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fundamentals financial accounting
Questions and Answers of
Fundamentals Financial Accounting
Answer the following questions about the characteristics of a corporation's shares:1. Who are the real owners of a corporation?2. What privileges do preferred shareholders have over common
Study George Weston Ltd.'s January 8, 2020, share issuance entry given on pages 400-401, and answer these questions about the nature of the transaction:1. If George Weston had sold the shares for
On December 31, 2020, shareholders' equity accounts of Green Products Inc. (GPI) had the balances shown below. GPI paid dividends of \(\$ 4,096\) on December 1, 2020.1. GPI sold 10,000 common shares
Use the Eppley Employment Services data in exercise 8-7 to compute Eppley's:a. Net incomeb. Total liabilitiesc. Total assetsExercise 8-7The financial statements of Eppley Employment Services Inc.
Karen Knox Exports, Inc., is a public company located in Clancy, New Mexico. The Knox family still owns a third of the outstanding voting shares. Knox is the only company with reliable sources for
Gleneagles Corporation earned net income of \(\$ 70,000\) during the year ended December 31, 2020. On December 15 , Gleneagles had declared the annual cash dividend on its \(\$ 0.50\) preferred
Refer to the allocation of dividends for Pinecraft Industries Inc. Answer these questions about Pinecraft's cash dividends:1. How much in dividends must Pinecraft declare each year before the common
Use the statement of changes in shareholders' equity in Exhibit 8-4 to answer the following questions:1. How much additional share capital did the issuance of shares raise during 2018 ?2. What effect
POLA Corporation's 2021 financial statements reported the following items, with 2020 figures given for comparison (in millions; \(¥\) is the symbol for the Japanese yen):Evaluate POLA's return on
Al December 31, 2019, Lake Air Mall Inc. reported shareholders' equity as follows:During 2020, Lake Air Mall completed these transactions (listed in chronological order):a. Declared and issued a \(5
Lofty Inns reported these figures for 2020 and 2019 (in millions):Evaluate Lofty's return on assets and return on equity for 2020. What additional information would help you make this
Burgers \& Fries, Inc., is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed the following share issuance
Citadel Sporting Goods is authorized to issue 5,000 preferred shares and 10,000 common shares. During a two-month period, Citadel completed these share-issuance transactions:Prepare the shareholders'
Sagebrush Software Lid. had the following selected account balances at December 31, 2020 (in thousands).Prepare the shareholders' equity section of Sagebrush Software's balance sheet (in thousands).
Journalize the following transactions of Concilio Video Productions Inc.What was the overall effect of these transactions on Concilio's shareholders' equity? April 19 July 22 Nov. 11 Issued 2,000
At December 31, 2019, Blumenthall Corporation reported the shareholders' equity accounts shown here (as adapted, with dollar amounts in millions):Blumenthall's 2020 transactions included the
Blumenthall Corporation earned \(\$ 350\) million in net income in 2020. Use this and the data in exercise E8-23 to prepare the shareholders' equity section of the company's balance sheet at December
(Optical Products Company reported the following shareholders' equity 'on its balance sheet:{Requirements}1. What could have caused Optical Products's preferred shares to decrease during 2020? Cite
Great Lakes Manufacturing Inc. reported the following:Great Lakes Manufacturing has paid all preferred dividends through 2016.{Requirement}Compute the total amounts of dividends to both preferred and
The shareholders equity for Best in Show Cinemas L.td. (BSC) (adapted) at December 31. 2019 , appears as follows:On April 15, 2020, the market price of BSC common shares was \(\$ 17\) per share.
Identify the effects--both the direction and the dollar amount-of the following assumed transactions on the total shareholders' equity of a large corporation. Each transaction is independent.a.
