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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Reader’s Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report:RevenuesSales of our magazine subscriptions are deferred (as
Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2017, at an annual interest rate of 6 percent. The note is to be repaid in yearly instalments of $200,000, plus accrued
Greener Pastures Corporation borrowed $1,000,000 on November 1, 2017. The note carried a 6 percent interest rate with the principal and interest payable on June 1, 2018. Show the accounting equation
Marshalls Corporation completed a $500,000, 7 percent bond issue on January 1, 2017. The bonds pay interest each December 31 and mature ten years from January 1, 2017. Required: 1. Provide the
Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds: Date of bonds: January 1, 2017Maturity amount and date: $200,000 due in 10 years (December 31,
SWest Corporation issued bonds with the following details:Face value: $600,000Interest: 9 percent per year payable each December 31Terms: Bonds dated January 1, 2014, due five years from that dateThe
Assume that on December 1, 2017, your company borrowed $14,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments:
Lakeview Company completed the following two transactions. The annual accounting period ends December 31.a. On December 31, calculated the payroll, which indicates gross earnings for wages ($80,000),
Macier Company completed the salary and wage payroll for March 2017. The payroll provided the following details:Salaries and wages earned............................................$230,000Employee
Lightning Electronics is a mid-size manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totalling $100,000 but that
Define liability. What is the difference between a current liability and a long-term liability?
TigerCom completed the following transactions. The annual accounting period ends December 31. Jan. 3 Purchased merchandise on account at a cost of $24,000 (Assume a perpetual inventory system.) Jan.
Assume that EZ Curb completed the following transactions during 2017. December 31, 2017 is the end of the annual accounting period. Jan. 8 Purchased merchandise on account at a cost of $14,000
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Hudson?s Bay Company (HBC) is Canada?s largest departmentstore. Each
Zoom Car Corporation (ZCC) plans to purchase approximately 100 vehicles on December 31, 2017, spending $2 million plus 11 percent total sales tax. ZCC expects to use the vehicles for five years and
Blue Sky Flights reports the cost of its aircraft in a single category called Flight Equipment. What impact will IFRS have on this aspect of Blue Sky’s accounting?
Refer to E9-4. Data From E9-4.Wiater Company operates a small manufacturing facility. On January 1, 2017, an asset account for the company showed the following balances: Manufacturing
Assume the following data were included in a recent Apple Inc. annual report (in millions): Required: 1. Compute Apple’s fixed asset turnover ratio for 2015, 2016, and 2017. Round your
The following information was reported by Amuse Yourself Parks (AYP) for 2012: Net fixed assets (beginning of year).......... $8,450,000Net fixed assets (end of year)......................
Conrad Inc. purchased a patent for $1,000,000 for “a specialty line of patented switch plate covers and outlet plate covers specifically designed to light up automatically when the power fails.”
Kreiser Company had three intangible assets at the end of 2017 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2017, for a cash cost of $5,640. When
As part of a major renovation at the beginning of the year, Hunter Pharmaceuticals, Inc. sold shelving units (store fixtures) that were ten years old for $1,000 cash. The shelves originally cost
Refer to E9-8. Data From E9-8. On January 1, 2017, the records of Great Grass Corp. (GGC) showed the following regarding production equipment: Equipment (estimated residual value,
Prepare journal entries to record the transactions that follow. a. Mortell Limited disposed of two computers at the end of their useful lives. The computers had cost $4,800 and their Accumulated
Sonin Company purchased and installed electronic payment equipment at its drive-in restaurant at the beginning of the year at a cost of $27,000. The equipment has an estimated residual value of
Calculate the amount of depreciation to report during the year ended December 31, 2017, for equipment that was purchased at a cost of $33,000 on September 1, 2017. The equipment has an estimated
Calculate the book value of a two-year-old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses the
The following transactions and adjusting entries were completed by Super Swift, a local delivery company. The company uses straight-line depreciation for delivery vehicles, double-declining balance
Refer to the information in E9-4. Data From E9-4.Wiater Company operates a small manufacturing facility. On January 1, 2017, an asset account for the company showed the following
Calculate the book value of a two-year-old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of 20,000 machine hours. The company uses
Casting Crown Construction entered into the following transactions during a recent year: January 2 Purchased a bulldozer for $200,000 by paying $20,000 cash and signing a $180,000
Calculate the book value of a two-year-old machine that cost $200,000, has an estimated residual value of $40,000, and has an estimated useful life of four years. The company uses straight-line
