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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

Use your answers to E9–17 to journalize Suncare Company’s transactions as follows (round to the nearest dollar):Data From in E9-17Suncare Company installs switching systems and receives its pay
Review Aritzia’s 2021 annual report. Answer the following questions about Aritzia’s internal controls and cash position:1. What is the name of Aritzia’s outside auditing firm? What is the date
Note 1 of the notes to the financial statements (page 78) of the Loblaw 2019 Annual Report reads as follows: For the purpose of impairment testing, assets, including right-of-use assets, are grouped
Hunter Environmental Consulting prepared its unadjusted trial balance. Suppose Lisa Hunter made an error: She listed the Capital balance of $250,000 as a debit rather than a credit by mistake.Compute
The accounts of Boots Consulting are listed below with their normal balances at October 31, 2023. The accounts are listed in no particular order.Required Prepare the company’s unadjusted trial
Peterson Engineering engaged in the following September transactions:Required1. Prepare journal entries for the transactions of the journal. Include an explanation for each transaction.2. Open
Refer to E2–9 for the transactions of Yula’s Yoga.Required1. After journalizing the transactions of E2–9, post the entries to T-accounts. Identify transactions by their date. Date the ending
What is the meaning of the statement “Accounts Payable has a credit balance of $2,800”?
On July 2, 2023, Efficient Energy Services performed an energy audit for an industrial client and earned $4,000 of revenue on account. On July 14, 2023, the company received a cheque for the entire
Maquina Lodge, owned by Bob Palmiter, had the following account balances, in random order, on December 15, 2023 (all accounts have their “normal” balances):The following events also took place
After operating for a couple of weeks, Jonathan Wen’s business completed the following transactions during the latter part of September:Journalize the business transactions. Include an explanation
Jonathan Wen started a business to offer development of online stores for small businesses. Record the following transactions in the journal of the business. Include an explanation with each journal
Journalize the following transactions for Deresh DJ Services: May 3 4 6 11 14 18 Owner, Liam Deresh, invested $2,500 cash into the business. Rented a sound system and paid 1 month's rent,
The journal of Anisah’s Baking School for July 2022 is shown below:Required1. Describe each transaction.2. Set up T-accounts using the following account numbers: Cash, #1000; Accounts Receivable,
Rearrange the following accounts in their logical sequence in the chart of accounts:Note Payable Salaries ExpenseAccounts Receivable CashSales Revenue Sam Westman, Capital
Refer to the Summary Problem, specifically the unadjusted trial balance.Required1. Write the company’s accounting equation and label each element as a debit amount or a credit amount. If you use
Sophie Vaillancourt started an investment management business, Vaillancourt Management, on June 1, 2023. During the first month of operations, the business completed the following selected
Haider Malik started a catering service called International Catering. During the first month of operations, October 2023, the business completed the following selected transactions:Required1. Record
Canada-Wide Movers had the following account balances, in random order, on December 15, 2023 (all accounts have their “normal” balances):The following events took place during the final weeks of
a. Indicate on which side of these accounts—debit (Dr) or credit (Cr)—you would record an increase._________ Accounts Receivable _________ Salaries Expense_________ John Ladner,
Suppose you are the accountant for Whistler Marketing Enterprises. Keeping in mind double-entry bookkeeping, identify the dual effects of Sasha Chandler’s investment of $10,000 cash in her business.
Jon Conlin, CPA, was an accountant and partner in a large firm. Recently, he resigned his position to open his own accounting business, which he operates as a proprietorship. The following events
The trial balance of Kiki’s Jewellery Repair at February 28, 2023, is shown below:During March, Kiki’s Jewellery Repair completed the following transactions:Required1. Record the March
Zeb Slipewicz opened a renovation business called WeReDoIt Construction on September 3, 2023. During the first month of operations, the business completed the following transactions:RequiredRecord
Bobbie Singh provides writing services for small businesses. He blogs for companies that need professionally written content. His business records at November 15, 2023, are shown below:During the
Scott Jameson opened Jameson Translation Services on January 2, 2023. During the first month of operations, the business completed the following transactions:Required Record each transaction in the
If assets = liabilities + owner’s equity, then liabilities = ?
Give another title for the income statement.
Your friend, Samina Hin, has asked your advice about the effects that certain business transactions will have on her business. Her business, Car Finders, finds the best deals on used cars for
Use the information shown below to prepare the unadjusted trial balance for Balzy Indoor Tennis Club at November 30, 2023. Include the account number in the trial balance. Cash 10002 Furniture
A+ Roofers reported the following summarized data at December 31, 2023. Accounts appear in no particular order.Prepare the unadjusted trial balance of A + Roofers at December 31, 2023. List the
Consider the following transactions for the first month of operations of a new small business called Crystal Clear Cleaning.Required1. Journalize the transactions, using the following accounts: Cash;
Gladys Yuan is a research analyst who operates under the business title Yuan Research. During April 2023, the company engaged in the following transactions:Yuan Research uses the following accounts:
Baycrest Cinema Company owns movie theatres. Baycrest Cinema engaged in the following transactions in November 2022:Baycrest uses the following accounts: Cash; Supplies; Land; Accounts Payable; Note
The account balances of Wilson Towing Service at June 30, 2023, follow:Required1. Prepare the balance sheet for Wilson Towing Service as of June 30, 2023.2. What does the balance sheet report?
