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Accounting
On January 1, 2015, Niagara Constructions Inc. signed a contract for constructing a high-rise condominium complex with a client for $20 million over a period of three years. The costs of construction
Vision Equipment reported the following items on February 28, 2015 (amounts in thousands, with last year's amounts also given as needed):Requirementsa. Compute Vision Equipment's (a) quick ratio and
Blue Mountain, Inc., uses the allowance method to account for bad debts. Record the following transactions that occurred during the year:
Rice Automotive ended December 2014 with Accounts Receivable of $30,000 and Allowance for Doubtful Accounts of $1,500. During January 2015, Rice Automotive completed the following
On December 31, 2015, the Accounts Receivable balance of Alterations Express is $300,000. The Allowance for Doubtful Accounts has a $3,900 credit balance. Alterations prepares the following aging
Momo Industries began operations on January 1, 2015. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts.
On April 30, 2015, Scotiabank loaned $100,000 to Grant Hughes on a one-year, 6% note.Requirements1. Compute the interest for the years ended December 31, 2015 and 2016, on the Hughes note.2. Which
On January 1, 2015, Global Constructions Inc. signed a contract for constructing a mall with a client for $30 million over a period of three years. The costs of construction are estimated to be $24
Algonquin Equipment reported the following items on November 30, 2015 (amounts in thousands, with last year's amounts also given as needed):Requirementsa. Compute Algonquin Equipment's (a) quick
Keene Industries uses the allowance method to account for bad debts. Record the following transactions that occurred during the year:
Ortiz Automotive ended December 2014 with Accounts Receivable of $20,000 and Allowance for Doubtful Accounts of $5,900. During January 2015, Ortiz Automotive completed the following
On July 31, 2015, the Accounts Receivable balance of Questor Application, Inc. is $320,000. The Allowance for Doubtful Accounts has a $6,400 credit balance. Questor prepares the following aging
Vihn Luggage Manufacturing began operations on January 1, 2015. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and
On June 30, 2015, Nature Bank loaned $2,000,000 to Gary Simon on a one-year, 7% note.Requirements1. Compute the interest for the years ended December 31, 2015 and 2016, on the Simon note.2. Which
The Bailey Insurance Agency received the following notes during 2015:Requirements1. Identifying each note by number, compute interest using a 360-day year, and determine the due date and maturity
The comparative financial statements of Bien Taco Restaurants for 2015, 2014, and 2013 include the following selected data:Requirements 1. Compute these ratios for 2015 and 2014: a. Quick ratio. b.
The Buffalo Insurance Agency received the following notes during 2015:Requirements1. Identifying each note by number, compute interest using a 360-day year, and determine the due date and maturity
The comparative financial statements of Perfection Taco Restaurants for 2015, 2014,and 2013 include the following selected data:Requirements1. Compute these ratios for 2015 and 2014:a. Quick
If a machine that cost $10,000 was estimated to have a salvage value of zero after a useful life of 10 years and was sold for $4,500 after it had been owned for 6 complete years, what would be the
On March 31, 2015, Orbit Airways purchased a used Boeing aircraft at a cost of $45 million. Orbit Airways expects to fly the plane for five years and to have a residual value of $5 million. Compute
At the end of 2015, Zeman, Corp. had total assets of $25 million and total liabilities of $13 million. Included in the assets were property, plant, and equipment with a cost of $9 million and
On October 1, 2015, Alexander Corp. bought furniture for its new office for $20,000. (Furniture falls within class 8-CCA rate 20%). The residual value of the furniture is $2,000, and it is expected
The following information is provided for Interlink Industries Inc. for the year 2015 along with industry averages:Net sales for 2015 amounted to $150,000 and net income was $50,000. Requirements 1.
