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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Singapore Airlines reported the following information in the notes to a recent annual report (in Singapore dollars):Required:1. Reconstruct the information in Note 19 into T-accounts for property,
During 2012, Côté Company disposed of three different assets. On January 1, 2012, prior to the disposal of the assets, the accounts reflected the following:The machines were disposed of in the
During the 2013 fiscal year, Boyd Company completed the following transactions:}a. On January 10,2013 , paid \(\$ 7,000\) for a complete reconditioning of each of the following machines acquired on
RONA operates a large network of franchised, affiliated, and corporate stores of various sizes and formats. The notes to the company's financial statements for the year 2005 indicate that it acquired
Figg Company, with a fiscal year ending December 31, acquired three intangible assets during 2012. For each of the following transactions, indicate the accounts affected, amounts and direction of the
Rungano Corporation is a global publisher of magazines, books, and music and video collections, and it is one of the world's leading direct-mail marketers. Many direct-mail marketers use high-speed
On July 1, 2009, the Fitzgerald Corp. bought a machine for use in operations. The machine has an estimated useful life of six years and an estimated residual value of \(\$ 2,500\). The company
A recent annual report for AMERCO, the holding company for U-Haul International Inc. included the following note: Property, Plant, and Equipment Property, plant, and equipment are stated at cost.
At the beginning of the year, Labinski Inc. bought three used machines from Dumas Corporation, for a total cash price of \(\$ 62,000\). Transportation costs on the machines were \(\$ 3,000\). The
The Forzani Group Ltd. (FGL) franchises several specialty sports retail clothing and sports equipment stores. Its stores include SportChek, Coast Mountain Sports, Sport Mart, and National Sports. Its
Burtard Company develops and sells graphics software for use by architects. Journalize the entries to record the following selected transactions of Burtard Company:a. Purchased for cash \(\$
Hasbro Inc. designs, manufactures, and markets high-quality toys, games, and infant products. The company's revenues exceed \(\$ 4.0\) billion. In the toy business, it is very difficult to determine
On the first day of its fiscal year, Pedro Dynamite Company issued \(\$ 11,000,000\) of five-year, \(9 \%\) bonds to finance its operations of producing and selling home electronics equipment.
Cathay Pacific Airways reported the following information in the notes to a recent annual report Hasbro Inc. Cathay Pacific Airways (in Hong Kong dollars):Required:1. Reconstruct the information in
Jarhead Corporation wholesales oil and grease products to equipment manufacturers. On March 1, 2008, Jarhead Corporation issued \(\$ 2,500,000\) of five-year, \(13 \%\) bonds at an effective interest
During 2012, Callaway Company disposed of three different assets. On January 1, 2012, prior to the disposal of the assets, the accounts reflected the following:The machines were disposed of in the
Ti-Pod Co. produces and sells advanced electronic equipment. On the first day of its fiscal year, Ti-Pod Co. issued \(\$ 22,000,000\) of five-year, \(14 \%\) bonds at an effective interest rate of
During the 2013 fiscal year, Zhou Corporation completed the following transactions:a. On January 1,2013 , paid \(\$ 8,000\) for a complete reconditioning of each of the following machines acquired on
The notes to a recent annual report from Weebok Corporation included the following:Business Acquisitions During the current year, the company acquired the assets of Sport Shoes Inc.Assume that Weebok
Refer to the financial statements and accompanying notes of The Nestlé Group given in Appendix A at the end of this book.Required:1. What method(s) of depreciation and amortization does the company
Southwest Airlines is an exuberant, no-frills airline that was started more than 30 years ago. WestJet Airlines has followed Southwest's successful corporate strategy, which is based on "keeping
Reuters provides lists of industries and the competitors in each at www.reuters.com.Required:Using your Web browser, contact Reuters and identify three competitors for the following industries:1.
Papa John's International is a major pizza chain with about 3,500 pizzerias across the United States and in many other countries, including 35 restaurants in Canada. A note to a recent annual report
CanWest Global Communications Corp., with headquarters in Winnipeg, Manitoba, is one of Canada's largest media conglomerates and the owner of many Canadian newspapers, television stations, and cable
An annual report for Eastman Kodak reported that the balance of property, plant, and equipment at the end of the current year was \(\$ 6,805\) million. At the end of the previous year, it had been
The capitalization of interest associated with self-constructed assets was discussed in this chapter. A recent annual report for WestJet Airlines disclosed the following information concerning
The interim report for the fourth quarter of 2009 for Norbord Inc. included the following information:Changes In Accounting Policies and Significant Accounting Estimates Property, Plant, and
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
Compute interest expense for the following note: face value, \(\$ 4,000 ; 12\) percent interest; date of note, April 1, 2011. Assume that the fiscal year ends on December 31, 2011.
