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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

FUTURE VALUES. On January 1, you make a single deposit of $8,000 in an investment account that earns 8% interest.REQUIRED:1. What will be the balance in the account in 5 years if the interest is
FUTURE VALUES. Fargo Transit Company invested $70,000 in a tax-anticipation note on June 30, 19x4. The note earns 12% interest compounded monthly (1%per month) and matures on March 31,
PRESENT VALUES. Using the appropriate tables in the text, determine:a) The present value of a single $14,000 cash flow in 7 years if the interest (discount)rate is 8% per year.b) The number of
PRESENT VALUES. Ramon Company made the following two purchases on January 1, 19x3:a) Purchased a new truck for $60,000, with payment deferred until December 31, 19x4. The appropriate interest rate is
PRESENT VALUES. You have an opportunity to purchase a government security that will pay $200,000 in 5 years.REQUIRED:1. What would you pay for the security if the appropriate interest (discount) rate
FUTURE VALUE OF AN ANNUITY. On December 31, 19x1, you sign a con- tract to make annual deposits of $4,200 in an investment account that earns 10%. The first deposit is made on December 31,
FUTURE VALUE OF AN ANNUITY. Purdue Savings Bank pays 8% interest compounded weekly (.154% per week) on savings accounts. The bank has asked your help in preparing a table to show potential customers
FUTURE VALUE OF A SINGLE CASH FLOW. Shubert Products has just been paid $25,000 by Apex Enterprises, which had owed Shubert this amount for 30 months but had been unable to pay because of financial
INSTALLMENT SALE USING T-ACCOUNTS. Johnson Properties owns land on which natural-gas wells are located. Columbus Gas Company has offered to buy this land from Johnson on January 1, 19x5, by paying
INSTALLMENT SALE. Jeffrey's Billiards sold a pool table to C. Cobbs on October 31, 19x2. The terms of the sale are no money down and payments of $50 per month for 30 months, with the first payment
PAYROLL ACCOUNTING. Stadium Manufacturing has the following data available for its September 30, 19x8, payroll:REQUIRED:Compute the amounts of taxes payable and the amount of wages that will be paid
INTEREST-BEARING NOTE USING T-ACCOUNTS. Fairborne Company borrowed $240,000 on a five-month, 7%, interest-bearing note on November 1, 19x5. Fairborne ends its fiscal year on December 31. The note was
INTEREST-BEARING NOTE EXCHANGE. Conti Products borrowed $45,000 from Bank of America on a 6-month interest-bearing note on December 1, 19x8. Conti’s fiscal year ends on December 31. Before the note
UNEARNED REVENUE AND CUSTOMER DEPOSITS. On November 20, 19x1, Green Bay Electronics agreed to manufacture and supply 500 electronic control units used by Wausau Heating Systems in large commercial
WARRANTIES USING T-ACCOUNTS. Mason Auto Repair specializes in the repair of foreign-car transmissions. To encourage business, Mason offers a 6-month warranty on all repairs. The following data are
TEMPORARY DIFFERENCES AND INCOME TAX LIABILITIES. Delray Manufacturing has the following income statement data available for 19x8:Delray’s expenses include straight-line depreciation of $67,400;
CHANGE IN DEFERRED INCOME TAX. Delta Sales Corporation had the following deferred income tax (credit) balances at the end of 19x5 and 19x6: 19x5 $248,000 19x6 281,000 The income tax rate is 34%.
