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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

For the year ended December 31, 2020, Patsy Inc. had income from continuing operations of $1,500,000. During 2020, it disposed of its Calgary division at a loss before taxes of$125,000. Before the
Below are the changes in account balances, except for retained earnings, for Desert Dorm Ltd., for the 2020 fiscal year:Required: Calculate the net income for 2020, assuming there were no entries in
In 2020, Imogen Co. reported net income of $575,000, and declared and paid preferred share dividends of $75,000. During 2020, the company had a weighted average of 66,000 common shares
A list of selected accounts for Opi Co. is shown below. All accounts have normal balances.The income tax rate is 30%.Required:a. Prepare a single-step income statement with expenses by function and a
Below are adjusted accounts and balances for Ace Retailing Ltd. for the year ended December 31, 2020:Additional information:1. Ace decided to discontinue the J division operations. A formal plan to
Vivando Ltd. follows IFRS and reported income from continuing operations before income tax of $1,820,000 in 2020. The year-end is December 31, 2020, and the company had 225,000 outstanding common
The following account balances were included in the adjusted trial balance of Spyder Inc.at September 30, 2020. All accounts have normal balances:Additional information:The company follows IFRS and
Describe the statement of financial position/balance sheet (SFP/BS) and the statement of cash flows (SCF), and explain their role in accounting and business.
Explain the purpose of the SFP/BS.LO 2.1: Identify the various disclosure requirements for the SFP/BS and prepare a SFP/BS in good form.LO 2.2: Identify and describe the factors can affect the
Explain the purpose of the statement of cash flows (SCF) and prepare a SCF in good form.LO 3.1: Explain and describe an acceptable format for the SCF.LO 3.2: Describe and prepare a SCF in good form
Identify and describe the types of analysis techniques that can be used for the SFP/BS and the SCF.
Using the classification codes identified in brackets below, identify where each of the accounts below would be classified:Current assets (CA) Non-current liabilities (NCL)Long-term investments (LI)
Below is a statement of financial position as at December 31, 2021, for Aztec Artworks Ltd., prepared by the company bookkeeper:Additional information as at December 31, 2021:1. Cash is made up of
Below is the trial balance for Johnson Berthgate Corp. at December 31, 2021. Accounts are listed in alphabetical order and all have normal balances.Additional information as at December 31, 2021:1.
Below is the trial balance in no particular order for Hughey Ltd. as at December 31, 2021:Additional information as at December 31, 2021:1. The inventory has a net realizable value of $1,350,000. The
Below is a list of independent transactions. For each transaction, identify which section of the statement of cash flows it is to be reported and indicate if it is a cash in-flow (a positive number)
Below is the unclassified balance sheet for Carmel Corp. as at December 31, 2020:The net income for the year ended December 31, 2021, was broken down as follows:The following events occurred during
Below is the comparative balance sheet for Lambrinetta Industries Ltd.:Additional information:1. Net income for the year ended December 31, 2021 was $161,500.2. Cash dividends were declared and paid
Below is a comparative statement of financial position for Egglestone Vibe Inc. as at December 31, 2021:Additional information:1. Net income for the 2021 fiscal year was $24,700.2. During 2021 land
For each of the following unrelated transactions, give the journal entry to record the transaction. Then show how the journal entry would be posted to T-accounts. You need not include =a ideals
Explain each of the sets of debits and credits in these accounts for Tuxedos, Inc., that rents wedding clothing and accessories. There are 10 transactions to be explained. Each set Explain is
Assume the ledger accounts given in Exercise 2-6 are those of Tuxedos, Inc., as they appear at 3 trial bal December 31, 2012. Prepare the trial balance as of that date.
Prepare journal entries to record each of the following transactions for Sanchez Company. Use the letter of the transaction in place of the date. Include an explanation for each entry.Capital stock
Using your answer for Exercise 2~9, prepare a trial balance. Assume the date of the trial balance is March 31, 2012.
Refer to the Consolidated Balance Sheets of Wal-Mart Stores, Inc., in the Annual Report Appendix located in the back of this text. Perform both horizontal and vertical analysis on each of
The three forms of business organizations are single proprietorship, partnership, and trust.
The three types of business activity are service, merchandising, and manufacturing.