Memorial Medical Centre bought equipment on January 2, 2015, for $30,000. The equipment was expected to remain in service for four years and to perform 1,000 operations. At the end of the equipment's
On January 2, 2015, Bright Lights purchased showroom fixtures for $10,000 cash, expecting the fixtures to remain in service for five years. Bright Lights has depreciated the fixtures on a
At the end of 2015, Zaney, Corp. had total assets of $26 million and total liabilities of $15 million. Included in the assets were property, plant, and equipment with a cost of $14 million and
TaoYuen Ltd. has four assets. You are an accounting assistant who is in charge of identifying the recoverable amount and determining whether each of the assets is impaired. If so, what is the amount
On November 1, 2015, Fresh Manufacturers Inc. bought a line of production machinery for its new office for $500,000. (Machines fall within class 38-CCA rate 30%.) The residual value of the machinery
The following information is provided for Canadian Industries Inc. for the year 2015 along with industry averages:Net sales for 2015 amounted to $75,000 and net income was $25,000. Requirements 1.
General Medical Centre bought equipment on January 2, 2015, for $18,000. The equipment was expected to remain in service for four years and to perform 400 operations. At the end of the equipment's
On January 2, 2015, Shine Lights purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for five years. Shine Lights has depreciated the fixtures on a straight-line
Provincial Manufacturing incurred the following costs in acquiring land, making land improvements, and constructing and furnishing a new building:Provincial Manufacturing depreciates buildings over
On October 1, 2015, Lyndon, Inc. purchased a computer system for $86,000 from AIT Systems. The computer system had an estimated life of five years and residual value of $3,000. Lyndon paid $2,820 for
On July 1, 2015, Park and Kim, Ltd. purchased a factory, including factory building, land, machine, and fixtures, for $825,000. Park and Kim hired an appraiser to provide the appraisal value for each
On January 3, 2015, Jose Rojo, Inc. paid $224,000 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $700 transportation charges, $100
On January 1, 2015, Nami Inc.'s ledger shows its capital asset of $79,000 (at cost) and accumulated depreciation of $28,125. When the capital asset was purchased, Nami estimated that its useful life
On July 1, 2015, Seto, Inc. purchased a fire extinguisher system for $130,000 from MTI Systems. The fire extinguisher system had an estimated life of 15 years and residual value of $2,800. Seto paid
On April 1, 2015, KD Candies, Ltd. purchased a candy factory, including a building, computer system, and equipment for $550,000. KD Candies hired an appraiser to provide the appraisal value for each
On July 1, 2015, Yama Inc.'s ledger shows its capital assets at $144,000 (at cost) and accumulated depreciation of $55,000. When the capital assets were purchased, Yama estimated that their useful
What journal entry is made when unearned revenue is earned?
What are the differences between an operating lease and a capital lease? Discuss.
On June 30, 2015, Harper, Co. purchased $9,000 of inventory for a one-year, 9% note payable. Journalize the following for the company:a. Accrual of interest expense on December 31, 2015b. Payment of
On September 30, 2015, Tucker, Co. borrowed $15,000 on a one-year, 7% note payable. What amounts would Tucker, Co. report for the note payable and the related interest payable on its statement of
Carruthers Medical Group borrowed $300,000 on July 1, 2015, by issuing a 9% long-term note payable that must be paid in three equal annual instalments plus interest each July 1 for the next three
Yip Inc. issued $800,000 of 8-year, 9% bonds payable on October 1, when the market rate was 8%. Yip Inc. pays interest each March 31 and September 30 and amortizes any discount or premium by the
Tran Inc. issued $500,000 of 8-year, 7% bonds payable on July 1, 2015 when the market rate was 6%. Tran Inc. pays interest each June 30 and December 31 and amortizes any discount or premium by the
The following is Hoshi's payroll information on employees' deductions for March:Hoshi pays its employees at the end of each month, and is required to remit employees' deductions and payroll payable
Chemco Company is facing the following situations, and the owner of the company needs your help in identify the accounting treatment: 1. In making one of Chemco's products, Chemco leaked out waste
