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understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Kamsack Inc. (Kamsack) was formed in July 2014 to distribute imports from China. During its first year Kamsack had the following equity transactions:i. Issued 500,000 common shares to its two
On June 30, 2014, Utusivik’s equity section was as follows:During the year ended June 30, 2015, Utusivik Inc. (Utusivik) had the following equityrelated transactions and economic events.i. On
For the year ended September 30, 2014 Queylus Inc. (Queylus) reported net income of \($1,278,000\). On September 30, 2013 Queylus had the following capital stock outstanding:On January 31, 2014
For the year ended December 31, 2013, Wabush Inc. (Wabush) reported net income of \($11,700,000\). On December 31, 2012, Wabush had the following capital stock outstanding:On June 30, 2013 Wabush
What is the required journal entry for each of the following transactions?a. Issued 50,000 shares of no par value shares for \($10\) per share.b. Issued 50,000 shares of \($0.10\) par value shares
Gogama Ltd. (Gogama) is planning on declaring a dividend for its common shareholders and is considering three alternatives:i. Declare a cash dividend of \($5\) per share.ii. Declare a property
In July 2014, Mr. Irving and Ms. Ruth formed a partnership offering consulting services. Mr. Irving contributed \($100,000\) in cash to the partnership and Ms. Ruth contributed non-cash assets with a
On November 12, 2009, Griffon Inc. (Griffon) purchased five new forklifts for \($380,000\). Management estimated that the forklifts would have useful lives of 10 years and a residual value of
Grindstone Corp. (Grindstone) produces fad toys for children. In 2014, Grindstone purchased a new stamping machine to produce the latest fad toy. The machine cost\($75,000\) plus taxes of \($9,750\)
Utterson Inc. (Utterson) is a small manufacturing company in northern Ontario. Utterson’s owner has approached you to take an equity position in the company. The owner has provided the balance
Chitek Inc. (Chitek) is an oil and gas exploration company operating in northern Canada. Chitek has not yet begun extracting oil or gas from the ground, but it’s close to that stage. When Chitek
Greenway Television (Greenway) was recently granted the licenses by the CRTC to operate eight new digital specialty television channels.Greenway plans to begin broadcasting within six to eight
At its annual meeting in March 2014, the shareholders of Jasper Inc. (Jasper) approved a plan allowing the company’s board of directors to grant stock options to certain employees as part of their
During the year ended June 30, 2014, Ingonish Inc. (Ingonish) reported the following equity events:The equity section of Ingonish’s balance sheet on June 30, 2013 was as follows:Net income for
During the year ended November 30, 2014 Aguanish Inc. (Aguanish) reported the following equity events:The equity section of Aguanish’s balance sheet on November 30, 2013, was as follows:Net income
At its annual meeting in June 2012, the shareholders of Rusylvia Ltd. (Rusylvia) approved a plan allowing the company’s board of directors to grant stock options to certain employees as part of
Owakonze Inc. (Owakonze), a privately owned corporation, is in need of \($1,000,000\) to finance an expansion of its operations. Management is considering three financing alternatives:i. Issue
Dunsinane Ltd. (Dunsinane) is a publicly traded manufacturing company that makes computer components for sale to end-product manufacturers. Extracts from the last five years’ financial statements
On October 1, 2010 Independent Manufacturing Inc. (Independent) purchased a state-of-the-art mould-casting machine for $2,500,000.Independent’s management estimated the machine would be useful for
Etna and Partners (Etna) is a firm of accountants in a medium-sized town in Quebec. Recently, the senior partner of the firm was approached by the CEO of Dyment Inc. (Dyment) to discuss the
Examine the information provided in Exhibit 10.9 and find the following information:a. Retained earnings on August 31, 2007 and 2008.b. Dividends paid on common and preferred shares in 2007 and
Use the information provided in Exhibit 10.9 and calculate the following ratios for the ~years ended August 31, 2007 and 2008. Interpret and explain your findings. Assume that shareholders’ equity
Examine Corus’s statement of shareholders’ equity and Note 10 to the financial statements and answer the following questions:a. Describe the different types of shares that Corus is authorized to
Corus’s Class A voting shares aren’t traded publicly. Who do you think owns these shares and why do you think they exist? Why do you think there are so many fewer Class A than Class B
Use the information in Exhibit 10.9 to answer the following questions:a. How many of its shares were repurchased by Corus during fiscal 2008? What type of shares were repurchased?b. What was the
Examine the information in Note 13 to Corus’s financial statements pertaining to the company’s stock option plan and answer the following questions:a. Describe the terms of the share compensation
Examine the information in Exhibit 10.9 and answer the following questions:a. What was Corus’s comprehensive income in fiscal 2007 and 2008?b. What are the sources of the other comprehensive loss
During fiscal 2008, Corus completed a stock split. Answer the following questions about the stock split.a. Describe the stock split.b. What effect did the stock split have on the financial
Why is understanding the extent that one corporation influences another important for accounting purposes? What impact does an entity’s degree of influence have on the accounting for investments?
