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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

Record the payroll, payroll deductions, and employer payroll costs given the following information about an Ontario company at March 31:In addition to the Registered Retirement Savings Plans (RRSPs)
Twisted Indian Restaurant incurred salaries expense of \(\$ 95,000\) for September. The company's payroll expense includes CPP of 4.95 percent and EI of 1.4 times the employee payment, which is 1.66
Suppose the balance sheets of a corporation for two years reported these figures:The notes to the 2020 financial statements report that because of some refinancing arrangements, the corporation was
Vallarta Company recently reported notes payable and accrued payrolls and benefits as follows:Assume that, during 2020, Vallarta Company borrowed \(\$ 3\) million on notes payable. Also assume that
The following selected transactions of Golden Bear Construction occurred during 2019 and 2020. The company's year end is December 31.Required Record the transactions in the company's general
Pontoon Creations produces and sells customized boats for resorts in Ontario. The company offers a 60 -day, all parts and labour-and an extra 90 -day, parts-onlywarranty on all of its products. The
The following transactions of Drumheller Technology of Calgary, Alberta, occurred during 2019 and 2020. The company's year end is December 31.Required Record the transactions in the company's general
Charlottetown Grocer's general ledger at June 30, 2020, the end of the company's fiscal year, includes the following account balances before adjusting entries.The additional data needed to develop
Potato Chip Solutions produces and sells farm equipment and sorting systems for businesses near the Holland Marsh in Ontario. The company offers a 60-day, all equipment and labour-and an extra 90
Garda's Equipment has the following items in its inventory on August 1:The company uses the specific-unit-cost method for costing inventory. During August, it sold units \(6 \mathrm{X} 6 \mathrm{~A}
Refer to the information in S6-1 . Calculate the gross margin for the month of August.Data from S6-1Garda's Equipment has the following items in its inventory on August 1:The company uses the
Flynn Cycles uses the moving-weighted-average-cost method. Flynn started June with five bicycles that cost \(\$ 190\) each. On June 16, Flynn bought 20 bicycles at \(\$ 200\) each. On June 30, Flynn
Use the Flynn Cycles data in S6-5 , except assume that Flynn uses the movingweighted-average-cost method, and journalize the following transactions:a. The June 16 purchase of inventory on accountb.
Elmo's Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a
In the space provided, write the name of the inventory method that best fits the description (specific-unit, FIFO, or weighted-average). Assume that the cost of inventory is rising. a. Maximizes
Which feature of an effective information system is most concerned with safeguarding assets?a. Controlb. Flexibilityc. Compatibilityd. Reports that meet users' needse. Favourable cost-benefit
The account number 211031 most likely refers toa. Liabilitiesb. Current liabilitiesc. Accounts payabled. An individual supplier
Special journals help most bya. Limiting the number of transactions that have to be recordedb. Improving the efficiency of operating the accounting systemc. Improving accuracy in posting to
Entries in the purchases journal are posted to thea. General ledger onlyb. General ledger and the accounts payable subsidiary ledgerc. General ledger and the accounts receivable subsidiary ledgerd.
The individual accounts in the accounts receivable subsidiary ledger identifya. Payeesb. Debtorsc. Amounts to be paidd. Suppliers
A company uses a sales journal, a purchases journal, a cash receipts journal, a cash payments journal, and a general journal. A sales return for credit would be recorded in thea. Sales journalb.
Complete the crossword puzzle. Across: 2. Electronic linkage that allows different com- puters to share the same information 3. Main computer in a networked system 7. Cost- relationship must be
Morali Consulting makes most of its sales and purchases on account. It uses the five journals (sales, cash receipts, purchases, cash payments, and general journal). Identify the journal most likely
Janice Gould receives cash from customers. Her other assigned job is to post the collections to customer accounts receivable. Her company has weaka. Ethicsb. Assignment of responsibilitiesc. Computer
What internai control function is performed by auditors?a. Objective opinion on the fair presentation of the financial statementsb. Assurance that all transactions are accounted for correctlyc.