Solartech Inc. had the following sharcholders' equity at January 31 (dollars in millions):Assume that on March 7, Solartech split its common shares 2 for 1. Prepare the shareholders' equity section
The balance sheet of Oriental Rug Company reported the following:{Requirements}1. Compute the book value per share for the common shares, assuming all preferred dividends are fully paid up (none in
Lexington Inns reported these figures for 2020 and 2019 (in millions):{Requirement}Evaluate Lexington's return on assets and return on equity for 2020. What additional information would help you make
Easton Company included the following items in its financial statements for 2020, the current year (amounts in millions):Evaluate Easton's return on assets and return on equity for 2020. Payment of
A-1 Networking Solutions Inc. began operations on January 1, 2020. A-1's balance sheet at December 31, 2020, reported the following shareholders' equityDuring 2020, A-1:a. Issued 50,000 common shares
Fun City Inc. ended 2019 with 8 million common shares issued and outstanding. The average issue price was \(\$ 1.50\). Beginning retained earnings totalled \(\$ 40\) million.- In March 2020, Fun City
The bốard of directors of Freestroke Swim Centres Inc. is meeting to address the concerns of shareholders. Shareholders have submitted the following questions for discussion at the board meeting.
The articles of incorporation from the province of Ontario authorize Challenger Canoes Inc. to issue 10,000 shares of \(\$ 6\) preferred shares and 100,000 common shares. In its first month,
Samuells' Sportswear's articles of incorporation authorize the company to issue 5,000 \(\$ 5\) preferred shares and 500,000 common shares. Samuells' issued 1,000 preferred shares at \(\$ 100\) per
Calpak Winter Sports Lid. is positioned ideally in the winter business. Located in Whistler, B.C., Calpak is the only company with a distribution network for its imported goods. Calpak's recent
Wholegrain Health Foods Inc. is authorized to issue 5,000,000 common shares. In its initial public offering during 2016 , Wholegrain issued 500,000 common shares for \(\$ 7.00\) per share. Over the
Steelırap Security Inc. included the following shareholders' equity on its balance sheet at December 31, 2020:{Requirements}1. Identify the different issues of shares Steeltrap Security has
Exyuisite Jewellery Limited reported the following summarized balance sheet at December 31, 2019:During 2020, Exquisite completed these transactions that affected shareholders'
Niles Corporation completed the following selected transactions during the current year:{Requirement}Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Niles
The following accounts and related balances of Bluebird Designers, Inc., as of December 31, 2020, are arranged in no particular order.{Requirements}1. Prepare Bluebird's classified balance sheet in
Asian Food Specialties Inc. reported the following statement of changes in shareholders' equity for the year ended June 30, 2020. The company was founded in 2017 and issued 455 million common shares.
The partners who own Bassett Furniture Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as BFC Inc. The articles of incorporation from
Northwest Territories Inc. has the following shareholders' equity information:Northwest's incorporation authorizes the company to issue \(10,000 \$ 5\) cumulative preferred shares and 400,000 common
Gary Swan Imports Inc. is located in Stratford, Ontario. Swan is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as
Western Agriculture Industries Ltd. is authorized by the province of Saskatchewan to issue 500,000 common shares.In its initial public offering during 2016, Western Agriculture issued 200,000 of its
Teak Outdoor Furniture Limited included the following shareholders' equity on its year-end balance sheet at February 28, 2020:{Requirements}1. Identify the different issues of shares that Teak
Teak Outdoor Furniture Limited included the following shareholders' equity on its year-end balance sheet at February 28, 2020:{Requirements}1. Identify the different issues of shares that Teak
Winnipeg Enterprises Inc. reported the following summarized balance sheet at December 31, 2019:During 2020, Winnipeg Enterprise completed these transactions that affected shareholders'
Cones Inc. of Baie-Comeau completed the following transactions during 2020, the company's tenth year of operations:{Requirement}Analyze each transaction in terms of its effect (in dollars) on the
The following accounts and related balances of Dove Designers, Inc., as of December 31, 2020 , are arranged in no particular order.{Requirements}1. Prepare Dove's classified balance sheet in the
Datacom Services Inc: reported the following statement of changes in shareholders equity for the year ended October 31,2020{Requirements}Answer these questions about Datacom Services's shareholders'
Paying off bonds payable is reported on the statement of cash flows undera. operating activities.b. investing activities.c. financing activities,d. non-cash investing and financing activities.
The sale of inventory for cash is reported on the statement of cash flows undera. operating activities.b. investing activities.c. financing activitiesd. non-cash investing and financing activities.
Selling equipment is reported on the statement of cash flows undera. operating activities.b. investing activities.c. financing activities.d. non-cash investing and financing activities.