For each of the following long-lived assets, indicate its nature and related cost allocation concept. Use the following symbols: Cost Allocation Concept Depletion Amortization Depreciation No cost
The following is a list of account titles and amounts (in thousands) reported by Ballard Power Systems Inc., a leading developer and manufacturer of fuel cells, an alternative power source for
The following information was reported by Cutter's Air Cargo Service for 2009:Compute the company's fixed asset turnover ratio for the year. What can you say about Cutter's ratio when compared with
The following data were disclosed in the annual reports of QLT Inc., a Canadian biotechnology company that produces Visudyne, a product to treat macular degeneration of the eyes. If left untreated,
Zeidler Company bought a building and the land on which the building is located for a total cash price of \(\$ 178,000\). The company paid transfer costs of \(\$ 2,000\). Renovation costs on the
Vicario Company purchased a machine on March 1,2012 , at an invoice price of \(\$ 10,000\). On the date of delivery, March 2, 2012, the company paid \(\$ 8,000\) on the machine, and signed a note for
You are a financial analyst charged with evaluating the asset efficiency of companies in the airline industry. The financial statements for ACE Aviation Holdings Inc. include the following
Stacey Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2012, an asset account for the company showed the following
Rita's Pita Company bought a new dough machine at the beginning of the year at a cost of \(\$ 7,600\). The estimated useful life was four years, and the residual value was \(\$ 800\). Assume that the
Alexa Plastics Company purchased a new stamping machine at the beginning of the year at a cost of \(\$ 125,000\). The estimated residual value was \(\$ 15,000\). Assume that the estimated useful life
An annual report for Ford Motor Company contained the following note:Significant Accounting Policies Depreciation of Property, Plant, and Equipment. Property and equipment are stated at cost and
An annual report for Federal Express Corporation included the following information:For financial reporting purposes, depreciation of property and equipment is provided on a straight-line basis over
Silk Company bought a machine for \(\$ 65,000\) cash. The estimated useful life was five years, and the estimated residual value was \(\$ 5,000\). Assume that the estimated useful life is 150,000
For each of the following scenarios, indicate whether an asset has been impaired ( \(\mathrm{Y}\) for yes and \(\mathrm{N}\) for no) and, if so, the amount of loss that should be recorded. Carrying
Orca Exploration Group Inc. explores for and develops natural gas properties in Tanzania. Africa. The following note and information were reported in a recent annual report:At each balance sheet
Low-fare airline, easyJet plc, is based in London, England. Its destinations include popular vacation spots and business centres throughout Europe, North Africa, and the Middle East.The following
Sears Canada Inc. has developed a consolidated distribution network in Vaughan, Ontario, and in Calgary, Alberta. As part of its distribution service, Sears trucks transport inventory to its various
On January 1, 2012, the records of Smita Corporation showed the following:On September 30, 2012, the delivery truck was a total loss as a result of an accident. As the truck was insured, the company
Freeport-McMoRan Copper \& Gold Inc. is a natural resources company involved in the exploration, development, and extraction of natural resources with the majority of its resources in Indonesia.
Elizabeth Pie Company has been in business for 30 years and has developed a large group of loyal restaurant customers. Vaclav's Foods made an offer to buy Elizabeth Pie Company for \(\$ 5,000,000\).
Wyatt Company had three intangible assets at the end of 2012 (end of the fiscal year):a. A patent purchased from R. Jay on January 1, 2012, for a cash cost of \(\$ 7,670\). Jay had registered the
Starbucks Coffee Company is a leading retailer of specialty coffee with more than 16,000 coffee shops worldwide. Assume that Starbucks planned to open a new store on St. George Street near the
You are considering investing the cash gifts you received for graduation in shares of various companies. You visit the websites of major companies, searching for relevant information.Required:For
The records of Luci Company reflected the following details for Machine A at December 31, 2012, the end of the company's fiscal year.During January 2013 , the machine was renovated at a cost of \(\$
Dustin Company owns the office building occupied by its administrative office. The office building was reflected in the accounts at the end of last year as follows:Following a careful study,
Bobblehead Corporation produces and sells basketball jerseys. On July 1, 2008, Bobblehead Corporation issued \(\$ 16,000,000\) of seven-year, \(13 \%\) bonds at an effective interest rate of \(10
What costs are included among the expenses recognized in an accounting period?
How are product expenses different from period expenses?
What is the role in the double-entry system of the fundamental accounting model (or the balance sheet equation)?
What information is identified during the analysis step in the accounting cycle?
The words debit and credit are used in two ways in accounting: “to debit an account” and “a debit balance.” Explain both usages of debit and credit.
Why do revenues increase stockholders’ equity? Why do expenses decrease stockholders’ equity?
Describe the entry of accounting data into the journal and the ledger.
