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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Rowland Company was organized on January 1, 2010. At the end of the first year of operations, December 31, 2010, the bookkeeper prepared the following trial balances (amounts in thousands of
Robert Brissette, a local massage therapist, decided to sell his practice and retire. He has had discussions with a therapist from another province who wants to relocate. The discussions are at the
Wong's Insurance Agency adjusts its accounts at the end of each month. The adjusted balances of the revenue and expense accounts at two different dates of the year appear on the following page. The
Andrew Peller Ltd. is a leading producer and marketer of quality wines in Canada. Selected information from the company's financial statements for the year ended March 31, 2010, are provided below
Magliochetti Moving Corp. has been in operation since January 1, 201 1. It is now December 31, 2011, the end of the company's fiscal year. The company has not done well financially during the first
Megan Company (not a corporation) was careless about its financial records during its first year of operations, 2010. It is December 31, 2010, the end of the company's fiscal year. An external
a list of industries and companies with each industry via http://ca.finance.yahoo.com/investing (click on "Annual Reports" under "Tools"). Using a Web browser, each team member should then use the
Compare the purposes of the income statement, the statement of financial position, and the statement of cash flows.
Under the indirect method, depreciation expense is added to profit to compute cash flows from operating activities. Does depreciation cause an inflow of cash?
Explain why cash paid during the period for purchases and for salaries is not specifically reported as cash outflows on the statement of cash flows under the indirect method.
Leon's Furniture Limited is an Ontario-based retailer of home furnishings. For each of the following first-quarter transactions, indicate whether net cash inflows (outflows) from operating activities
Determining Effects of Transactions on Statement of Cash Flows Dell Inc. is a leading manufacturer of personal computers and servers for the business and home markets. For each of the following
QuickServe, a chain of convenience stores, was experiencing some serious cash flow difficulties because of rapid growth. The company did not generate sufficient cash from operating activities to
Kane Company completed its income statement and statement of financial position for 2012 and provided the following information:Required:1. Prepare the operating activities section of the statement
Coolbrands International Inc. manufactures and distributes ice cream, sorbet, frozen yogurt, and other frozen dairy-based snacks. The following information is available from the company's annual
A statement of cash flows for Colgate-Palmolive reported the following information (in millions of U.S. dollars):Required:Based on the information reported on the statement of cash flows for
A statement of cash flows for Apple Computer contained the following information (in millions of U.S. dollars):Required:For each of the asset and liability accounts listed on the statement of cash
An annual report for PepsiCo contained the following information (in millions of U.S. dollars):Required:1. Compute the cash flows from operating activities for PepsiCo by using the indirect method.2.
Pan American Silver Corp. is a mining company based in British Columbia. In a recent quarter, it reported the following activities:Required:Based on this information, present the Investing and
Sobeys Inc. is one of Canada's two national retail grocery and food distributořs. The company owns or franchises more than 1,300 corporate and franchised stores in all 10 provinces under retail
Boston Beer A recent annual report for Boston Beer Company contained the following data for the three most recent years (in millions of U.S. dollars):Assume that all investing activities involved
An analysis of Martin Corporation's operational asset accounts provided the following information:a. Acquired a large machine that cost \(\$ 26,000\), paying for it by signing a \(\$ 15,000,12\)
The Australian company BHP Billiton is one of the world's biggest mining companies. Some of the items included in its annual consolidated statement of cash flows, presented using the direct method,
To compare the computation of cash flow from operations under the direct and indirect methods, enter check marks to indicate which items are used with each method. Cash Flows (and Related Changes) 1.