The bank account serves as a control device overa. Cash receiptsb. Cash paymentsc. Both of the aboved. None of the above
Which of the following items appears on the bank side of a bank reconciliation?a. Book errorb. Outstanding chequec. NSF chequed. Interest revenue earned on bank balance
Which of the following items appears on the book side of a bank reconciliation?a. Outstanding chequesb. Deposits in transitc. Both of the aboved. None of the above
Which of the following reconciling items requires a journal entry on the books of the company?a. Book errorb. Outstanding chequec. NSF chequed. Interest revenue earned on bank balancee. All of the
The internal control feature that is specific to petty cash isa. Separation of dutiesb. Assignment of responsibilityc. Proper authorizationd. The imprest system
Ethical judgments in accounting and businessa. Require employees to break laws to get aheadb. Force decision makers to think about what is good and badc. Always hurt someoned. Are affected by
Francois sells furniture for Monet Furniture Company. He is having financial problems and takes \(\$ 300\) that he received from a customer. He recorded the sale through the cash register. What will
Shawn works in the purchasing department of Partha Distribution. He receives the goods that he purchased and also approves payment for the goods. How could he cheat his employer? How could Partha
Gaming Supplies started a petty cash fund on November 15 , with a balance of \(\$ 100\). By November 27, it had \(\$ 5\) in cash and \(\$ 95\) in petty cash tickets. This included \(\$ 55\) of
The 2017 annual report of Bank of Montreal, contained the following excerpt in the "Independent Auditors' Report of Registered Public Accounting Firm":We also have audited, in accordance with the
Jonathan Todd Schwartz was a CPA who worked for GSO Business Management LLC He was sent to prison for six years for embezzling millions of dollars from celebrities, including the Canadian
Padilha Rental Company's general ledger Cash account showed the following transactions during October 2020:Padilha Rental Company informed its bank that the bank charged a service charge twice. The
Nate Nanzer's chequebook lists the entries shown here:Required Prepare Nate Nanzer's bank reconciliation at July 31, 2020. How much cash does Nanzer actually have on July 31? Date Cheque No. Item
The party that holds a receivable is called thea. Creditorb. Debtorc. Makerd. Security holder
Keady Marina made the following general journal entry related to uncollectibles:The purpose of this entry is toa. Write off uncollectiblesb. Close the expense accountc. Age the accounts receivabled.
The credit balance in Allowance for Doubtful Accounts is \(\$ 12,600\) prior to the adjusting entries at the end of the period. The aging of the accounts indicates that an 'allowance of \(\$ 81,200\)
Keady Marina also made this general journal entry:The purpose of this entry is toa. Write off uncollectiblesb. Close the expense accountc. Age the accounts receivabled. Record bad debt expense
Keady Marina also made this general journal entry:The purpose of this entry is toa. Write off uncollectiblesb. Close the expense accountc. Reverse the write-off of receivablesd. Record bad debt
The function of the credit department is toa. Collect accounts receivable from customersb. Report bad credit risks to other companiesc. Evaluate customers who apply for creditd. Write off
A six-month, \(\$ 40,000\) note specifies interest of 8 percent. The full amount of interest on this note will bea. \(\$ 400\)b. \(\$ 800\)c. \(\$ 1,600\)d. \(\$ 3,200\)
The maturity value of a note is equal to thea. Principal plus total interest dueb. Face value of the notec. Principal minus total interest dued. Principal times the interest rate
The note in Self-Study Question 8 was issued on August 31, and the company's accounting year ends on December 31. The year-end balance sheet will report interest receivable ofa. \(\$ 533\)b. \(\$
Cottage Canoes holds a \(\$ 40,000,10\) percent, 120 -day notes receivable from Painter's Hall. Prior to maturity, Cottage Canoe discounts the note and sells it for proceeds of \(\$ 41,000\). The
Which of the two methods of accounting for uncollectible accounts--the allowance method or the direct writeoff method-is preferable? Why?
