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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

Self-test Musicman & Co. purchase one model of DVD player. The cost of these players during the year ending 30 June 2010 varied but that company sold all the players at a fixed price of £800
180 330
240 390 2.5.10 120 420 The following were the sales for the year:No. of DVD players sold July–Aug 30 Sept–Oct 90 Nov–Dec 150 Jan–Mar 210 Apr–Jun 60 You are required to calculate the cost of
Self-test Sweet & Co. purchase sugar from a refinery for repacking and resale. At 1 January 2010 (the start of the financial year), Sweet & Co had a stock of 500 kilo valued at a cost of £1 per
explain the meaning of the terms ‘carriage’ and ‘returns’;
show the treatment of returns and carriage in the trading account;
calculate the gross profit and cost of sales of a business;
prepare a trading account.
Self-test Larry presents you with a summary of certain transactions for the year ended 30 June 2009. He asks you to prepare the trading account for his first year of trading, so that he can determine
Self-test The following items are extracted from the books of Henry for the year ended 30 June 2009. You are required to prepare the trading account for the year.Sales 43,988 Closing stock 8,967
Self-test Gordon presents you with an extract from his ledger for the year ended 30 June 2009. The accounts he lists are not all needed for the trading account but he asks you to use those required
understand the differences between expenditure and income;
understand the differences between revenue and capital items;
detail the expenses and income and show the net profit/loss;
prepare a profit and loss account.
Self-test How does each of the following errors affect the net profit of £29,000 as shown in the profit and loss account?(i) Opening stock was undervalued by £858.(ii) Interest on a business
Self-test Martin prepared his final accounts and calculated that his net profit for the year was £9,862.Subsequently the following errors were discovered:(i) Rent of £1,600 shown in the profit and
Self-test Andrew has made a profit of £40,000 for the year. During that same period he has seen his bank balance decline by £23,000. You are asked to explain possible reasons for this decrease
Self-test You are required to complete the following table:Amount paid/received in year Disclosure in P&L account Salaries 6,000 Rent payable 14,000 Insurance 5,800 Property rates 7,000 Interest
Self-test Ella has prepared a trading account showing a gross profit of £56,900. She asks you to prepare a profit and loss account for her as she is not sure what has to be shown in that account.
Self-test George opened a suspense account so that he could prepare the trading and profit and loss account. He showed a net profit of £6,920.Subsequent to the above, the following errors were
Self-test The following is the trial balance of Jacques at 31 December 2009. You are required to prepare the profit and loss account, having been given the gross profit for the year.Advertising 3,000
understand the meaning of direct and indirect costs;
apportion expenses between factory and office expenses;
explain the purpose of a manufacturing account;
calculate the prime cost and production cost;
prepare a manufacturing account.
Self-test You are given the following extract of balances for Marmax Trading at 30 April 2010.Sales 502,000 Sales returns 2,000 Stocks at 1 May 2009:– Raw materials 16,000– Work in progress
Self-test The following balances are extracted from the books of Cast Manufacturers for the year ended 31 March 2010.Stocks at 1 April 2009:Raw materials 76,688 Work in progress 107,269 Finished
Self-test The following balances are extracted from the books of Ezee Manufacturing for the year ended 31 March 2010.Stocks at 1 April 2009:Raw materials 29,325 Work in progress 10,455 Finished goods
Self-test The following balances are extracted from the books of account of Reedy Manufacturing Co. for the year ended 31 December 2009.Stocks at 1 January 2009:Raw materials 10,673 Work in progress
Self-test The following questions are designed to test your understanding of the contents of this chapter. Make sure that you are able to answer all the questions clearly.Although full answers are
explain the need for and purpose of a balance sheet;
explain why and how a balance sheet is prepared;
understand the differences between fixed and current assets, liabilities and capital;
identify liabilities payable within 12 months;
adjust for prepayments and accruals in the balance sheet;
prepare a balance sheet allowing for adjustments.