During 2017, Rayon Corporation disposed of two different assets. On January 1, 2017, prior to disposal of the assets, the accounts reflected the following: The machines were disposed of in the
During 2017, Ly Company disposed of two different assets. On January 1, 2017, prior to disposal of the assets, the accounts reflected the following: The machines were disposed of in the
Conover Corp. ordered a machine on January 1, 2017, at a purchase price of $30,000. On delivery, January 2, 2017, the company paid $8,000 on the machine and signed a note payable for the balance. On
What is the term for recording costs as assets rather than as expenses? Describe how the decision to record costs as assets rather than expenses affects the balance sheet and income statement in the
At the beginning of the year, Oak mountain Company bought three used machines from Canadian Manufacturing, Inc. The machines immediately were overhauled, installed, and started operating. Because the
During 2017, Bhumika Company disposed of two different assets. On January 1, 2017, prior to the assets’ disposal, the accounts reflected the following: The machines were disposed of in the
The following is a list of account titles and amounts (in thousands) reported at December 31, 2017, by Megan’s Veterinary Clinic: Required: 1. Prepare the asset section of a classified
The following is a list of account titles and amounts (in thousands) reported at June 30, 2017, by Darian’s Dirt Bikes, Inc., a retail distributor of motorcycles: Required: 1. Prepare the
To attract retailers to its shopping centre, the Makepiece Mall is going to lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2017,
Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November 2017, IC sold services on account for
Fleet Events Corporation has provided event-planning services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes.
Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale
Assume you recently obtained a job with Perfume Passion, the largest specialty retailer of discounted fragrances in Canada. Your job is to estimate the amount of write-down required to value
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period, but applies its inventory costing method at the end of each period as if it uses a periodic
The chapter discussed three inventory costing methods that are acceptable in Canada. List the three methods and briefly explain each.
Custom College Coasters specializes in logo-imprinted drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. The company buys coasters from
Assume it is now December 31, 2017, and Nicole has just completed her first year of operations at Nicole’s Getaway Spa. Looking through her trial balance, she notices that there are some items that
Assume Amazon.com reported the following amounts in its financial statements (in millions): Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2017
Wheelys, Inc. designs and sells footwear with a wheel in the heel, worn by sometimes annoying kids at shopping malls. It recently disclosed the following information concerning the Allowance for
McDonald’s Corporation is the world’s largest chain of hamburger fast-food restaurants. It has an Allowance for Doubtful Accounts that relates to its accounts and notes receivable. Assume that in
Xerox Corporation is the company that made the photocopier popular, although it now describes itself as a technology and services enterprise that helps businesses deploy document management
a. Nutware Productions Inc. generated sales of $30,000 and gross profit of $10,000 last year. The company estimates that it would have generated sales of $60,000 if it had extended credit, but this
At the end of 2017, Blackberry Hill Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,750. The account had an
Intel Corporation is a well-known supplier of computer chips, boards, systems, and software building blocks. Assume the company recently reported the following amounts (in millions) in its unadjusted
Assume the 2017 ending inventory of Shea’s Shrimp Shack was understated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2017 and
Repeat M7-8, except assume Literacy for the Illiterate uses a perpetual inventory system and it sold 600 units between January 9 and January 28. Data From M7-8.In its first month of
Polaris Industries Inc. is the biggest snowmobile manufacturer in the world. Assume that it reported the following amounts in its financial statements (in millions): Required: 1. Calculate
Stintson Company recently agreed to loan an employee $100,000 for the purchase of a new house. The loan was executed on May 31, 2017, and is a one-year, 6 percent note, with interest payments
During the year ended December 31, 2017, Kelly’s Camera Equipment had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2017, Accounts Receivable showed a $10,000 debit
Jung & Newbicalm Advertising (JNA) recently hired a new creative director, Howard Rachell, for its Bay Street office in Toronto. To persuade Howard to move from Vancouver, JNA agreed to advance
C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2017, to advance Jeff $50,000 on a one-year, 8
At the end of 2016, Donnelly Fitness Centre has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2017, the company learns that
Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $2,000 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each
P & K Consultants has provided business consulting services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting
Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes.