Record the following transactions in the journal of Seaview Supplies, which ends its accounting year on November 30:Recall that you divide by days or months depending on the terms of the note. Oct. 1
HyLooi Food Products completed the following selected transactions: 2019 Nov. 1 Sold goods to NoExtras Foods, receiving a $300,000, six-month, 5 percent note. Ignore cost of goods sold. Dec. 5 2020
Halifax Supplies uses the allowance method to account for uncollectible accounts with the estimate based on an aging of accounts receivable. The company had the following account balances on
A company received the following notes during 2020. The notes were discounted on the dates and at the rates indicated.Required Identify each note by letter, compute interest using a 365-day year for
Which of the following payments is not included in the cost of land?a. Removal of old buildingb. Legal feesc. Property taxes in arrears paid at acquisitiond. Cost of fencing and lighting
Niall Home Builders plans to build a custom home. In the first quarter, they spent the following amounts:What amount should be recorded as the land cost?a. \(\$ 78,900\)b. \(\$ 76,200\)c. \(\$
Willard Windows paid \(\$ 150,000\) for two machines valued at \(\$ 120,000\) and \(\$ 60,000\). Willard will record these machines at costs ofa. \(\$ 120,000\) and \(\$ 60,000\)b. \(\$ 75,000\)
Which of the following items is a repair?a. New brakes for delivery truckb. Paving of a company parking lotc. Cost of a new engine for a truckd. Building permit paid to construct an addition to an
Which of the following definitions fits amortization?a. Allocation of the asset's market value to expense over its useful lifeb. Allocation of the asset's cost to expense over its useful lifec.
Which amortization method's amounts are not computed based on time?a. Straight-lineb. Units-of-production (UOP)c. Double-declining-balance (DDB)d. All are based on time
A company paid \(\$ 900,000\) for a building and was amortizing it by the straight-line method over a 40 -year life, with estimated residual value of \(\$ 60,000\). After 10 years it became evident
Amortization of a natural resource is computed in the same manner as which amortization method?a. Straight-lineb. UOPc. Double-declining-balanced. CCA
On March 1, 2019, Gregor Goldfields purchased a mineral deposit for \(\$ 400,000\) that is expected to be in operation for 10 years. A geological report estimated the mineral deposit contained
Vasdev Company paid \(\$ 1,100,000\) to acquire Gentech Systems. Gentech's assets had a market value of \(\$ 1,800,000\), and its liabilities were \(\$ 800,000\). In recording the acquisition, Vasdev
Phillipines Trucking bought three used trucks for \(\$ 60,000\). An independent appraisal of the trucks produced the following figures:Phillipines Trucking paid \(\$ 21,000\) in cash and signed a
In 2019, Maxwell Inc. paid \(\$ 625,000\) for equipment that is expected to have a five-year life. In this industry, the residual value is estimated to be 5 percent of the asset's cost. Maxwell Inc.
On January 13, 2019, Bill's Birdfeeders purchased store fixtures for \(\$ 65,000\) cash, expecting the fixtures to remain in service for 10 years. Bill's Birdfeeders has amortized the fixtures on a
Prepare journal entries for the following transactions. Explanations are not required. 2019 Jan. 1 May Dec. 31 2020 June 30 Dec. 31 Purchased a bulldozer for $64,000 cash, $4,000 residual value,
In 2020, Camden Electronics purchased Winston Electronics, paying \(\$ 2.4\) million in a note payable. The market value of Winston Electronics' assets was \(\$ 3.1\) million, and Winston Electronics
Accurate Research surveys Canadian opinions about environmental issues. The company's balance sheet reports the following assets under Property, Plant, and Equipment: Land, Buildings, Office
On January 5, 2020, Overwatch Corp. paid \(\$ 438,000\) for equipment used in manufacturing computer equipment. In addition to the basic purchase price, the business paid \(\$ 2,200\) transportation
The owner of Cheetle Moving and Storage incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the company's office building in the year ended
Belkin Freight provides general freight service in Canada. The business's balance sheet includes the following assets under Property, Plant, and Equipment: Land, Buildings, and Trucks. Belkin Freight
Megatron Inc. owns a small television station in the interior of British Columbia. Its year-end is June 30. The company completed the following transactions:Required 1. Record the above transactions
A \(\$ 10,000,9\) percent, one-year note payable was issued on July 31. The balance sheet at December 31 will report interest payable ofa. \(\$ 0\) because the interest is not due yetb. \(\$ 522.
