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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Contrast the income statement effect of weighted average versus FIFO (i.e., on profit before income taxes) when (a) prices are rising and (b) prices are falling.
Explain briefly the application of the LCNRV concept to the ending inventory and its effect on the income statement and statement of financial position when the net realizable value of inventory is
Elite Apparel purchased 80 new shirts for cash and recorded a total cost of \(\$ 2,620\), determined as follows:Required:Make the needed corrections in this calculation. Prepare the journal
Boilard Inc. planned to report inventory of \(\$ 50,000\) based on its physical count of inventory in its warehouse at year-end, December 31, 2010. During the audit, the auditor developed the
Supply the missing dollar amounts for the 2011 -income statement of Laurin Retailers for each of the following independent cases: Sales Beginning Cases Revenue Inventory Purchases Total Available'
Supply the missing dollar amounts for the 2011 income statement of Kwan Company for each of the following independent cases: Case A Case B Case C Sales revenue $ 8,000 $ 6,000 S ? Sales returns and
The Gap Inc. is a specialty retailer that operates stores selling clothes under the trade names Gap, GapKids, BabyGap, and Banana Republic. Assume that you are employed as a stock analyst and your
Garraway Ski Company mistakenly re̊corded purchases of inventory on account received during the last week of December 2011 as purchases during January of 2012 (this is called a purchases cut-off
Demski Company reported beginning inventory of 100 units at a unit cost of \\($20.\) It engaged in the following purchase and sale transactions during 2010:Jan. 14 Sold 20 units at unit sales price
Several years ago, the financial statements of Gibson Greeting Cards contained the following note:On July 1 , the Company announced that it had determined that the ending inventory ... had been
Dalez Corporation prepared the following two income statements (simplified for illustrative purposes):During the third quarter, it was discovered that the ending inventory for the first quarter
Clor Company uses a periodic inventory system. At December 31,2011 , the accounting records provided the following information for Product 1:Required:Compute the cost of sales and the ending
Lunar Company uses a periodic inventory system. The company's accounting records provided the following information for Product 2 :Required:1. Prepare an income statement for 2011 , through pretax
Scoresby Inc. uses a perpetual inventory system. At December 31, 2012, the company's accounting records provided the following information for Product B:Required:1. Prepare an income statement for
Courtney Company uses a periodic inventory system. Data for 2011: beginning merchandise inventory (December 31, 2010), 3,000 units at \(\$ 35\); purchases, 12,000 units at \(\$ 38\); operating
Following is partial information for the income statement of Timber Company under two different inventory costing methods, assuming the use of a periodic inventory system:Required:1. Compute the cost
Peterson Company is preparing the annual financial statements dated December 31, 2011. Ending inventory information about the five major items stocked for regular sale follows:Required:1. Compute the
Research In Motion Inc. (RIM), which is best known for its wireless communication product, the BlackBerry, disclosed the following information in Note 5 to its annual report:Inventory is made up of
Sony Ericsson competes with Nokia Corporation in manufacturing and selling cell phones directly to mobile telecommunications service suppliers. The company reported the following amounts for 2008 (in
First Team Sports Inc. is engaged in the manufacture (through independent contractors) and distribution of in-line roller skates, ice skates, street hockey equipment, and related accessory Sony
A. The Cycle Shop sells merchandise on credit terms of \(2 / 10, n / 30\). Merchandise that cost \(\$ 900\) was sold to Claudette Labelle on February 1, 2011, at \(\$ 1,600\). The company uses the
Reggie Company has just completed a physical inventory count at year-end, December 31, 2011. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO
The income statements for four consecutive years for Clement Company reflected the following summarized amounts:Subsequent to the development of these amounts, it has been determined that the
Allsigns 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
At the end of January 2012, the records of Regina Company showed the following for a particular item that sold at \(\$ 18\) per unit:Required:1. Assuming the use of a perpetual inventory system,
Profit is to be evaluated under four different situations as follows:i. Prices are rising:Situation A-FIFO is used. Situation B-Weighted average is used.ii. Prices are falling:Situation C-FIFO is
Smart Company prepared its annual financial statements dated December 31, 2010. The company applies the FIFO inventory costing method; however, the company neglected to apply the LCNRV valuation to
H. T. Tan and Company has been operating for five years as an electronics component manufacturer specializing in cell phone components. During this period, it has experienced rapid growth in sales
What is the effect of the write-off of bad debts (using the allowance method) on (a) profit and (b) net trade receivables?
(Appendix 7A) When is it acceptable to use the percentage of completion method?