Let’s go a bit further with the example in M8-3. Assume that on February 2, 2017, Donnelly received a payment of $500 from one of the customers whose balance had been written off. Prepare the
Prepare journal entries for each transaction listed. a. During the period, customer balances are written off in the amount of $17,000. b. At the end of the period, bad debt expense is
Walmart and Target are two of the largest and most successful retail chains in the world. To evaluate their ability to collect on credit sales, consider the following fictional information reported
For each transaction listed in E8-4, indicate the amount and direction (+ or −) of effects on the financial statement accounts and on the overall accounting equation. Data From E8-4.Prior to
Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices. To evaluate their
A local phone company had a customer who rang up $300 in charges during September 2016, but did not pay. Despite reminding the customer of this balance, the company was unable to collect in October,
What is the primary difference between accounts receivable and notes receivable?
Complete the following table by computing the missing amounts (?) for the following independent cases. Principal Amount on Note Receivable Annual Interest Rate Time Period Interest Earned a.
The following transactions took place for Christoff Solutions Ltd. 2016 July 1 Dec. 31 Loaned $70,000 to an employee of the company and received back a one-year, 10 percent note. Accrued
Assume that, as of February 1, 2017, Tim Hortons had $100,000 of Notes Receivable due before January 31, 2018, $1,268,000 of Accounts Receivable, and $249,000 in its Allowance for Doubtful Accounts
Assume that Caterpillar, Inc. reported the following accounts and amounts (in millions) in its December 31, 2017, year-end financial statements. Prepare the current assets section of a classified
Microsoft Corporation develops, produces, and markets a wide range of computer software, including the Windows operating system. Assume Microsoft reported the following information about Net Sales
Assume the 2017 annual report for Sears Holding Corporation contained the following information (in millions): A footnote to the financial statements disclosed that accounts receivable
Complete all the requirements of M8-3, except assume that Extreme Fitness uses the direct write-off method. Note that this means Extreme does not have an Allowance for Doubtful Accounts
Assume that a recent annual report for FedEx Corporation contained the following data (in millions): Required: 1. Determine the receivables turnover ratio and days to collect for 2017.
During 2017, Jesse Jericho Enterprises Corporation recorded credit sales of $650,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $50,000. At the end of the year, after
Trevorson Electronics is a small company privately owned by Jon Trevorson, an electrician who installs wiring in new homes. Because the company’s financial statements are prepared for internal
Assume the following is a list of account titles and amounts (in millions) reported at December 31, 2017, by Hasbro, Inc., a leading manufacturer of games, toys, and interactive entertainment
Refer to PB1-1.Data From PB1-1.Assume that you are the president of Aerospace Explorations. At the end of the first year of operations (December 31, 2017), the following financial data for the
Lex Systems Inc. is a computer software company that makes online public access cataloguing systems for library, business, or home use. It also has a small service department that provides initial
The following accounts are taken from Buck Up! Inc., a company that specializes in horse-breaking services and rodeo lessons, at December 31, 2017. Required: Using the unadjusted trial
Assume that the following accounts are taken from the December 31, 2017, financial statements of Rogers Communications Inc. (Amounts are in millions.) Required: Prepare an income statement
Glidden Consulting provides marketing research for clients in the retail industry. The company had the following adjusted balances at December 31, 2017 (listed alphabetically): Required: 1.
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit
Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. Assume the following is a simplified list of accounts and amounts (in
Coach, Inc. is a maker of handbags and other women’s and men’s accessories. Assume the following were reported in Coach’s adjusted trial balance and were used to prepare its June 30,
Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following data that must be considered were developed from the company’s records and related documents: a.
Cactus Company’s annual accounting year ends on June 30. It is June 30, 2017, and all of the 2017 entries except the following adjusting journal entries have been made: a. The company earned
List the two types of adjusting journal entries and give an example of an adjustment affecting revenues and expenses for each type.
For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the adjustments required on December 31, 2017, for the month: a. Collected $2,400 rent
Refer to PA4-2. Data From PA4-2.Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following data that must be considered were developed from the company’s
Refer to PB4-2. Data From PB4-2. Cactus Company’s annual accounting year ends on June 30. It is June 30, 2017, and all of the 2017 entries except the following adjusting journal entries
For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2017: a. Received a

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