Which of the following liabilities creates no expense accrual for the company?a. Interestb. Sales taxc. Employment Insuranced. Warranty
Suppose Super Tires estimates that warranty costs will equal 1 percent of tire sales. Assume that November tire sales totalled \(\$ 900,000\), and the company's outlay in replacement tires and cash
A contingent liability that is likely and can be reasonably estimated should bea. Accrued as an expense and reported as a liabilityb. Only disclosed in a note to the financial statementsc. Either
Nouvou Diet Systems Company is a defendant in a lawsuit that claims damages of \(\$ 55,000\). On the balance sheet date, it appears unlikely that the court will render a judgment against the company.
Darcy Renick's weekly pay for 40 hours is \(\$ 600\) plus time and a half for overtime. The federal tax rate, based on her income level and deductions, is 10. 5 percent, the provincial rate is 8. 8
Which of the following represents a cost to the employer?a. Withheld income taxb. Canada Pension Planc. Employment Insuranced. Both \(b\) and \(c\)
Which of the following items is reported as a current liability on the balance sheet?a. Short-term notes payableb. Estimated warrantiesc. Payroll withholdingsd. All of the above
What is another name for "GST paid on purchases"?
A company purchases a machine by signing a \(\$ 50,000\), 4 percent, one-year note payable on June 30. Interest is to be paid at maturity. What two current liabilities related to this purchase does
Kalyaniwalla Planners has a \(\$ 5,000\) note payable that is paid in \(\$ 1,000\) installments over five years. How would the portion that must be paid within the next year be reported on the
Murray Company warrants its products against defects for two years from date of sale. During the current year, the company made sales of \(\$ 1,000,000\). Management estimated warranty costs on those
What accounting concept supports accruing contingent losses but not recording contingent gains until they are realized?
Identify the employee benefit expenses an employer pays.
On January 1, The Kraft-Kwon Group purchased \(\$ 280,000\) of equipment with a long-term note payable. The debt is payable in annual instalments of \(\$ 56,000\) due on December 31 of each year. At
On July 1, Owl magazine collected cash of \(\$ 5,000\) for annual subscriptions (12 issues per year) starting on August 1. Journalize the transaction to record the collection of cash on July 1 and
Central Yard Equipment offers warranties on all its lawn mowers. It estimates warranty expense at 1.4 percent of sales. At the beginning of 2019, the Estimated Warranty Payable account had a credit
Snow Wayfarers guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be 2 percent of sales.Assume that a Snow Wayfarers dealer made sales totalling \(\$
Asjid and Associates has nine employees. Six employees earn vacation at a rate of 4 percent per pay. Asjid pays each of these employees a weekly salary of \(\$ 1,250\) for a five-day workweek. The
Bombardier Inc., the Canadian aircraft manufacturer, included the following note (adapted) in its 2017 annual report:1. Why are these contingent (versus real) liabilities?2. How can a contingent
The PDOC for Ishant Sharma shows the following information:Prepare the journal entries to record the accrual of this payroll and the related employer's liability on June 30. No explanations are
Given the following data, what is the weighted-average cost of ending inventory, rounded to the nearest whole dollar? Sales revenue Beginning inventory Purchase 100 units at $10 per unit 50 units at
Assume the following data for Burnette Sales for 2020:December 31, a physical count reveals 15 units on hand.Under the FIFO method (assuming a perpetual inventory system), what would ending inventory
Which inventory costing method results in the lowest net income during a period of rising inventory costs? a. Specific-unit costb. First-in, first out (FIFO)c. Weighted-average costd. None of the
Review the following data:Which of the following depicts the proper account balance after the application of the lower-of-cost-and-netrealizable-value rule? a. Cost of goods sold will be \(\$
Suppose a Super Comics location suffered a fire loss and needs to estimate the cost of the goods destroyed. Beginning inventory was \(\$ 50,000\), net purchases totalled \(\$ 300,000\), and sales
On April 1, 2020, you prepaid three months of rent for a total of \(\$ 18,000\). Give your adjusting entry to record rent expense at April 30, 2020. Include the date of the entry and an explanation.

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