ESTABLISHING A FUND OF SPECIFIED SIZE. On January 1, 19x6, Surfside Manufacturing borrowed $400,000 from a bank to pay for new equipment. The note requires that interest be paid annually and that the
CUSTOMER DEPOSITS WITH COMPOUND INTEREST. Indy Racing builds and sells racing versions of sports cars. Indy requires a $30,000 deposit to begin construction on a car. The construction period is 6
FINANCING AN ASSET PURCHASE. Andrea Bader, controller of SBP Corporation, has asked your advice regarding financing the purchase of a new truck. The following alternatives are available:ALTERNATIVE
DETERMINING THE SIZE OF INSTALLMENT PAYMENTS. You wish to determine the amount you will have to pay for an automobile loan. The car you wish to purchase will cost $10,400, and your bank requires that
MORTGAGE PAYMENTS. You are trying to determine the amount of the mortgage payments that you would make if you purchased a new home. The home you like requires a 25-year, $85,000 mortgage at an
COMPARING INVESTMENTS. Max McPhee, a financial planner, is evaluating the following two investments for a client:REQUIRED:1. Determine the present value of each investment if the client requires an
RECORDING SALES WITH DELAYED PAYMENTS. On April 1, 19x6, Goldenrod Distributors sold an electronic air-cleaning system. The terms of the sale were$10,000 down and $20,000 payable in 18 months. The
EVALUATING AND RECORDING DEFERRED PAYMENT PURCHASES. The purchasing agent for your company has come to you for advice in selecting one of the following bids for the purchase of computer hardware:a)
Baron Company, which operates a chain of 30 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during
Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media
Apple Computer, Inc., designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and
The accounts receivable turnover ratio will vary across companies, depending upon the nature of the company's operations. For example, an accounts receivable turnover of 6 for an Internet Services
A truck with a cost of \(\$ 90,000\) has an estimated residual value of \(\$ 15,000\), has an estimated useful life of eight years, and is depreciated by the straight-line method. (a) Determine the
Equipment with a cost of \(\$ 189,000\) has an estimated residual value of \(\$ 24,000\), has an estimated useful life of 15 years, and is depreciated by the straight-line method. (a) Determine the
Equipment was acquired at the beginning of the year at a cost of \(\$ 158,000\). The equipment was depreciated using the straight-line method based upon an estimated useful life of 10 years and an
Cowboy Construction Co. specializes in building replicas of historic houses. Tom Askew, president of Cowboy Construction, is considering the purchase of various items of equipment on July 1, 2006,
Taylor Company, with 20 employees, is expanding operations. It is trying to decide whether to hire one full-time employee for \(\$ 25,000\) or two part-time employees for a total of \(\$ 25,000\).
Shaw Communications Inc. is a diversified Canadian communications company that provides cable television, Internet, digital phone, telecommunications, and satellite direct-to-home services to more
On March 1, 2012, Carter Corporation issued \(\$ 15,000,000\) in bonds that mature in 10 years. The bonds have a coupon rate of 6.3 percent and pay interest on March 1 and September 1. When the bonds
Jaymar Company issued bonds with the following provisions:Maturity value: \(\$ 100,000,000\)Interest: 8.1 percent per annum payable semi-annually each June 30 and December 31 Terms: Bonds dated
Thomson Reuters is the world's leading source of electronic information and services to businesses and professionals in various fields such as the media, financial services, tax and accounting, and
After completing a long and successful career as senior vice-president for a large bank, you are preparing for retirement. After visiting the human resources office, you have found that you have
On January 1, 2011, Ontario Company sold a new machine to Canada Company for \(\$ 70,000\). Canada Company made a cash down payment of \(\$ 20,000\) and signed a \(\$ 50,000,8\) percent note for the
Canadian Products Corporation manufactures office equipment and supplies. The company authorized a bond issue on January 1, 2010, with the following terms:}Maturity (par) value: \(\$
Refer to the financial statements of the Nestlé Group given in Appendix A of this book.}\section*{Required:}1. How much cash was paid for interest during year ended December 31, 2008?2. Review the
Go to Connect online for the financial statements of Cadbury plc.\section*{Required:}1. How much cash was paid for interest during the year ended December 31, 2008 ?2. Review the company's note on
Go to Connect online for the financial statements of Cadbury plc and to Appendix A of this textbook for the financial statements of the Nestlé Group.\section*{Required:}1. Examine the statements of
In July 2001, Shaw Communications issued a convertible zero coupon debt and raised \(\$ 790\) million. The debt is called a liquid yield option note or LYON. The LYONs were issued at \(\$ 639.23\)
Access the website of Bombardier Inc. at www.bombardier:ca and retrieve the most recent annual report. The note related to long-term debt discloses that Bombardier has borrowed money in a currency
You are working for a large mutual fund company as a financial analyst. You have been asked to review two competitive companies in the same industry. Both have similar cash flows and profit, but one
Many retired people invest a significant portion of their money in bonds of corporations because of the relatively low level of risk. During the 1980s, significant inflation caused some interest Shaw
The 2009 annual report for Suncor Energy Inc. indicated that the company has made the following commitments in relation to its operating leases during the next five years:You are a lending officer
As a team, select an industry to analyze. A list of companies classified by industry can be obtained by accessing www.fpinfomart.ca and then choosing "Companies by Industry." You can also find a list
Define prior period adjustments. How are they reported?