What are consolidated financial statements? What are some of the benefits and limitations of them?
What are the three categories of passive investments? Explain the differences in how the categories are accounted for.
When the equity method of accounting for investments is used, dividends received from the investee corporation reduce the balance in the investment account on the investor’s balance sheet. The
State how the investor corporation would account for the following investments. Explain your choice.a. Purchase of $1,000,000 of bonds that management intends to hold until they mature in three
On August 31, 2015, Hoselaw Inc. (Hoselaw)purchased 60 percent of the common shares of Upsalquitch Ltd. (Upsalquitch) for$8,000,000. At the time of the purchase, Upsalquitch’s management made the
Chockpish Inc. (Chockpish) has provided you with the following list of transactions and economic events that involved its investment portfolio in 2015. For each of the items, prepare any journal
Yellek Inc. (Yellek) is a private corporation owned by the Yellek family. Yellek maintains a significant investment portfolio of publicly traded shares as a method of maximizing the return on surplus
The decisions and actions below were undertaken by the management of Banerjee Shoe Company.LO 1 Management Issues and Decisions Indicate whether each action pertains primarily to (a) cash flow
Calculate the amount of each item indicated by a letter in the table below. Treat each horizontal row LO 2 Parts of the Income of numbers as a separate problem. Net Cost of Sales Beginning Inventory
Determine the amount of gross purchases by preparing a partial income statement under the peri-Calculation: Missing Data odic inventory system, showing the calculation of gross profit from sales from
Using the selected year-end account balances at December 31, 20x2 for the Mill Pond General Store Account Name Debit Credit 297,000 Sales Sales Returns and Allowances Purchases 15,200 114,800
Using the selected account balances at December 31, 20xx for Nature's Adventure Store below, pre-LO 4 Preparation of Income Statement: Perpetual Inventory System pare an income statement for the year
Determine the missing data for each letter in the three income statements below for Lopata Office LO 2 Trading Income Statement: Missing Data, Multiple Years Supplies Company (in thousands): 20x3
Give the entries to record each of the following transactions (1) under the periodic inventory system LO 4 Recording Purchases: Periodic and Perpetual Inventory Systems and (2) under the perpetual
On June 15, the Jackson Company sold goods for 2,600 on terms of \(\mathrm{n} / 30\) to Clement Company. On June 20, Clement returned some of the goods for a credit of 600 , and on June 25 paid the
Careful scrutiny of accounting records and financial statements can lead to the discovery of fraud or embezzlement. Each situation below may indicate a breakdown in internal control. Indicate what
Sean O'Mara, who operates a small grocery store, has established the following policies with regard to the check-out cashiers:1. Each cashier has his or her own cash drawer, to which no one else has
Ruth's Video Store maintains the following policies with regard to purchases of new videotapes at each of its branch stores:1. Employees are required to take vacations, and duties of employees are
Developing a convenient means of providing sales representatives with cash for their incidental expenses, such as entertaining a client at lunch, is a problem many companies face. One company has a
An accountant is responsible for the following procedures: (1) receiving all cash; (2) maintaining the LO 5 Internal Control Evaluation
The Fellini Company purchased 9,200 of goods, terms \(2 / 10, \mathrm{n} / 30\), from the Vance Company and SO 8 Purchases and Sales Involving Discounts
Give the entries to record the following transactions engaged in by Westland Corporation, which
Give the entries to record the following transactions engaged in by Westland Corporation, which SO 8 Purchases Involving Discounts general ledger; (3) maintaining the accounts receivable subsidiary
Selected accounts from the adjusted trial balance for Helen's Toy Shop for the end of the accounting year March 31, 20x1, are shown below.The inventory for Helen's Toy Shop was 76,400 at the
At the end of the accounting year, August 31, 20x2, selected accounts from the adjusted trial balance LO 2 Trading Income Statement:LO 4 Perpetual Inventory System for Polly's Fashion Shop appeared
Heritage Company engaged in the following transactions in October:LO 4 Trading Transactions: Periodic and Perpetual Inventory Systems Oct. 7 Sold goods on credit to Larry Hill, terms \(\mathrm{n} /
Why does a business need short-term liquid assets? What three issues does management face in managing short-term liquid assets?
What is a factor, and what do the terms factoring with recourse and factoring without recourse mean?
What items are included in the Cash account? What is a compensating balance?
How do cash equivalents differ from cash? From current investments?
What are current investments and how are they valued at the balance sheet date?
What are unrealised gains and losses on marketable securities? On what statement are they reported?
Which of the following lettered items should be in Accounts Receivable? For those that do not belong in Accounts Receivable, state where on the balance sheet they do belong: (a) instalment accounts
What is the function of the accounts receivable subsidiary ledger, and how is this function related to Accounts Receivable?
According to accounting standards, at what point in the cycle of selling and collecting does a bad debt loss occur?