The following information pertains to Day Company:Required:Prepare the operating activities section of the statement of cash flows for Day Company by using the direct method. Sales Expenses Cost of
Starbucks Corporation purchases and roasts high-quality, whole-bean coffees and sells them along with fresh-brewed coffees, Italian-style espresso beverages, a variety of pastries and confections,
Chandra Company's fiscal year ends on June 30. It is June 30, 2012, and all of the 2012 entries have been made, except the following adjusting entries:a. On March 30,2012 , Chandra paid \(\$ 3,200\)
Sophie's Catering Company is at its fiscal year-end, December 31, 2011. The following data were developed from the company's records and related documents:a. During 2011 , office supplies amounting
The following transactions and events are provided by the records of Deerfield Cleaning (a corporation) at the end of its fiscal year, December 31, 2012:Required:For each of the following accounts,
Gilca Ltd. is completing the information processing cycle at the end of its fiscal year, December 31, 2011. The correct account balances at December 31, 2011, both before and after the adjusting
Vialdi Co., a small service repair company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end
ACME Pest Control Services (organized as a corporation on September 1, 2009) has completed the accounting cycle for the second year, ended August 31, 2011. ACME Pest Control also has completed a
Serena and Bill Davis began operations of their furniture repair shop, Rumours Furniture Inc., on January 1, 2010. The company's fiscal year ends December 31. The trial balance on January 1, 2011,
A summary of selected historical results is presented below for three Canadian companies: Gildan Activewear, Research In Motion, and Andrew Peller. Each of these companies has grown in size over time
Swanson Company has the following adjusted accounts and balances at year-end (June 30, 2011):Required:Prepare an adjusted trial balance in good form for the Swanson Company at June 30, 2011. Trade
As stated in its annual report, Unik Computer Corporation is an information technology company, developing and marketing hardware, software, solutions, and services. The following hypothetical trial
Consider the following transactions for Liner Company:a. Collected \(\$ 1,500\) rent for the period December 1, 2011, to March 1, 2012, which was credited to deferred rent revenue on December
Consider the following transactions for Liner Company:a. Received a \(\$ 220\) utility bill for electricity usage in December to be paid in January 2012.b. Owed wages to 10 employees who worked three
Dion Ltée is making adjusting entries for the year ended December 31, 2012. In developing information for the adjusting entries, the accountant learned the following:a. Paid a one-year insurance
Crawford's Department Store is completing the accounting process for the year just ended, December 31, 2011. The transactions during 2011 have been journalized and posted. The following data with
Refer to E4-7.Required:For each of the transactions in E4-7, indicate the amount and direction of effects of the adjusting entry on the elements of the statement of financial position and income
Keanu's Boat Yard Inc. is completing the accounting process for the year just ended, November 30, 2012. The transactions during 2012 have been journalized and posted. The following data with respect
Refer to E4-9.Required:For each of the transactions in E4-9, indicate the amount and direction of effects of the adjusting entry on the elements of the statement of financial position and income
Kwan Corp. started operations on January 1, 2011. It is now December 31, 2011: the end of the fiscal year. The part-time bookkeeper needs your help to analyze the following three transactions:a. On
Deere \& Company is the world's leading producer of agricultural equipment; a leading supplier of a broad range of industrial equipment for construction, forestry, and public works; a producer
Scarletti and Long Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31):a. Did not record depreciation on equipment costing
On December 31, 2010, Cohen and Company prepared an income statement and a statement of financial position but failed to take into account four adjusting entries. The income statement, prepared on
Barton Inc. completed its first year. of operations on December 31, 2011. Because this is the end of the fiscal year, the company bookkeeper prepared the following tentative income statement:You are
You are the regional sales manager for Weld News Company. Weld is making adjusting entries for the year ended March 31, 2012. On September 1, 2011, \(\$ 12,000\) cash was received from customers in
Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ending December 31, 2012. To simplify the case, the amounts given are in thousands of dollars. Other data
Liner Company has the following adjusted trial balance at December 31, 2011. No dividends were declared; however, 400 additional shares were issued during the year for \(\$ 2,000\) :Required:1.
Papa John's is one of the fastest-growing pizza delivery and carry-out restaurant chains. Selected income statement and statement of financial position amounts (in thousands) for two recent years are
Sears Canada is one of the biggest Canadian department store retailers. It operates a large number of department stores that sell home" fashions, appliances, apparel, home electronics, and garden
Consider each of the following independent cases and prepare the adjusting journal entry at year-end.1. On June 30, 2011, Able Ltd. paid \(\$ 18,000\) for a two-year insurance policy. Insurance
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.