Self-test Using the information in the preceding paragraphs, you are required to complete the table below:Description Fixed asset Current asset Current liability Motor vehicle Cash Goods for resale
Self-test Identify the assets from the list below. State if the asset is a current or a fixed asset.(a) Stock.(b) Money owed to supplier.(c) Computer equipment.(d) Money outstanding for goods
Self-test Given the list below, you are required to identify the nature of each item and where each would appear in the financial statements.Remember that all the items must appear in one of the
Self-test Wendy borrowed £30,000 for her business on 1 January 2010. The loan is repayable in full in 3 years’ time but interest at the rate of 8 per cent is payable annually.She has also financed
Self-test Complete the following table:Fixed assets Current assets Long-term liabilities Current liabilities Capital 48,000 22,000 14,000 6,000 ?? 17,500 3,100 6,000 35,000 102,000 ? 30,000 25,000
Self-test The following is an extract of the trial balance of Brenda at 31 December 2009.You are required to prepare the balance sheet, having already determined that the net profit for the year
Self-test Using the trial balance of W Thom that you prepared in self-test
together with the adjustments made in self-test 15.4.2, you now need to prepare the final accounts for W Thom for the year ended 30 September 2009.There are no additional adjustments that need to be
Self-test In self-test
you were required to prepare a trial balance of Final Trading Co.at 30 June 2009. Using the balances in that trial balance you are now required to prepare the profit and loss account and balance
Self-test You are given the following trial balance and a list of additional adjustments to be made.Michael Enterprise Trial balance at 31 October 2009 Creditors 71,190 Returns inwards 1,400
identify assets and liabilities;
incorporate adjustments to the trial balance;
prepare a trading, profit and loss account and balance sheet for sole traders.
Self-test George opened a suspense account so that he could prepare the trading and profit and loss account. He showed a net profit of £6,920.Subsequent to the above, the following errors were
Self-test Although the trial balance did not balance, we were asked by M Jones to prepare a balance sheet at 31 December 2009. After its preparation, we investigated the errors so as to eliminate the
Self-test Show how each of the following errors affect the net profit of J Black for the year ended 31 December 2009.(i) Opening stock is overvalued by £852.(ii) A loan of £5,000 made to Black was
Self-test Jay & Co. Trial balance at 30 June 2009 Postage and telephone 1,300 Rent and rates 2,500 Insurance 365 Electricity 516 Motor expenses 1,960 Salaries and wages 4,850 Sales 36,600 Purchases
Self-test Andrew List of balances at 31 December 2009 Motor vehicles at cost 5,600 Fixtures and fittings at cost 4,200 Land and buildings at cost 5,600 Loan 1,680 Advertising 280 Administration
Self-test Miskien & Co. Trial balance at 31 December 2009 Cash 6,700 Debtors 23,800 Insurance 3,400 Stock 1 January 2009 1,950 Land 50,000 Building at cost 141,500 Accumulated depr – buildings
Self-test Watno & Co. Trial balance at 30 June 2009 Cash 1,150 Debtors 3,500 Advertising 1,300 Equipment 9,900 Creditors 750 Prepaid fees 2,000 Capital account 10,500 Drawings 1,000 Fees earned
Self-test Wasser & Co. Trial balance 31 December 2009 Cash 3,200 Debtors 17,200 Insurance 3,900 Stock 2,450 Delivery vehicles at cost 150,000 Accumulated depreciation – delivery vehicles 95,700
Self-test Show how each of the following errors has affected the net profit of £2,900 as shown in the profit and loss account and state what the adjusted profit is after correcting these errors.(i)
Self-test Martin prepared his final accounts and calculated that his net profit for the year was £7,875. This was before the following errors were discovered:(i) Rent receivable of £520 was
Self-test Steve prepared a trial balance at 31 May 2009. The trial balance did not balance and Steve opened a suspense account so that he could prepare the trading and profit and loss accounts. He
Self-test Nufashion Manufacturing Trial balance at 30 April 2010 Debit Credit Factory machinery at cost 53,000 Factory machinery depreciation 1 May 09 5,000 Office equipment 6,000 Office equipment
Self-test From the following extract of information for Delta Manufacturing prepare manufacturing, trading and profit and loss accounts for the year ended 31 December 2009.You are required to show
Self-test Using relevant information from the balances of Nuage Manufacturing Co.below, you are required to prepare manufacturing, trading and profit and loss accounts for the year ended 31 December
Self-test From the following extract of information of Winter Manufacturing Co., prepare manufacturing, trading and profit and loss accounts for the year ended 31 May 2010.You are required to show
Self-test Richard Trial balance at 30 September 2009 Debit Credit Stock 1 October 2008 9,150 Purchases 14,300 Sales 22,580 Salaries and wages 2,720 Rent and rates 900 Insurance 110 Motor expenses 640
Self-test Alan & Co. manufacture beach towels. The following balances appear in the books of the firm at 31 December 2008.Stocks at 1 January 2008:Raw materials 23,400 Work in progress 2,800 Finished
Self-test Using the revised trial balance of Idea & Co. that you prepared in section 17.1.2 you are required to prepare the financial statements for the year ended 31 March 2009.You are told that the
Self-test Using the revised trial balance that you prepared for NuVenture in section 17.1.3 you are required to prepare the financial statements for the year ended 31 March 2009.The value of the
explain the nature of single entries;
determine profit from limited information;
construct ledger accounts from incomplete records;
prepare accounts from incomplete records.
