio Round to two decimal places. Report to the CEO whether these values look strong, weak, or
During 2020, Organic Foods Inc. made sales of \(\$ 4,000\) (assume all on account) and collected cash of \(\$ 4,100\) from customers. Operating expenses totalled \(\$ 800\), all paid in cash. At
During 2020, Dish Networks Inc. earned revenues of \(\$ 700\) million. Expenses totalled \(\$ 540\) million. Dish collected all but \(\$ 20\) million of the revenues and paid \(\$ 530\) million on
On December 1, 2019, Neu Consulting Ltd. signed a contract with Kraftwerk Inc., which obligated Neu to provide Kraftwerk with 10 hours of consulting services per month from January through December
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, \(\$ 700\). Payments for insurance during the period, \(\$ 2,100\).
The adjusted trial balance of Honeybee Hams Inc. follows.{Requirement}Prepare Honeybee Hams's income statement and statement of retained earnings for the year ended December 31, 2020, and its balance
Clark Moters Lid. faced the following situations. Journalize the adjusting entry needed at year-end (December 31, 2020) for each situation. Consider each fact separately.a. The business paid interest
The adjusted trial balances of Tower Development Inc. for March 31, 2019, and March 31, 2020, include these amounts (in millions):Compute the amount of sales revenue, insurance expense, and other
This question deals with the items and the amounts that two entities, Mountain Services Inc. (Mountain) and City of Squamish (Squamish), should report in their financial statements.1. On March 31,
Prepare the required closing entries for the following selected accounts from the records of SouthWest Transport Inc. at December 31, 2020 (amounts in thousands):December 31, 2020? Prepare a
You have just signed a contract with Rogers Wireless that provides you with a new iPhone and two years of wireless phone and data service. The terms of the contract specify that the price of the
The unadjusted trial balance and the income statement amounts from the December 31, 2020, adjusted trial balance of Yosaf Portraits Ltd. are given below.{Requirement}Journalize the adjusting and
Le Gasse Inc. reported this information at December 31:{Requirements}1. Using this information, calculate the current ratio and the debt ratio for 2020, 2019, and 2018.2. Explain whether each ratio
The accounts of Maritime Specialists Ltd. prior to the year-end adjustments are given belowAdjusting data at the end of the year include:a. Unearned sales revenue that has been earned, \(\$ 1,000\)b.
Refer to exercise E2-28 of Chapter 2. Start from the trial balance and the posted T-accounts prepared at January 18, 2020. Later in January, the business completed these transactions:Requirements1.
Refer to exercise E3-31.Requirements1. After solving exercise E3-30, use the data in that exercise to prepare Yosaf Portraits Ltd.'s classified balance sheet at December 31, 2020. Use the report
Valley Bleu Ltée reported the following current accounts at December 31, 2019 (amounts in thousands):During 2020, Valley Bleu completes these transactions:- Used inventory of \(\$ 3,800\)- Sold
Satterfield Corporation reported the following current accounts at Deccmber 31, 2019 (amounts in thousands):During January 2020, Satterfield completed these selected transactions:- Sold services on
Tidy Car, Inc.. proviḑes mohile detailing to its customers. The Income Statement for the month ended January 31, 2020, the Balance Sheet for December 31, 2019, and details of postings to the Cash
Lewitas Ltd. earned revenues of \(\$ 35\) million during 2020 and ended the year with income of \(\$ 8\) million. During 2020, Lewitas Ltd. collected \(\$ 33\) million from customers and paid cash
Prairies Consultants Inc. had the following selected transactions in August 2020:Requirements1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each
Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Callaway Corp. Include an explanation for
The adjusted trial balance of Marshall Ltd. at December 31, 2020.Requirements1. Prepare Marshall Ltd.'s 2020 income statement, statement of retained earnings, and balance sheet. List expenses (except
Fred's Catering Ltd. had the following selected transactions during May 2020:Requirements1. Show how each transaction would be handled using the cash basis and the accrual basis, Under each column,
The balance sheet at December 31, 2018, 2019) and 2020 and income statement for the years ended December 31, 2018, 2019, and 2020 for Ojibway Inc. include the following data:RequirementsUse the
Refer to Problem P3-46Problem P3-46The accounts of Marciano Services Ltd. at March 31, 2020, are listed in alphabetical order.1. Use the Marciano Lid. data in problem P3-46A to prepare the company's
The accounts of Marciano Services Ltd. at March 31, 2020, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not been made.
Sundance Apartments Inc.'s unadjusted and adjusted trial balance at April 30, 2020, follow:Requirements1. Make the adjusting entries that account for the differences between the two trial balances.2.