Bon Secour Medical Group borrowed $600,000 on July 1, 2015, by issuing a 14% long-term note payable that must be paid in three equal annual instalments plus interest each July 1 for the next three
The following transactions of Austin's Marine Supply occurred during 2015 and 2016:2015Feb 3 Purchased equipment for $15,000, signing a six-month, 4% note payable.28 Recorded the week's sales of
Jordan, Corp. completed the following transactions in 2015:Jan 1 Purchased a building costing $100,000 and signed a 10-year, 10% mortgage note payable for the same amount.Jun 30 Made the first
Assume that on April 1, 2015, Roland, Corp. issues 8%, 10-year bonds payable with a maturity value of $400,000. The bonds pay interest on March 31 and September 30. Roland's fiscal year-end is
On January 1, 2015, Cave Creek Golf Club issued $600,000 of 20-year, 9% bonds payable. The bonds were sold for $600,000. The bonds pay interest each June 30 and December 31 and any discount or
The following transactions of Handy Andy's stores occurred during 2015 and 2016:2015Feb 3 Purchased equipment for $10,000, signing a six-month, 11% note payable.28 Recorded the week's sales of
Franco, Corp. completed the following transactions in 2015:Jan 1 Purchased a building costing $140,000 and signed a 10-year, 11% mortgage note payable for the same amount.Jun 30 Made the first
Assume that on February 1, 2015, Atlantic, Corp. issued 9%, 10-year bonds payable with maturity value of $800,000. The bonds pay interest on January 31 and July 31. Atlantic's fiscal year-end is
On January 1, 2015, De La Terre Bistro issued $700,000 of 15-year, 7% bonds payable. The bonds were sold for $725,000. The bonds pay interest each June 30 and December 31.Requirements1. Fill in the
What could you reasonably conclude if a company reports more shares issued than outstanding?
Why are preferred dividends subtracted from the numerator in calculating the return on common equity ratio?
Classic Corporation began operations in 2015. After issuing its common shares to the public, Classic Corporation completed the following treasury shares transaction:a. Purchased 2,000 shares of the
Tricor, Corp. was incorporated on January 20, 2015. During 2015, Tricor had the following transactions related to share capital: 1. Issued 300,000 common shares for $3 million. 2. Issued 20,000
At December 31, 2015, Kingston Company reported the following on its comparative statement of financial position, which included 2014 amounts for comparison:1. How much did Kingston Company's total
Smart Tech Inc.'s shareholders' equity on December 31, 2014, was as follows: Shareholders' Equity Share Capital: Preferred Shares, $1 accumulated deferred dividends, 150,000 shares authorized, 50,000
The shareholders' equity for Blade, Inc. on December 31, 2014, follows:Shareholders' EquityShare Capital:Common Shares, 100,000 shares authorized,50,000 shares issued and outstanding
Lipton Travel, Inc. had the following shareholders' equity at May 31: Shareholders' Equity Share Capital: Common Shares, 200,000 shares authorized, 50,000 shares issued and outstanding
Shohei Inc.'s shareholders' equity on December 31, 2014, was as follows: Shareholders' Equity Share Capital: Preferred Shares, $0.75 accumulated deferred dividends, 500,000 shares authorized, 100,000
The shareholders' equity for Pondwood, Inc. on December 31, 2014, follows:Shareholders' EquityShare Capital:Common Shares, 350,000 shares authorized,40,000 issued and outstanding
Gamma Corporation was organized in 2014. At December 31, 2014, Gamma Corporation's statement of financial position reported the following shareholders' equity:Shareholders' EquityShare
At December 31, 2014, Eaton Corp. reported the following shareholders' equity: Shareholders' Equity Share Capital: Common Shares, 400,000 shares authorized, 120,000 shares issued and 100,000
Robert Corporation was organized in 2014. At December 31, 2014, Robert Corporation's statement of financial position reported the following shareholders' equity:Shareholders' EquityShare
At December 31, 2014, Maloney, Corp. reported the following shareholders' equity. Shareholders' Equity Share Capital: Common Shares, unlimited number of shares authorized, 200,000 shares issued and
A company used cash to build a new factory and received cash when it sold off the machines in the old factory. In which section of the statement of cash flows would the cash flows from these
A company used cash to pay employees and received cash from performing services. In which section of the statement of cash flows would the cash flows from these activities be reported?