Using the words qualified and not qualified, indicate whether each of the following events would qualify as a transaction and be recognized and recorded in the accounting system on the date
Visit the Nolo website, which offers legal information for individuals and small businesses. Follow the links to wills, trusts, and probate. Select an article that interests you. Write a paragraph
Prepare a simple will for yourself, using Figure 20.1 as a guide. What would happen to your property if you did not have a will? lo1
If you had minor children, you might create a trust to provide for them if you were to die while they were still young. Explain why a trust fund is important for managing the financial needs of
What are some advantages of owning property jointly with another person? Why would people own property as joint tenants with right of survivorship? lo1
Communication Retirement and estate planning is a field of study, with many professionals making a career of providing advice in this area. Some advisers charge fees for their services; others make
The income statements for Sherwood Company summarized for a four-year period shows the following:An audit revealed that in determining these amounts, the ending inventory for 2010 was overstated by
Yared Company uses a periodic inventory system. The company's accounting records for the most popular item in inventory showed the following details:Required:Compute (a) the cost of goods available
Arctic Cat Inc. was the world's second-largest manufacturer of snowmobiles and had experienced exceptional growth in recent years. It planned for a major increase in sales in the following period by
The following transactions were selected from those occurring during the month of January 2011 for Dan's Store Inc. A wide variety of goods is offered for sale. Credit sales are extended to a few
Go to Connect online for the financial statements of Cadbury plc.1. How much inventory does the company own at the end of the current year?2. Estimate the amount of inventory that the company
Refer to the financial statements of the Nestlé Group given in Appendix A at the end of this book.1. What method does the company use to determine the cost of its inventory?2. What are the
Go to Connect online for the financial statements of Cadbury, plc., and to Appendix A of this book for the financial statements of the Nestlé Group.Required:1. Compute the inventory turnover ratio
It is July 15,2011 . You, a junior accountant at a small accounting firm, go over your notes from your afternoon meeting with Marco Douga. Marco came to your office looking for help with his
Alimentation Couche-Tard is the third-largest convenience store operator in North America. It has more than 5,000 outlets: Couche-Tard in eastern Canada; Mac's in central and western Canada; and
Geox S.p.A. is an Italy-based company active in the footwear and apparel manufacturing industry, which includes classic, casual, and sports footwear, as well as apparel for men, women, and children.
Loblaw Companies Ltd. and Shoppers Drug Mart Corporation are two companies operating in the same industry. Starting in 2004, Loblaw expanded the scope of the goods it sold from primarily food to
Micro Warehouse is a computer software and hardware online and catalogue sales company.} A Wall Street Journal article disclosed the following:Its quarterly report filed with the Securities and
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
Relate the cost principle to accounting for long-lived assets. Under the cost principle, what amounts usually should be included in the acquisition cost of a long-lived asset?
Distinguish between a leasehold and a leasehold improvement. Over what period should a leasehold improvement be amortized? Explain.
Why is depreciation expense added to profit on the statement of cash flows when using the indirect method of reporting cash flow from operations?
The following data were selected from the records of Fluwars Company for the year ended December \(31,2011\).The company sold merchandise for cash and on open account with credit terms \(1 / 10, n /
Dell Inc. sells computer systems and accessories and provides services for customers to build their information technology and Internet infrastructures. Dell recently disclosed the following
Briggs \& Stratton Engines Inc. uses the aging approach to estimate bad debt expense at the end of each fiscal year. Credit sales occur frequently on terms \(n / 45\). The balance of each trade
Modern Kitchens Inc. (MKI) is a Montréal-based company that sells imported fancy kitchenware to retailers. Selected account balances as at September 30, 2011, are shown below.During October 2011,
Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. At that time, 6,000 common shares were issued to the three organizers. The store is in an excellent
Cory Magnum has been working for Matrix Products Inc. for five years and has gained the respect of his peers for his exemplary behaviour and work ethic. His job includes receiving cash and cheques
Refer to the financial statements of the Nestlé Group in Appendix A of this book.Required:1. Does the company disclose its revenue recognition policy? What point in time does it use to recognize
Go to Connect online for the financial statements of Cadbury, plc.Required:1. The company distributes its products through wholesalers. What items would you expect to be subtracted from sales revenue
Go to Connect online for the financial statements of Cadbury plc and to Appendix A for the financial statements of the Nestlé Group.Required:1. Compute the gross profit percentage for both companies
Foster's Group Limited is an Australian company that sells beer, wine, pre-mixed spirits, cider, and non-alcoholic drinks, worldwide, The company prepares its financial statements in conformity with
The global economic downturn that started in 2007 affected most sectors in the Canadian economy, particularly the financial sector, including the banking industry. For example, the common shares of
Symbol Technologies Inc. was a fast-growing maker of bar-code scanners. According to the federal charges, Symbol's CEO, Tomo Razmilovic, was obsessed with meeting the stock market's expectation for
V. R. Rao and Company has been operating for five years as a software consulting firm specializing in the installation of industry standard products. During this period, it has experienced rapid
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
The periodic inventory calculation is \(\mathrm{BI}+\mathrm{P}-\mathrm{EI}=\mathrm{COS}\). The perpetual inventory calculation is \(\mathrm{BI}+\mathrm{P}-\mathrm{COS}=\) EI. Explain the significance
Explain how profit can be manipulated when the specific identification inventory costing method is used.

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