The unadjusted trial balance of The Rock Industries Ltd. at January 31, 2020, appears below.Adjustment data:a. Accrued service revenue at January \(31, \$ 2,000\)b. Prepaid rent expired during the
During 2020, Schubert Inc. earned revenues of \(\$ 19\) million from the sale of its products. Schubert ended the year with net income of \(\$ 4\) million. Schubert collected cash of \(\$ 20\)
Journalize the adjusting entry needed on December 31, 2020, the end of the current accounting period, for each of the following independent cases affecting Lee Computer Systems Inc. (LCSI). Include
In a bank reconciliation, an EFT cash payment isa. added to the book balance.b. deducted from the book balance.c. added to the bank balance.d. deducted from the bank balance.
If a bookkeeper mistakenly recorded a \(\$ 58\) deposit as \$85, the error would be shown on the bank reconciliation as a(n)a. \(\$ 27\) addition to the book balanceb. \(\$ 85\) deduction from the
At December 31, 2020, before any year-end adjustments are made, White Corporation had a \(\$ 50\) balance in Accounts Receivable and a \(\$ 0.6\) debit balance in the Allowance for Uncollectible
Under the allowance method for uncollectible receiv( ables, the entry to record bad debt expense has what effect on the financial statements?a. Increases expenses and increases owners' equityb.
Collins Woodworking accepts VISA and MasterCard at its store. Collins is charged a processing fee of 3\% of the total amount of any credit card sale. Assume that Russell Knight purchases \(\$ 8,000\)
Snead Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2020, the balance of accounts receivable is \(\$ 210,000\) and the
The Cash account of SWITZER Ltd. reported a balance of \(\$ 2,500\) at August 31, 2020 Included were outstanding cheques totalling \(\$ 900\) and an August 31 deposit of \(\$ 500\) that did not
Refer to question 4. The net receivables on the balance sheet areQuestion 4Snead Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December
After preparing the SWITZER Ltd. bank reconciliation in Exercise 4-4, make the company's journal entries for transactions that arise from the bank reconciliation. Include an explanation with each
Accounts Receivable has a debit balance of \(\$ 3,200\), and (1) the Allowance for Uncollectible Accounts has a credit balance of \(\$ 300\). A \(\$ 100\) accounts receivable is written off. What is
A company's balance sheet at December 31, 2018, 2019, and 2020 and income statement for the years ended December 31, 2018, 2019, and 2020 include the data on pages \(168-169\)RequirementsUse the
Refer to Problem 3-56B.1. Use the For You eTravel Inc. data in problem P3-56B to prepare the company's classified balance sheet at December 31, 2020. Show captions for total assets, total
The accounts of For You eTravel Inc. at December 31, 2020, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not been
The adjusted trial balance of Reid and Campbell Ltd. at December 31, 2020, appears below.Requirements1. Prepare Reid and Campbell Ltd.'s 2020 income statement, statement of retained earnings, and
Your Talent Agency Ltd.'s unadjusted and adjusted trial balances at December 31, 2020 , are shown below.Requirements1. Make the adjusting entries that account for the difference between the two trial
Consider the unadjusted trial balance of Creative Advertising Ltd. at October 31, 2020 , and the related month-end adjustment data.Adjustment data:a. Accrued advertising revenue at October \(31, \$
On June 30, 2020, Perfect Party Planners (PPP) had a \$40,000 balance in Accounts Receivable and a \(\$ 3,000\) credit balance in Allowance for Uncollectible Accounts. During July, PPP made credit
How much interest revenue should Maritimes Ltd. accrue (N December 31, 2019?a. \(\$ 225\)b. \(\$ 450\)c. \(\$ 375\)d. Some other amount
This exercise continues the situation of exercise S4-7, in which Environmental Products ended the year 2019 with accounts receivable of \(\$ 80,000\) and an allowance for uncollectible accounts of
Jordan Quinn manages the local homeless shelter. He fears that a trusted employee has been stealing from the shelter. This employee receives cash from supporters and also prepares the monthly bank
Refer to question 6. The balance of Allowance for Uncollectible Accounts, after adjustment, will bea. $100$100.b. $200$200.c. $300$300.d. impossible to determine from the information given.Question
During its first year of operations, Environmental Products Inc. had sales of \(\$ 875,000\), all on account. Industry experience suggests that Environmental Products's bad debt expense will be \(\$
Refer to questions 6 and 7. Early the following year, Harper wrote off \(\$ 150\) of old receivables as uncollectible. The balance in the Allowance account is now The next four questions use the
Use the solution to exercise S4-8 to answer these questions about Environmental Products Inc. for 2020.1. Start with Accounts Receivable's beginning balance \((\$ 80,000)\) and then post to the

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