McGraw Company's fiscal year ends on December 31. It is December 31, 2012, and all of the 2012 entries have been made, except the following adjusting entries.a. On September 1, 2012, McGraw collected
Handy Haulers Company is at the end of its fiscal year, December 31, 2011. The following data were developed from the company's records and related documents:a. On July 1, 2011, a one-year insurance
The following transactions and events are provided by the records of South Hill Apartments (a corporation) at the end of its fiscal year, December 31, 2011:Required:For each of the following
Willenborg Company is completing the information processing cycle at its fiscal year-end.December 31, 2012. Following are the correct account balances at December 31, 2012, both before and after the
Mostert Inc. a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end of
Juan Real Estate Company (organized as a corporation on April 1, 2010) has completed the accounting cycle for the second year, ended March 31, 2012. Juan also has completed a correct trial balance as
Brothers Hadi and Hamid Gaber began operations of their tool and die shop (H \& H Tool Inc.) on January 1, 2010. The company's fiscal year ends on December 31. The trial balance on January 1,
A summary of selected historical results is presented below for three Canadian companies: Barrick Gold, WestJet Airlines, and Le Groupe Jean Coutu. Each of these companies has grown in size over time
The T-accounts of Longhorn Company at the end of the third year of operations, December 31, 2012, follow. The adjusting entries at December 31 are identified by letters.2. Write an explanation for
Four conditions must be met before revenue should be recognized. In each of the following cases, tell which condition has not been met:a. Company A accepts a contract to perform services in the
City Fun Company of Canton, Ohio, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pay for subscriptions either one year
An examination of the Prepaid Insurance account shows a balance of $4,1 12 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for
Each of the following columns represents a Supplies account: P Supplies on hand at July 1 Supplies purchased during the month $132 $217 $98 $? 26 ? 87 964 Supplies consumed during the month 97 486
Oland has a five-day work week and pays salaries of $35,000 each Friday.1. Make the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday.2. Make the entry to pay the salaries
Remini Company produces computer software that is sold by Elton Comp, Inc. Remini receives a royalty of 1 5 percent of sales. Royalties are paid by Elton Comp and received by Remini semiannually on
Prepare year-end adjusting entries for each of the following:1 . Office Supplies had a balance of $84 on January 1 . Purchases debited to Office Supplies during the year amount to $415. A year-end
Olaf Bjorn, a lawyer, was paid $24,000 on October 1 to represent a client in real estate negotiations over the next 1 2 months.1 . Record the entries required in Bjorn's records on October 1 and at
Prepare the monthly income statement, statement of retained earnings, and balance sheet for Totally Clean, Inc., from the data provided in the following adjusted trial balance: Cash Accounts
What is the relationship of accounting information systems to data processing?
Describe the four principles of accounting information systems design.
Resequence the following activities a through f to indicate the correct order of the accounting cycle:a. The transactions are entered in the journal.b. The financial statements are prepared.c. The
Why is a graphical user interface important to the successful use of general ledger systems?
Data are the raw material of a computer system. Trace the flow of data through the different parts of a computerized accounting information system.
How does a computerized accounting information system using a general ledger system relate to the major accounting functions?
In what ways can the Internet assist businesses in their operations?
What are the two purposes of closing entries?
Which of the following accounts do not show a balance after the closing entries are prepared and posted? a. Insurance Expense b. Accounts Receivable c. Commission Revenue d. Prepaid Insurance e.
What is the significance of the post-closing trial balance?
Which of the following accounts would you expect to find in the post-closing trial balance? a. Insurance Expense b. Accounts Receivable c. Commission Revenue d. Prepaid Insurance e. Dividends f.
How do reversing entries simplify the bookkeeping process?
To what types of adjustments do reversing entries apply? To what types do they not apply?
What is the normal balance (debit or credit) of the following accounts? a. Cash b. Accounts Payable c. Prepaid Rent d. Common Stock e. Commission Revenue f. Dividends g. Rent Expense h. Accumulated
At the end of the accounting period, does the posting of adjusting entries to the ledger precede or follow the preparation of the work sheet?
Felix Little owns and operates Big Sky Transport Co. During the past year, Felix incurred the following costs related to his 18 -wheel truck:1. Replaced a headlight that had burned out.2. Replaced
Prior to adjustment at the end of the year, the balance in Trucks is \(\$ 225,900\) and the balance in Accumulated Depreciation-Trucks is \(\$ 87,010\). Details of the subsidiary ledger are as
Sandblasting equipment acquired at a cost of \(\$ 68,000\) has an estimated residual value of \(\$ 18,000\) and an estimated useful life of 10 years. It was placed in service on October 1 of the
Why does the accountant use the term net income instead of profit? Q-1
Why does the need for an accounting period cause problems? Q-2
What is the significance of the continuity assumption? Q-3
"The matching rule is the most significant concept in accounting." Do you agree with this statement? Explain your answer. Q-4
What are the conditions for recognizing revenue? Q-5
What is the difference between the cash basis and the accrual basis of accounting? Q-6
In what three ways is accrual accounting accomplished? Q-7
Why are adjusting entries necessary? Q-8
What are the four situations that require adjusting entries? Give an example of each. Q-9

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