Which of the following terms appears on a statement of cash flows-indirect method?a. Payments to suppliersb. Amortization expensec. Collections from customersd. Cash receipt of interest revenue
On an indirect-method statement of cash flows, an increase in prepaid insurance would bea. included in payments to suppliersb. added to net income.c. added to increases in current assets.d. deducted
On an indirect-method statement of cash flows, an increase (in accounts payable would be"a. reported in the investing activities section.b. reported in the financing activities section.c. added to
On an indirect-method statement of cash flows, a gain on (he sale of plant assets would bea. ignored, because the gain did not generate any cash.b. reported in the investing activities section.c.
Paying cash dividends is a/an activity.. Receiving cash dividends is a/an activity.
Matlock Camera Co. sold equipment with a cost of (. \(\$ 20,000\) and accumulated depreciation of \(\$ 8,000\) for an amount that resulted in a gain of \(\$ 3,000\). What amount should Matlock report
How many items enter into the computation of Trudeau's net cash provided by operating activities?a. 2b. 3c. 5d. 7 B C D Trudeau Corporation Income Statement For the Year Ended December 31, 2020 Sales
How do Trudeau's accrued liabilities affect the company's statement of cash flows for 2020?a. They don't because the accrued liabilities are not yet paidb. Increase in cash provided by operating
How do accounts receivable affect Trudeau's cash flows from operating activities for 2020?a. Increase in cash provided by operating activitiesb. Decrease in cash provided by operating activitiesc.
Trudeau's net cash provided by operating activities during 2020 wasa. \(\$ 3,000\).b. \(\$ 47,000\).c. \(\$ 51,000\)d. \(\$ 58,000\). B C D Trudeau Corporation Income Statement For the Year Ended
How many items enter into the computation of Trudeau's . net cash flow from investing activities for 2020?a. 2b. 3c. 5d. 7 B C D Trudeau Corporation Income Statement For the Year Ended December 31,
The carrying amount of equipment sold during 2020 was ( \(\$ 20,000\). Trudeau's net cash flow from investing activities for 2020 wasa. net cash used of \(\$ 22,000\).b. net cash used of \(\$
How many items enter into the computation of Trudeau's net cash flow from financing activities for 2020?a. 2b. 3c. 5d. 7 B C D Trudeau Corporation Income Statement For the Year Ended December 31,
Trudeau's largest financing cash flow for 2020 resulted from thea. sale of equipment.b. purchase of equipment.c. issuance of common shares.d. payment of dividends. B C D Trudeau Corporation Income
Trudeau's net cash flow from financing activities for 2020 wasa. net cash used of \(\$ 25,000\).b. net cash used of \(\$ 20,000\).c. net cash provided of \(\$ 10,000\).d. net cash used of \(\$
Sales totalled \(\$ 800,000\), accounts receivable increased by\(\$ 40,000\), and accounts payable decreased by \(\$ 35,000\). How much cash did this company collect from customers?a. \(\$
Income Tax Payable was \(\$ 5,000\) at the end of the year and \(\$ 2,800\) at the beginning. Income tax expense for the year totalled \(\$ 59,100\). What amount of cash did this company pay for
The following data come from the inventory records of (. Dodge Company:Based on these facts, the gross profit for Dodge Company isa. \(\$ 150,000\).b. \(\$ 220,000\)c. \(\$ 190,000\).d. some other
Riverside Software began. January with \(\$ 3,500\) of merchandise inventory. During January, Riverside made the following entries for its inventory transactions:What was the value of Riverside's
Use the data in question 1 . What is Riverside's gross profit for January?a. \(\$ 0\)b. \(\$ 1,700\)c. \(\$ 5,500\)d. \(\$ 7,200\)Question 1Riverside Software began. January with \(\$ 3,500\) of
When does the cost of inventory become an expense?a. When cash is collected from the customerb. When inventory is purchased from the supplierc. When payment is made to the supplierd. When inventory
If Leading Edge uses the FIFO method, the cost of the ending inventory will bea. \(\$ 10,600\).b. \(\$ 15,000\).c. \(\$ 15,300\).d. \(\$ 15,600\).Use the following facts. Leading Edge Frame Shop
If Leading Edge uses the weighted-average-cost method, cost of goods sold will bea. \(\$ 10,600\).b. \(\$ 15,000\)c. \(\$ 15,300\)d. \(\$ 15,600\)Use the following facts. Leading Edge Frame Shop
In a period of rising pricesa. gross profit under FIFO will be higher than under weighted-average cost.b. weighted-average-cost inventory will be greater than FIFO inventory.c. cost of goods sold
The income statement for Heritage Health Foods shows ( gross profit of \(\$ 144,000\), operating expenses of \(\$ 130,000\), and cost of goods sold of \(\$ 216,000\). What is the amount of net sales
The phrase "net realizable value" as used in "the lower of cost and net realizable value" generally meansa. original cost.b. market value.c. retail market price.d. liquidation price
The sum of ending inventory and cost of goods sold isa. goods available for saleb. net purchasesc. gross profit.d. beginning inventory.