The income statement shows the profitability of the company and is dated as of a particular date, such as December 31, 2012.
The statement of retained earnings shows both the net income for the period and the beginning and ending balances of retained earnings.
The balance sheet contains the same major headings as appear in the accounting equation.
Which of the following is not a correct form of the accounting equation?Assets = Equities.Assets = Liabilities + Stockholders’ equity.Assets — Liabilities = Stockholders’ equity.Assets +
How do accounts payable and notes payable differ?
How are they similar?
Give an example from your personal life that illustrates your use of accounting information in reaching a decision.You have been elected to the governing board of your church. At the first meeting
Describe a transaction that would:a. Increase both an asset and capital stock.b. Increase both an asset and a liability.c. Increase one asset and decrease another asset.d. Decrease both a liability
Real World Question Refer to the 2011 financial statements of Wal-Mart Stores, Inc., in the Annual Report Appendix at the back of the text. What were the net income or loss amounts in the latest
Real World Question Refer to the financial statements of Wal-Mart Stores, Inc., in the Annual Report Appendix. Has the solvency of the company improved from one year to the next? Discuss.
Assume that retained earnings increased by $3,600 from June 30, 2011, to June 30, 2012. A cash dividend of $300 was declared and paid during the year.a. Compute the net income for the year.b. Assume
On December 31, 2012, Perez Company had assets of $150,000, liabilities of $97,500, and capital stock of $30,000. During 2013, Perez earned revenues of $45,000 and incurred expenses of $33,750.
Bradley Company, engaged in a courier service business, completed the following selected transactions during July 2012:a. Purchased office equipment on account.b. Paid an account payable.c. Earned
Assume that the following items were included in the Retained Earnings column in the summary of transactions for Cinck Company for July 2012:Prepare an income statement for July 2012. Salaries
Given the following facts, prepare a statement of retained earnings for Brindle Company, a tanning salon, for August 2012:Balance in retained earnings at end of July, $188,000.Dividends paid in
The column totals of a summary of transactions for Speedy Printer Repair, Inc., as of December 31, 2012, were as follows:Prepare a balance sheet. We have purposely listed the accounts out of order.
Merck & Co, Inc. is a world leader in the discovery, development, manufacture and market- ing of a broad range of human and animal health products. The company, which has 94,000 employees, spends
Which of the following transactions results in a decrease in retained earnings? Why?Identify transactions that decrease retained earnings (L.O. 5). Employees were paid $20,000 for services performed
Lakewood Personal Finance Company, which provides financial advisory services, engaged in the following transactions during May 2012.Prepare a summary of transactions (see Part A of Illustration
Reliable Lawn Care Service, Inc., a company that takes care of lawns and shrubbery of personal residences, engaged in the following transactions in April 2012:a. Prepare a summary of transactions
Analysis of the transactions of the Moonlight Drive-In Theater for June 2012 disclosed the following:a. Prepare an income statement for June 20T2,b. Prepare a statement of retained earnings for June
Little Folks Baseball, Inc., was formed by a group of parents to meet a need for a place for kids Prepare income to play baseball. At the beginning of its second year of operations, its balance sheet
The balance sheets for May 31, 2012, and April 30, 2012, and the income statement for May of the Target-Line Golf Driving Range follow. (Common practice is to show the most recent period first.)All
Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2012:Prepare a summary of transactions (see Part A of Illustration 1.3)
Quick-Start Home Repair Company completed the following transactions in June 2012:a. Prepare a summary of transactions (see Part A of Illustration 1.3). Include money columns for Cash, Accounts
Following are summarized transaction data for Luxury Apartments, Inc., for the year ending June 30, 2012. The company owns and operates an apartment building.Of the $150,000 rent revenue, $5,000 was
The following data are for Central District Parking Corporation:The summarized transactions for October 2012 are as follows:a. Prepare a summary of transactions (see Part A of Illustration 1.3) using
Who is responsible for preparing the financial statements?
Of what importance is the internal audit?
What is the role of the audit committee?
Why are no officers or employees on the audit committee?
What is the responsibility of the external independent auditor?
Does the independent auditor have absolute assurance that the financial statements are free of material misstatement?
To what extent does the independent auditor examine evidence?