Your parents have just retired and have asked you for some financial advice. They have decided to invest \(\$ 100,000\) in a company very similar to BCE Inc. The company has issued both common and
Kelly Incorporated was issued a charter on January 15, 2011, that authorized the following share capital:Common shares, no par value, 100,000 shares.Preferred shares, \(\$ 1.50\), no par value, 5,000
The financial statements of Sun Media Inc. included the following selected information at December 31, 2012:The common shares were sold at \(\$ 20\) per share.\section*{Required:}1. What was the
Sampson Corporation was organized in 2011 to operate a financial consulting business. The charter authorized the issue of 12,000 common shares. During the first year, the following selected
Nguyen Corporation was organized in January 2012 by 10 shareholders to operate an airconditioning sales and service business. The charter issued by the government authorized the following no par
Teacher Corporation obtained a charter at the start of 2011 that authorized 50,000 no par value common shares and \(40,000, \$ 1\), no par value preferred shares. The corporation was organized by
The following account balances were selected from the records of Blake Corporation at December 31, 2011, after all adjusting entries were completed:The stock price was \(\$ 17.89\) per share on that
McDonald and Associates is a small manufacturer of electronic connections for local area. networks. Consider three independent situations.Case 1: McDonald increases its cash dividends by 50 percent.
The records of Hoffman Company reflected the following balances in the shareholders' equity accounts at December 31, 2011 :On September 1, 2012, the board of directors was considering the
Average Corporation has the following shares outstanding at the end of 2010:Preferred shares, \(\$ 4\), no par value; 8,000 outstanding
Sun Life Financial Inc. disclosed the following information in a press release: - TORONTO (February 11, 2010) - The Board of Directors of Sun Life Financial Inc. (TSX/ NYSE: SLF) today announced a
On December 31, 2012, the shareholders' equity section of the statement of financial position of \(\mathrm{R} \& \mathrm{~B}\) Corporation reflected the following:On February 1, 2013, the board
At the beginning of the year 2012, the shareholders' equity section of the statement of financial position of Ponti Corporation reflected the following:On February 1, 2012, the board of directors
H&R Block is a well-known name, especially during income tax time each year. The company serves more than 24 million taxpayers in more than 10,000 offices in Canada, Australia, England, and the
Winnebago is a familiar name on vehicles travelling North American highways. The company manufactures and sells large motor homes for vacation travel. These motor homes can be quickly recognized
Danier Leather Inc. manufactures and retails leather products, carning international recognition as a leader in leather and suede design. The company's annual report for the fiscal year ended June
At December 31, 2011, the records of Nortech Corporation provided the following selected and incomplete data:\section*{Required:}1. Complete the following tabulation:Shares authorized, \( \qquad
Pappas Corporation began operations in January 2012. The charter authorized the following share capital:Preferred shares: 9 percent, \(\$ 25\) par value, authorized 80,000 shares.Common shares: no
Eddie Edwards Limited, a public company, was formed on January 2, 2011, with the following authorized capital structure:Preferred shares: No par value, \(\$ 1.00\) per share quarterly cumulative
Water Tower Company had the following shares outstanding and retained earnings at December 31, 2011:The board of directors is considering the distribution of a cash dividend to the two groups of
Dana and David, two young financial analysts, were reviewing financial statements for Research In Motion (RIM), a manufacturer of wireless mobile communication devices, including the well-known
Legrand Company has outstanding 45;000 common shares and 25,000, \$4, preferred shares. On December 1, 2011, the board of directors voted to distribute a \(\$ 4\) cash dividend per preferred share
RBC Financial Group provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. On March
The annual report of Andrew Peller Ltd. for fiscal year 2006 included the financial statements for fiscal year 2005, which were restated to reflect the effects of a fraudulent action by a former
The consolidated statements of changes in equity of Thomson Reuters Corporation for fiscal years 2009 and 2008 included the following items and their account balances at December 31, 2009 and 2008
The Forzani Group Ltd. (FGL) is the largest sporting goods retailer in Canada. The company sel a vast assortment of sports related products, including athletic footwear, athletic apparel, and
Assume for each of the following independent cases that the accounting period for NewBiz ends on December 31, 2012, and that the income summary account at that date reflected a debit balance (loss)
At December 31, 2012, the records of Kozmetsky Corporation provided the following selected and incomplete data: Required: Common shares, no par value. Shares authorized, unlimited. Shares issued, ?