The account balances of Wilson Towing Service at June 30, 2023, follow:Required1. Prepare the statement of owner’s equity for Wilson Towing Service for the month ending June 30, 2023. Assume Wilson
The account balances of Wilson Towing Service at June 30, 2023, follow:Required1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2023. List expenses from the
Musqueam Culinary Experiences operates a successful catering business specializing in Indigenous food and beverages.a. If Musqueam Culinary Experiences has liabilities of $100 million and owner’s
A company reported monthly revenues of $92,000 and expenses of $96,400. What is the result of operations for the month?
Determine the expenses for September based on the following data:September net income ............................................................. $10,000Beginning owner’s equity
The assets, liabilities, owner’s equity, revenue, and expenses of Philpott Company, a proprietorship, have the following final balances at December 31, 2023, the end of its first year of business.
Give a more descriptive title for the balance sheet.
Navneet Kaur is new to Canada. Having studied in a culinary program, she wants to buy a food truck and open her own business. She knows that she needs $40,000 to buy the truck, but she has little
Distinguish between accounting and bookkeeping.
Star Esports’ balance sheet data are shown below:Required1. Compute the amount of net income or net loss for the company during the year ended December 31, 2023, if the owner invested $50,000 in
Explain why the going concern assumption is important to know when reading a financial statement.
Terrace Board Rentals was started on January 1, 2022, by Ryan Terrace with an investment of $50,000 cash. The company rents out snowboards and related gear from a small store. During the first 11
Musqueam Culinary Experiences operates a successful catering business specializing in Indigenous food and beverages. Musqueam Culinary Experiences’ financial statements for 2023, 2024, and 2025
What role does the cost principle of measurement play in accounting?
Locate the December 31, 2020, TELUS annual report. TELUS calls their balance sheet a “Consolidated Statement of Financial Position,” and their income statement is called a “Consolidated
Shawn Steele is a Realtor. He buys and sells properties on his own, and he also earns commission revenue as a real estate agent. He organized his business as a sole proprietorship on November 15,
What organization formulates generally accepted accounting principles in Canada?
Explain the differences between proprietorships, partnerships, and corporations based on owners, life of the organization, liability of owners, and legal status.
The unadjusted trial balance of Prince Paralegal at October 31, 2023, is shown below:The data needed for the month-end adjustments are as follows:a. Unearned consulting revenue that still had not
Suppose you are told that the following incorrect trial balance contains a slide— where someone accidentally listed one of the account balances wrong. How would you go about finding the error? What
What is the effect on total assets of collecting cash on account from customers?
The unadjusted trial balance of Mia’s Memories at February 28, 2023, does not balance.Investigation of the accounting records reveals that the bookkeeper made the following errors:a. Recorded a
Indicate which of the following accounts are current assets and which are long-term assets: Prepaid Rent, Building, Furniture, Accounts Receivable, Cash, Note Receivable (due within 1 year), Notes
Sally Green has recently been hired as the CEO for a start-up Internet-based retail store, ShopCan.ca. Her main job duties include responsibility for the information technology and computer systems
Indicate the special journal in which you would find the following column headings (the heading could appear in more than one special journal):a. Interest Revenue Crb. Sales Discounts Drc. Accounts
What accounting categories correspond to the account numbers 1, 2, 3, 4, and 5 in the chart of accounts in a typical computerized accounting system?
Posting from the journals of Barnstormer Brewery is complete. But the total of the individual balances in the accounts payable subsidiary ledger does not equal the balance in the Accounts Payable
What is the purpose of balancing, proving, or reconciling the ledgers?