Identify the purpose of financial reporting.
Describe the problem of information asymmetry, and discuss how this problem can affect the production of financial information.
Describe how accounting standards are set in Canada and identify the key entities that are responsible for setting standards.
Discuss the purpose of the conceptual framework, and identify the key components of the framework.
Identify the elements of financial statements.
Discuss the criteria required for recognizing an element in financial statements.
Identify different measurement bases that could be used, and discuss the strengths and weaknesses of each base.
Identify the alternative models of capital maintenance that could be applied.
Discuss the relative strengths and weaknesses of rules-based and principlesbased accounting systems.
Discuss the possible motivations for management bias of financial information.
Discuss the need for ethical behaviour by accountants, and identify the key elements of the codes of conduct of the accounting profession.
Explain the effects on the accounting profession of changes in information technology.
Describe the problem of information asymmetry and discuss the impact this problem has on the work of accountants.
Discuss the reasons why Canada applies two different sets of accounting standards to profit-oriented companies. What are the benefits of having two sets of standards? What are the problems of
What is the conceptual framework? Why does the accounting profession need this framework?
Describe the two fundamental qualitative characteristics of good accounting information.What problems do accountants face in trying to maximize these characteristics when producing accounting
Describe the four enhancing qualitative characteristics and identify conflicts where possible trade-offs may occur in trying to maximize these characteristics.
Identify which of the five financial statement elements applies to each item described below:a. A cash dividend is declared and paid to the shareholders.b. Cash is used to purchase a machine that
Consider the following independent situations. For each of the situations described, discuss how the recognition criteria should be applied and suggest the appropriate accounting treatment.a. A
Describe the four different measurement bases and discuss the relative strengths and weaknesses of each base.
What are some of the difficulties in trying to determine the best concept of capital maintenance to apply to the development of accounting standards?
Discuss the relative merits and weaknesses of principles-based and rules-based accounting systems.
What are some of the motivations that managers may have for attempting to influence or bias reported financial results? What should the accountant do to deal with these possible attempts to affect
You have just been appointed financial controller at Dril-Tex Inc., a manufacturer of specialized equipment used by various manufacturers of consumer products on their own production lines. Your
Justin is a sole trader who prepares accounts to 31 December each year. For the year ended 31 December 20X3 his income statement and statement of financial position are as follows:You are required to
Liquidity comparison Elizabeth runs a small business called Data Services (DS) and her brother runs a small business called Engineering Services (ES). In the year ended 31 March 20X3 they both
The following is an extract from the financial statements of Halwyn plc:(a) You are required to calculate the following profitability ratios:Gross profit percentage Operating profit percentage Return
Pentire plc is listed on the London Stock Exchange. The company’s issued share capital is comprised of 2,000,000 ordinary shares of 50p each. On 31 December 20X8 the share price was £2.93 per
Write a short report to Mr X highlighting in bullet points five benefits and five limitations of ratio analysis.
Imaginea business recorded what it had sold, to whom, the date it was sold, the price it was sold at, and the date it received payment from the-customer, along with similar data concerning the
Which stakeholders will be using audited financial statements?
Once internal audit work has been found to be satisfactory there is no further need to review its work in the future. Would you agree with this statement?Explain your reasons.
Here are some transactions in respect of a new business that was started on Day 1:Required (a) Make a list of the names of the accounts required to record these transactions.(b) Write up the
Miss Samphire has started a business as a jeweller. Her transactions for the first ten days of trading are as follows:Required Write up these transactions in T-accounts, extract the balances and
The following are some of the accounts of Williamson Ltd.:Some additional information was discovered:(i) The goods debited to Mr Smith’s account (£36,000) had been sold to Mr Johnson.(ii) Mr Smith
A trial balance extracted from the accounting records of a trader did not balance and the following errors were discovered (in the original trial balance the credits exceeded the debits by
Fatima has been in a business for some years. The following balances were brought forward in her accounts as at 1 January 20X1.During the year to 31 December 20X1 the following transactions took
How would you define the following terms?(a) non-current assets(b) current liabilities(c) accounts receivable(d) accounts payable
Jessica runs a consultancy business from a rented office in the town centre. She would like you to state which heading in the statement of financial position(non-current assets, current assets,

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