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If Intro to Fcl Accounting print form... ' . I . I . _ I " . V I I ' _ 20.what kind of assumptions is made by Big Dog Carworks Corp. about asset capitalization? Over what periods of time are assets being amortized? 21.5hould the salary of BDCC's president he recorded as an asset since his salary brings benefits to the company in future accounting periods? 22.What adjustments might management make to the nancial information when preparing the annual financial statements? Consider the following categories: a.Current asset accounts b.Non-current asset accounts c. Current liability accounts d.Non-current liability accounts. Indicate several examples in each category. Use the BDCC statement ofnancial position and notes 3 and 5 for ideas. 23.What sequence of steps is likely followed in preparing BDCC's annual financial statements? 24.What are the advantages of using a classified statement of nancial position? Why are current accounts shown before non- current ones on BDCC's statement of financial position? 25.How does Big Dog Carworks Corp. make it easier to compare information from one time period to another? 26.Who is the auditor of BDCC? What does the auditor's report tell you about BDCC's nancial statements? Does it raise any concerns? 27.What does the auditor's report indicate about the application of generally accepted accounting principles in BDCC's financial statements? 28.What is BDCC management's responsibility with respect to the company's financial statements? Do the financial statements belong to management? the auditor? the board of directors? shareholders? 152 CHAPTER FOUR/ The Classied Statement of Financial Position and Related Disclosures Comprehension Problems CP 41 The following list of accounts is taken from the records of the Viking Company Ltd. at December 31, 2018: Account Balance Accounts payable $200 Accounts receivable 100 Bank loan, due within 90 days 500 Building 1,000 Cash 20 Equipment 500 Land 2,000 Mortgage payable [due 2021) 1,500 Notes receivable, due within 90 days 40 Prepaid insurance 30 Retained earnings ? Salaries payable 60 Share capital 1,200 Unused supplies 10 Required: Prepare a classied statement of financial position. Assume all accounts have normal balances. 4 Previous Next > 5 [To Do Q Notifications K4 Inbox 98% Intro to Fcl Accounting print form... ASSIGNMENT MATERIALS Concept Self-check 1. What shapes and limits an accountant's measurement of wealth? 2. Are financial statements primarily intended for internal or external users? 3. What are the common classifications within a classified statement of financial position? 4. What are current assets? 5. What are non-current assets? 6. What are current liabilities? 7. What are non-current liabilities? 8. What is the purpose and content of the notes to the financial statements? 9. What is the purpose and content of the auditor's report? 10. What is the purpose and content of the report that describes management's responsibility for financial statements? To answer the following, refer to the Big Dog Carworks Corp. financial statements for the year ended December 31, 2020 and other information included in this chapter. 11.Identify the economic resources of Big Dog Carworks Corp. shown in its financial statements. 12. What comprise the financial statements of BDCC? 13. Why does BDCC prepare financial statements? 14. From the statement of financial position at December 31, 2020 extract the appropriate amounts to complete the following accounting equation: ASSETS = LIABILITIES + SHAREHOLDERS' EQUITY 15. If ASSETS - LIABILITIES = NET ASSETS, how much is net assets at December 31, 2020? Is net assets synonymous with shareholders' equity? 16. What types of assets are reported by Big Dog Carworks Corp.? What types of liabilities? 17. Accounting for financial transactions makes it possible to measure the progress of the entity. How do generally accepted accounting principles positively affect this measurement process? CHAPTER FOUR / The Classified Statement of Financial Position and Related Disclosures 151 18. From reading the financial statements including the notes to the financial statements, can you tell whether BDCC has made any cost-benefit judgements about certain disclosures? How do these take materiality into account 19. Does Big Dog Carworks Corp. use the cash basis of accounting or the accrual basis? How can you tell? 20. What kind of assumptions is made by Big Dog Carworks Corp. about asset capitalization? Over what periods of time are assets being amortized? 21.Should the salary of BDCC's president be recorded as an asset since his salary brings benefits to the company in future accounting periods? 22. What adjustments might management make to the financial information when preparing the annual financial statements? Consider the following categories: a. Current asset accounts b. Non-current asset accounts c. Current liability accounts d. Non-current liability accounts. Indicate several examples in each category. Use the BDCC statement of financial position and notes 3 and 5 for ideas. 23. What sequence of steps is likely followed in preparing BDCC's annual financial statements? 24. What are the advantages of using a classified statement of financial position? Why are current accounts shown before non- Previous Next 5 To Do Notifications Inbox8:26 PM Mon Mar 1 97% Mar 3, 2021 | 10 pts Description P 4-2 (10) due on 3/3 on p.156 Mar 3, 2021 | 10 pts hints of CP 4-1-1.docx CP 4.1-1.docx CP 5-1 (5) due on 3/10 on p.200 Mar 10, 2021 | 5 pts P 5-3 (7) due on 3/10 on p.209 Mar 10, 2021 | 7 pts Submit Assignment P 5-4 (8) due on 3/10 Mar 10, 2021 | 8 pts Previous Next 5 Dashboard 888 Calendar To Do Notifications Inbox\f98%