The Nova Scotia Beekeepers Supply Company, which uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30, completed the following transactions during July. The business
In March 2023, Crystal Clear Cleaning opened a new chequing account at First Provincial Bank. The bank statement dated March 31, 2023, for Crystal Clear Cleaning follows:Crystal Clear Cleaning’s
Winfray Co. records all cash receipts on the basis of its cash register tapes. Winfray Co. discovered during January 2023 that one of its sales clerks had stolen an undetermined amount of cash
IT Solutions has poor internal control over cash. Recently Sanjay Gupda, the owner, has suspected the cashier of stealing. Details of the business’s cash position at April 30, 2023, follow:a. The
Study the “Report of independent registered public accounting firm” in the TELUS annual report and answer the following questions about TELUS’s internal controls and cash position:1. What is
Geoff works the late shift at Classic Movie Theatre. Occasionally Geoff must sell tickets and take the tickets as customers enter the theatre. Standard procedure requires that Geoff tear the tickets,
The cash receipts and the cash payments of Ace Hardware for January 2023 are as follows:The Cash account of Ace Hardware shows a balance of $39,478 at January 31, 2023.Ace Hardware received the
The cash receipts and the cash payments of Spinners Bowling for November 2023 are as follows:The Cash account of Spinners Bowling shows a balance of $26,983 on November 30, 2023. Outstanding amounts
Excel Communications had a computer failure on August 1, 2023, which resulted in the loss of data, including the balance of its Cash account and its bank reconciliation from July 31, 2023. The
Suppose a company has six bank accounts, two petty cash funds, and three certificates of deposit that can be withdrawn on demand. How many cash amounts would this company likely report separately on
Spottify Electronics had a computer failure on October 1, 2023, that resulted in the loss of data, including the balance of its Cash account and its bank reconciliation from September 30, 2023. The
The October 31, 2023, bank statement of Jazzera Distributors has just arrived. To prepare Jazzera Distributors’ bank reconciliation, you gather the following data:a. The October 31 bank balance is
The June 30, 2023, bank statement of Copps Shoes has just arrived from the bank. To prepare the Copps Shoes bank reconciliation, you gather the following data:a. The Copps Shoes Cash account shows a
The Cash account of Hunter Security Systems reported a balance of $4,960 at May 31, 2023. There were outstanding cheques totalling $1,800 and a May 31 deposit in transit of $400. The bank statement,
The September 30, 2023, balance sheet of Kroenke Products reported the following:During the last quarter of 2023, Kroenke Products completed the following selected transactions:Required1. Record the
The November 30, 2023, balance sheet of Thyme Company reported the following:At the end of each quarter, Thyme estimates bad debt expense to be 2 percent of credit sales. At the end of the year, the
Name the two parties to a receivable/payable transaction. Which party has the receivable? Which has the payable? The asset? The liability?
Suncare Company installs switching systems and receives its pay in the form of notes receivable. It installed a system for the city of Edson, Alberta, receiving a 9-month, 10 percent, $200,000 note
Based on the information from the Air Canada 2017 Annual Report shown below, identify differences between the accounting for PPE using IFRS (used by Air Canada) and ASPE (as shown below). Create a
Great Lake Furniture Limited’s 2023 financial statements reported these amounts (in thousands of dollars):In the 2023 annual report, Great Lake Furniture Limited reported amortization expense of
Philippines Trucking bought three used trucks for $60,000. An independent appraisal of the trucks produced the following figures:Philippines Trucking paid $21,000 in cash and signed a note for the
On January 5, 2023, Paige Construction purchased a used crane at a total cost of $200,000. Before placing the crane in service, Paige spent $12,500 transporting it, $4,800 replacing parts, and
On January 5, 2023, 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 charges,
Firestone Shoes is a family-owned retail shoe operation with two stores. Assume that early in Year 1, Firestone Shoes purchased computerized point-of-sale and operating systems costing $150,000. Bob
Digital Warehousing incurred the following costs in acquiring land and a building, making land improvements, and constructing and furnishing an office building for its own use:Digital Warehousing
Suppose land with a building on it is purchased for $1,050,000. How do you account for the $65,000 cost of removing this unwanted building?
The Door Company received the following notes during 2023:Required1. Determine the due date, interest revenue, and maturity value of each note. Round all interest amounts to the nearest cent.2.
Canmore Services Inc. started business on March 1, 2023. The company produces monthly financial statements and had total sales of $600,000 (of which $570,000 were on account) during the first 4
The Generation Employment Agency started business on January 1, 2023. The company produced monthly financial statements and had total sales of $525,000 (of which $400,000 was on account) during the
From the following list of adjusted account balances, prepare the current asset section of Delainey’s Hardscaping for December 31, 2023. Assume all accounts have normal balances. Accounts
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2023 transactions for Crystal Clear Cleaning:Required1. Prepare all required journal entries for
Matiere Co. uses the percent-of-sales method at interim periods and then at the end of each year it uses the percent-of-accounts-receivable method for financial statement reporting purposes. Matiere
Choices Clothing uses the percent-of-sales method at interim periods and then at the end of each year it uses the percent-of-accounts-receivable method for financial statement reporting purposes.
Bhatti Communications’ cash flow statement reported the following cash receipts and cash payments (the amount in brackets) for the year ended August 31, 2023:Bhatti’s balance sheet 1 year
BooBoo’s Home Health Care has the following adjusted account balances at April 30, 2023. All accounts have normal balances. Prepare the current asset section of BooBoo’s balance sheet. Account
Lui Dental began operations in January 2023 selling dental appliances to dentists. The following transactions occurred during the first 6 months of operations:Required1. Complete the following aged
Surf and Sun had the following balances at December 31, 2023, before the year-end adjustments:The aging of accounts receivable yields the following data:1. Journalize Surf and Sun’s entry to record

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