Are the following terms different in any way: allowance for bad debts, allowance for doubtful accounts, allowance for uncollectible accounts?
What is the effect on net profit of an optimistic versus a pessimistic view by management of estimated uncollectible accounts?
What is the underlying reasoning behind the percentage of net sales method and the accounts receivable ageing method of estimating uncollectible accounts?
What procedure for estimating uncollectible accounts also gives management a view of the status of collections and the overall quality of accounts receivable?
After adjusting and closing entries at the end of the year, suppose that Accounts Receivable is 176,000 and Allowance for Uncollectible Accounts is 14,500. (a) What is the collectible value of
Why should an account written off as uncollectible be reinstated if the amount owed is subsequently collected?
What is a promissory note? Who are the maker and payee?
What are the maturity dates of the following notes: (a) a 3month note dated August 16, (b) a 90 -day note dated August 16 , (c) a 60-day note dated March 25 ?
Why are businesses willing to pay a fee to credit card companies to be able to accept their cards from customers?
Indicate whether each of the actions below is primarily related to (a) managing cash needs during seasonal cycles, (b) setting credit policies, or (c) financing receivables.1. Buying a government
Using the following information selected from the financial statements of Lee Company, calculate the quick ratio, the receivable turnover, and the average days' sales uncollected: Current Assets Cash
Prepare a bank reconciliation from the following information:LO 2 Bank Reconciliationa. Balance per bank statement as of May 31, 4,227.27b. Balance per books as of May 31, 3,069.02c. Deposits in
Calculate the correct amount to replace each letter in the following table: Balance per bank statement a 8,900 315 Deposits in transit 600. b 50 1,990 125 Outstanding cheques 1,500 1,000 C Balance
Saito Corporation began investing in marketable securities and engaged in these transactions:Jan. 6 Purchased 7,000 shares of Chemical Bank shares, 30 per share, Feb. 15 Purchased 9,000 shares of
At the end of the year, Lockport Enterprises estimates the uncollectible accounts expense to be .7 per cent of net sales of \(30,300,000\). The current credit balance of Allowance for Uncollectible
Accounts Receivable of Kinsella Company shows a debit balance of 52,000 at the end of the year. An ageing analysis of the individual accounts indicates estimated uncollectible accounts to be 3,350.
At the beginning of \(20 \mathrm{xx}\), the balances for Accounts Receivable and Allowance for Uncollectible Accounts were 430,000 and 31,400 , respectively. During the current year, credit sales
Assuming that the allowance method is being used, prepare journal entries to record the following transactions:July 12, 20x1 Sold goods to Vera Barnes for 1,800 , terms n/10.Oct. 18, 20x1 Received
Determine the interest on the following notes:LO 5 Interest Calculations LO 5 Notes Receivable Transactions\section*{SO 6 Credit Card Sales} Transactions\section*{LO 2 Bank Reconciliation}a. 22,800
Prepare general journal entries to record the following transactions:Jan. 16 Sold goods to Brighton Corporation on account for 36,000 , terms \(\mathrm{n} / 30\).Feb. 15 Accepted a 36,000, 10 per
Prepare journal entries to record the following transactions for Toni's Novelties Store:Apr. 8 A tabulation of invoices at the end of the day showed 2,200 in American Express invoices and 1,200 in
The following information is available for Hernandez Company as of November 30, 20xx:a. Cash on the books as of November 30 amounted to 113,675.28. Cash on the bank statement for the same date was
During certain periods, Nicks Company invests its excess cash in marketable securities until it is\(20 \mathrm{xl}\)Apr. 15 Purchased 10,000 shares of Goodrich Paper at 40 per share and 5,000 shares
On December 31 of last year, the balance sheet of Marzano Company had Accounts Receivable of LO 4 Percentage of Net Sales Method 298,000 and a credit balance in Allowance for Uncollectible Accounts
Pokorny Company uses the accounts receivable ageing method to estimate uncollectible accounts.LO 4 Accounts Receivable Ageing The Accounts Receivable controlling account had a debit balance of 88,430
What are inventories, and what is the primary objective of inventory measurement?
How does inventory for a manufacturing company differ from that for a trading company?
Why is the level of inventory important, and what are two common measures of inventory level?
What items are included in the cost of inventory?
Fargo Sales Company is very busy at the end of its accounting year on June 30.There is an order for 130 units of product in the warehouse. Although the shipping department tries, it cannot ship the
What is the difference between goods flow and cost flow?
Do the FIFO and LIFO inventory methods result in different quantities of ending inventory?
Under which method of cost flow are (a) the earliest costs assigned to inventory, (b) the latest costs assigned to inventory, (c) the average costs assigned to inventory?
What are the relative advantages and disadvantages of FIFO and LIFO from management's point of view?
In periods of steadily rising prices, which inventory methodweighted-average-cost, FIFO, or LIFO-will give the (a) highest inventory cost, (b) lowest inventory cost, (c) highest net profit, and (d)
How do inventory methods affect income taxes?

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