A company issued bonds during the year. Would this be reported as a source or use of cash on the statement of cash flows? In which section would it be reported?
How would the sale of treasury shares that were acquired three years ago appear in the statement of cash flows (if at all)?
C. Kirk Corporation reported the following data for 2015:Compute C. Kirk Corporation's net cash provided by operating activities according to the indirect method.
Uhura Health Spas began 2015 with cash of $104,000. During the year, Uhura earned service revenue of $600,000 and collected $590,000 from customers. Expenses for the year totalled $420,000, of which
Sawada Trading Company's income statement and comparative statement of financial position appear as follows:Additional information related to business activities during 2015: 1. All accounts payable
The 2015 comparative statement of financial position and income statement of A. Karev Medical Supplies follow:A. Karev Medical Supplies had no noncash investing and financing transactions during
To prepare the statement of cash flows, accountants for C. Yang, Inc. summarized 2015 activity in the Cash account as follows:Requirement 1. Prepare the statement of cash flows of C. Yang, Inc. for
The 2015 comparative statement of financial position and income statement of Goldman Medical Supplies follow:Goldman Medical Supplies had no noncash investing and financing transactions during 2015.
To prepare the statement of cash flows, accountants for H. Laurie, Inc. summarized 2015 activity in the Cash account as follows:Requirement 1. Prepare the statement of cash flows of H. Laurie, Inc.
How is percentage change calculated?
A company has experienced increases in accounts receivable and inventory turnover ratios and has cash flows from operations that exceed net income. All other things constant, what could you conclude
Which amount is the base amount for vertical analysis on the income statement?
Which amount is the base amount for vertical analysis on the statement of financial position?
In 2015, common shareholders received $2 per share in annual dividends. The market price per share for common shares was $12. Compute the dividend yield for common shares.
The 2015 accounting records of Star Records showed the following: Cash, $15,000; Net Accounts Receivable, $8,000; Inventory, $5,000; Prepaid Expenses, $4,000; Net Plant and Equipment,
The 2014 and 2015 statements of financial position for Jackson and Sons showed net accounts receivable of $10,000 and $14,000, respectively, and inventory of $8,000 and $6,000, respectively. The
In addition to the information from S12-6, assume that cash on the 2015 statement of financial position was $20,000 and current liabilities totaled $24,000. Compute the following ratios for 2015: 1.
The 2015 financial statements for Country Cousin Stores show total assets of $490,000, total liabilities of $290,000, net sales of $1,800,000, net income of $450,000, income from operations of
Using the information from S12-8, a market price of $25 per common share, and 100,000 common shares outstanding, compute the following for 2015: 1. Earnings per share 2. Price/earnings ratio In
For 2014 and 2015, compute the four ratios that measure the ability to earn profits for Fabulous Fashions, Inc., whose comparative income statement follows:Additional data follow:Requirement1. Did
For 2014 and 2015, compute the four ratios that measure the ability to earn profits for Waldorf Fashions, Inc., whose comparative income statement and additional data follow:Additional data
Presented next are four independent situations related to future and present values.Requirement1. Using the tables in this appendix, calculate the future or present value of each item as needed.a.
Allen Hamilton is considering two plans for building an education fund for his children.Plan A-Invest $2,000 each year for six years. This investment will earn 10% annual interest.Plan B-Invest
Aztec Electronics, Inc. needs new manufacturing equipment. Two companies can provide similar equipment but under different payment plans:a. Fancher Manufacturing offers to let Aztec Electronics, Inc.
Your tenant, Sandra, has just signed a one-year lease to rent the apartment from you at $850 per month, payable at the end of each month. However, you are short of cash and offer to accept a single
Chan just won the grand prize at the city lottery, which consists of $100,000 at the end of one year, $200,000 at the end of two years, and $300,000 at the end of three years. The city lottery
Hussain wants to buy a new car, which will cost him $23,000, tax included. Hussain has only $18,000 in his bank account, and does not like the idea of borrowing. He has decided to delay buying the
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