Arnold Company was granted a charter that authorized the following share capital:Preferred shares: 8 percent, par value \(\$ 25,20,000\) shares Common shares: No par value, 100,000 shares During the
The shareholders' equity accounts of Freeman Inc. at January 2, 2011, are as follows:The following transactions occurred during the year:March 10 Purchased a building for \(\$ 1,000,000\). The seller
Ritz Company had the following shares outstanding and retained earnings at December 31, 2012:The board of directors is considering the distribution of a cash dividend to the two groups of
The consolidated statements of changes in equity of Alimentation Couche-Tard Inc. for fiscal years 2010 and 2009 included the following items and their account balances at April 25, 2010, and April
The Jean Coutu Group operates a network of franchised stores in Canada, located in the provinces of Québec, New Brunswick, and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé,
Refer to the financial statements of the Nestlé Group given in Appendix A of this book.\section*{Required:}1. Identify the types of shares that Nestle is authorized to issue, and their
Procter \& Gamble is a multi-billion dollar company that sells a variety of consumer products such as Mr. Clean, Cheer, Crest, Vicks, Scope, Pringles, Folgers, Vidal Sassoon, and Zest. The company's
Power Financial Corporation is a Canadian diversified international management company that holds interests, directly or indirectly, in companies that are active in the financial services industry in
Walmart has been one of the most successful retail companies in history with steady growth in earnings over the past eight years. The following information was extracted from the company's annual
You are the president of a very successful Internet company that has had a remarkably profitable year. You have determined that the company has more than \(\$ 10\) million in cash generated by
As a team, select an industry to analyze. A list of companies classified by industry can be obtained by accessing Www.fpinfon!art.can and then choosing "Companies by Industry." You can also find a
Why are statement users interested in financial summaries covering several years? What is the primary limitation of a 5 -year or a 10 -year financial summary?
Doritos Company has prepared draft financial results now being reviewed by the accountants. You notice that the financial leverage percentage is negative. You also note that the current ratio is 2.4
Alimentation Couche-Tard Inc. is a leading convenience store operator in Canada, with CoucheTard stores in eastern Canada and Mac's stores in central and western Canada. It also operates Circle K
Current assets totalled \(\$ 54,000\), and the current ratio was 1.8 . Assume that the following transactions were completed: (1) purchased merchandise for \(\$ 6,000\) on short-term credit and (2)
Procter & Gamble is a multinational corporation that manufactures and markets many products that are probably in your home. Last year, sales for the company were $79,029 (all amounts in millions).
1. A manufacturer reported an inventory turnover ratio of 8.6 during 2010. During 2011, management introduced a new inventory control system that was expected to reduce average inventory levels by 25
Nokia Corporation is a global leader in providing integrated communications and electronic solutions for businesses. Its financial statements reported the following at year-end (in millions of euro):
Current assets totalled \(\$ 100,000\), and the current ratio was 1.5 . Assume that the following transactions were completed: (1) paid \(\$ 6,000\) for merchandise purchased on short-term credit,
Dollarama is the leading dollar store operator in Canada with over 600 locations in all provinces. In a recent year, the company reported average inventories of \(\$ 242.1\) million and an inventory
Sales for the year were \(\$ 500,000\), of which one-half was on credit. The average gross margin rate was 40 percent on sales. Account balances follow:\section*{Required:}Compute and comment on the

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