(Appendix 7B) Under the gross method of recording sales discounts, is the amount of sales discount taken recorded (a) at the time the sale is recorded or (b) at the time the collection of the account
During the months of January and February, Silver Corporation sold goods to three customers on open account with credit terms of \(2 / 10\), net \(/ 30\). The sequence of events was as follows:Jan. 6
July 12 Sold merchandise to Rami, who charged the \(\$ 1,000\) purchase on his Visa credit card. Visa charges Evergreen a 2 percent credit card fee.15 Sold merchandise to Steven at an invoice price
The following transactions were selected from among those completed by Gunzo Wholesalers in 2011:Nov. 20 Sold two items of merchandise to Brigitte, who charged the \(\$ 800\) sales amount on her Visa
Rockland Shoe Company records sales returns and allowances as contra revenues, and sales discounts and credit card discounts as selling expenses. Complete the following tabulation, indicating the
The following summarized data were provided by the records of Slate Inc. for the year ended December 31, 2011:Required:1. Based on these data, prepare a multiple-step income statement (showing both
Brown Shoe Company Inc. and Payless Shoesource Inc. are two leading footwear companies in the United States and Canada. The following data were taken from the 2008 annual reports of both companies
Kwan Ltd. earned \(\$ 328,000\) in net credit sales during its first year of operation. At year-end, it had \(\$ 79,630\) in trade receivables and estimated that 10 percent of this amount may not be
During 2012, Choi and Goldstein Furniture recorded credit sales of \(\$ 500,000\). Based on prior experience, the company estimates that the bad debt rate is 2 percent of credit sales.Required:1.
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, \(\$ 25,000\); (2)
The Nestlé Group disclosed the following analysis of its trade receivables at December 31, 2009 (amounts in millions of Swiss francs, CHF):Assume that the estimated percentages of uncollectible
During 2012, Gauthier's Camera Shop had sales revenue of \(\$ 190,000\), of which \(\$ 95,000\) was on credit. At the start of 2012, Trade receivables showed a \(\$ 10,000\) debit balance, and the
Daimler AG is a globally leading producer of premium passenger cars and the largest manufacturer of commercial vehicles in the world. Its group of businesses includes Mercedes-Benz Cars, Daimler
Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. In a recent annual report, Microsoft reported the following information about
An annual report for Bombardier Inc. contained the following information at the end of its fiscal year (in millions of dollars):A footnote to the financial statements disclosed that uncollectible
The Benetton Group is one of the world's largest manufacturers of casual knitwear and sportswear for men, women, and children. Its annual reports include the following details reported in thousands
Aer Lingus provides passenger and cargo transportation services from Ireland to markets in the United Kingdom, continental Europe, and the United States. It uses the euro as the monetary unit for
Apple Computer Inc. is best known for its iMac, iPod, and iPad product lines. Three recent years produced a combination of dramatic increases in sales revenue and profit. Cash flows from operations
The June 30, 2012, bank statement for Zoltan Company and the June ledger accounts for cash are summarized below:Required:1. Reconcile the bank balance to the book balance at June 30, 2012. A
The September 30, 2011, bank statement for Russell Company and the September ledger accounts for cash are summarized here:No outstanding cheques and no deposits in transit were carried over from
The following transactions were selected from among those completed by Hailey Retailers in 2011:Nov. 20 Sold two items of merchandise to Baja, who charged the \(\$ 400\) sales amount on her Visa
At what point should revenue be recognized in each of the following independent cases? Explain your answers.Case A. For December holiday gifts, a fast-food restaurant sells coupon books for \(\$
The following data were selected from the records of Tunga Company for they year ended December 31, 2012.The company sells merchandise for cash and on open account with credit terms \(2 / 10,
Peet's Coffee and Tea Inc. is a specialty coffee roaster and marketer of branded fresh whole-bean coffee. It recently disclosed the following information concerning the allowance for doubtful
Green Pastures Equipment Company uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms \(\mathrm{n} / 60\). The balance of
Builders Company Inc. sells heavy-construction equipment. It has 10,000 common shares outstanding and its fiscal year ends on December 31. The adjusted trial balance was taken from the general ledger
The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures
Use the data presented in P7-2, which was selected from the records of Tunga Company for the year ended December 31, 2012.Required:Prepare the journal entries for these transactions, including the
Refer to the financial statements of the Nestlé Group and related notes given in Appendix A of this book.Required:1. Which of the two basic reporting approaches for the cash flows from operating
Go to Connect online for the financial statements of Cadbury plc and related notes.Required:1. What were the three largest adjustments to reconcile profit from operations to the net cash provided by
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 quality of earnings ratio for
The Nestlé Group is the world's leading nutrition, health, and wellness company. Its statement of cash flows for fiscal years 2009 and 2008 and the related notes are shown below.Required:1. The cash
Research In Motion (RIM) is a leading designer, manufacturer, and marketer of innovative wireless solutions for the worldwide mobile communications market. Its products are used around the world and
Celestica Inc. is a world leader in providing electronics manufacturing services to original equipment manufacturers, communications, and other industries. Celestica provides a wide variety of
fly to about 150 destinations in more than 25 countries in Europe. Ryanair prepares its financial statements in accordance with International Financial Reporting Standards. Its statement of cash
Foster's Group is a global multi-beverage Australian company that produces and markets a variety of beer, wine, spirits, cider, and non-alcoholic bevèrages. Foster's reports its cash flows from
Carlyle Golf Inc. was formed in September of last year. The company designs, contracts for the manufacture of, and markets a line of men's golf apparel. A portion of the statement of cash flows for
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
What basis of accounting (accrual or cash) does IFRS require on the (a) income statement, (b) statement of financial position, and (c) statement of cash flows?