Self-test Eve started a business with £18,000 of her own money. In addition she made use of a loan given by her uncle. This loan of £5,000 was deposited into the business bank account.Using the
Self-test The following is a summary of the net assets of William.(i) At 1 January 2009 he had assets of £65,000 and liabilities of £11,000.(ii) On 31 December 2009 the assets amounted to £83,000
Self-test On 1 January 2009 Todd had debtors owing him £17,400. During the year he received payments totalling £89,300. Todd gave discounts of £4,940 to the debtors.At 31 December 2009 the balance
Self-test Sheila presented you with the following information:(i) At 1 January 2009 she had assets of £70,000 and liabilities of £7,300.(ii) At 31 December 2009 assets were £90,000 and creditors
Self-test You are given the following information relating to assets and liabilities of J Jones for the 2009 year.Assets and liabilities 1 January 31 December Equipment at cost 3,000 3,000 Stock
Self-test Alice maintains limited records. At 31 December 2008 her balance sheet was as follows:Balance sheet at 31 December 2008 Delivery vehicles (cost £47,000) 29,470 Office equipment (cost
Self-test Balance sheet of Miro at 31 July 2009 Land and buildings (at cost) 45,000 Fixtures and fittings (cost £20,000) 14,800 59,800 Stock 6,300 Debtors 8,120 Telephone prepaid 416 Bank 6,000
Self-test Nadia owns a retail shop. The trading and profit and loss account and balance sheet are prepared annually by you from records consisting of a bank statement and a file of unpaid suppliers
Self-test Monica keeps some basic records of her business activities, but requires you to prepare a balance sheet for her at the year end. She also wants to know what her profit was for the year.The
explain the nature of accounting principles and concepts;
explain the underlying concepts of accounting;
describe the objectives against which a business judges if accounting policies are appropriate;
describe the assumptions made when recording accounting data;
explain what accounting standards are and why they exist.
Self-test The table below lists various adjustments that need to be made to a trial balance prior to the preparation of financial statements.You are required to state the relevant accounting concept
Self-test What is meant by the term fundamental concepts? Give three examples.
Self-test All accounts must contain certain characteristics. This allows users to compare one business with another.Describe four such characteristics.
Self-test Define, and illustrate with an example, the use of each of the following accounting concepts:(i) Going concern(ii) Consistency(iii) Prudence(iv) Accrual(v) Historical cost(vi)
Record the following note payable transactions of Lambda Company in the company's general journal. Explanations are not required. 2019 Jun. 1 Purchased delivery truck costing $86,000 by issuing a
Prepare the journal entries for Kingston Dance Supplies, assuming that Kingston Dance Supplies uses a perpetual inventory system. The HST rate is 13 percent in Ontario. Explanations are not required.
Suppose Detweiler Technologies borrowed \$2,000,000 on December 31, 2016, by issuing 4 percent long-term debt that must be paid in four equal annual instalments plus interest on the outstanding
The law firm Garner & Brown received from a large corporate client an annual retainer fee of \(\$ 60,000\) on January 2,2020 . The fee is based on anticipated monthly services of \(\$
Assume the National Post completed the following transactions for one subscriber during 2020:Required1. Using the account title Unearned Subscription Revenue, journalize the transactions above.2.
The accounting records of RM Cycle included the following at January 1, 2020:In the past, RM Cycle's warranty expense has been 3 percent of sales. During 2020, RM Cycle made sales of \(\$ 1,038,000\)
Chez Nous Limited, a new company, made sales of 20,000 units at a cost of \(\$ 40\) per unit. The company offers a one-year warranty that replaces any defective units with a new one. The company

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