What are the major subtotals on the income statement, and what purpose do they serve?
List the six major classifications reported on a statement of financial position.
Using your Web browser, visit The Forzani Group at www.forzanigroup.com. Examine the most recent quarterly earnings press release and the related interim report.Required:Based on the information
Using your Web browser, visit Canadian Tire Corporation at www.canadiantire.com.Required:Based on the information provided on the site, answer the following questions:1. Which document(s) provided
The following news story appeared in Finance.yahoo.com on February 2, 2010, after Suncor Energy Inc. released its results of operations for the fourth quarter of fiscal year
Reuters reported the following news story on July 17, 2008, after Nexen Inc. released its results of operations for the second quarter of 2008.}UPDATE 4 -Nexen profit inches up, shares plunge Thu Jul
A list of classifications on the statement of financial position is shown below. Number the classifications in the order in which they normally appear on a statement of financial position. No. Title
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
Power Corporation recently reported the following December 31 balances in its shareholders' equity accounts (in millions):During the current year, Power Corp. reported profit of \(\$ 868\) million.
The concepts of accounting covered in Chapters 2 through 6 are shown below. Match each transaction with its related concept by entering the appropriate letter in the space provided. Use only one
Selected terms related to the statement of financial position, which were discussed in Chapters 2 through 5 , are listed below. Match each definition with its related term by entering the appropriate
WestJet Airlines Ltd. was founded in 1996 by four Calgary entrepreneurs and has grown from serving western Canadian destinations to being Canada's largest coast-to-coast low-fare airline. WestJet's
Danier Leather Inc. (DL) is one of the largest publicly traded specialty leather apparel retailers in the world. It designs, manufactures, and sells high-quality fashionable leather clothing and
RONA Inc. (www.rona.ca), founded in 1939, is Canada's leading distributor and retailer of hardware, home improvement, and gardening products. It has a network that exceeds 600 stores across Canada.
Sun-Rype Products Ltd. is a Canadian juice and fruit snack company based in Kelowna, British Columbia. Its sales grew from \(\$ 73\) million when it became a public company in 1996 to \(\$ 125\)
Refer to the financial statements of the Nestlé Group given in Appendix A at the end of this book. The following questions illustrate the types of information that you can find in the financial
Go to Connect online for the financial statements of Cadbury, plc. The following questions illustrate the types of information that you can find in the financial statements and accompanying notes.
The Committee of Sponsoring Organizations (COSO) published a research study that examined financial statement fraud occurrences between 1987 and 1997. A summary of the findings by M. S. Beasley, J.
The following amounts were selected from the annual financial statements for Genesis Corporation at December 31, 2012 (end of the third year of operations):Required:Analyze the data on the 2012
Netherlands-based Royal Ahold ranks among the world's three largest food retailers. In the United States it operates the Stop \& Shop and Giant supermarket chains. Dutch and U.S. regulators and
As a team, select an industry to analyze. A list of companies classified by industry can be obtained by accessing www.fpinformat.ca and then choosing "Companies by Industry." You can also find a list
Stonewall Company was organized on January 1, 2012. During the year ended December 31, 2012, the company provided the following data:Analysis of selected accounts and transactions:a. Issued 3,000
The accountants of Pan American Silver Corp. completed the statement of financial position at June 30, 2009, and the income statement for the quarter ended on that date and have provided the
Steven Cheng, the sole shareholder and manager of Musical Instruments Ltd. (MIL), has approached you and asked you to prepare a statement of cash flows for his company. MIL sells different types of
Refer to the information for Musical Instruments Ltd. (MIL) in AP5-3.Required:1. Compute the following amounts:a. Cash collected from customersb. Cash paid to suppliers of merchandisec. Cash received
Selected financial information for Frank Corporation is presented below.Selected 2011 Transactions:a. Purchased investment securities for \(\$ 5,000\) cash.b. Borrowed \(\$ 15,000\) on a two-year, 8
The comparative statement of financial positions of Mikos Inc. as at December 31, 2011 and 2012, and its income statement for the year ended December 31, 2012, are presented below.Additional
Beta Company's accountants just completed the financial statements for the year and have provided the following information (in thousands):Other data:The company signed long-term notes for \(\$
McGregor Corp.'s accountants prepared the statements of financial position and income statement to be reported in the company's aninual report for 2012, and you have been asked to prepare the
Refer to the information for McGregor Corp. in P5-4.Required:1. Compute the following amounts:a. Cash collected from customersb. Cash paid to suppliers of merchandisec. Cash paid for general expenses
Why is there a demand for accounting information?

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