Elizabeth Baker Cosmetics ended May with inventory of \(\$ 20,000\). Elizabeth Baker expects to end June with inventory of \(\$ 15,000\) after cost of goods sold of \(\$ 90,000\). How much inventory
Two financial ratios that clearly distinguish a discount chain such as Walmart from a high-end retailer such as Tiffany \& Co. are the gross profit percentage and the rate of inventory turnover.
Sales are \(\$ 500,000\), and cost of goods sold is \(\$ 300,000\). Beginning and ending inventories are \(\$ 25,000\) and \(\$ 35,000\), respectively. How many times did the company turn its
Tulsa Inc. reported the following data:Tulsa's gross profit percentage isa. \(47.9 \%\).b. \(52.1 \%\).c. \(53.1 \%\).d. \(54.0 \%\). Freight-in $ 20,000 Sales returns $ 10,000 Purchases 205,000
Sales discounts should appear in the financial statementsa. as an addition to inventory.b. as an addition to sales.c. as an operating expense.d. as a deduction from sales.
An error understated Rice Corporation's December 31 , (2020, ending inventory by \(\$ 40,000\). What effect will this error have on total assets and net income for 2020? Assets a. No effect b. No
What is the effect of Rice Corporation's 2020 inventory error on net income for 2021?a. No effectb. Understatec. Overstate
Allstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of \(\$ 1,500\). During April, Allstate purchased 20 sets of clubs for \(\$ 3,200\). At the end of
University Copy Centre Ltd. uses laser printers. The company started the year with 100 containers of ink (weighted-average cost of \(\$ 9.20\) each, FIFO cost of \(\$ 9\) each). During the year,
This exercise should be used in conjunction with exercise 5-4. Now assume that University Copy Centre in exercise S5-4 is a corporation subject to an \(18 \%\) income tax Compute University Copy
It is December 31, 2020, end of year, and the controller of Garcia Corporation is applying the lower-of-cost-and-net-realizable-value (LCNRV) rule to inventories. Before any year-end adjustments
Assume Gildan Activewear Inc. made sales of \(\$ 964.4\) million during 2020. Cost of goods sold for the year totalled \(\$ 655.3\) million. At the end of 2019, Gildan's inventory stood at \(\$
CWD Inc. reported these figures for its fiscal year (amounts in millions):Suppose CWD later learns that ending inventory was overstated by \(\$ 10\) million. What are CWD's correct amounts for (a)
Suppose Staples Inc.' \(\$ 1.9\) million cost of inventory at its fiscal year-end on January 31 . 2019 , was understated by \(\$ 0.5\) million.1. Would 2019 reported gross profit of \(\$ 5.2\)
Capital Technologies Inc. began 2020 with inventory of \(\$ 20,00(0)\). During the year. Capital purchased inventory costing \(\$ 100,00(\) and sold goods for \(\$ 1+0,000\), with all transactions on
Use the data in exercise 5-11 to do the following for Capital Technologies Inc.:1. Post to the Inventory and Cost of Goods Sold accounts.2. Compute cost of goods sold using the example given in
Accounting records for Red Deer Tire Ltd. yield the following data for the year ended December 31, 2020 (amounts in thousands):{Requirements}1. Journalize Red Deer Tire's inventory transactions for
Langley Inc. inventory records for a particular development program show the following at October 31, 2020:At October 31, ten of these programs are on hand. Langley uses the perpetual inventory
Use the data for Langley Inc. in exercise 5-14 to answer the following{Requirements}1. Compute cost of goods sold and ending inventory, using each of the following methods:a. Specific unit cost, with
Use the data in exercise E5-14 to illustrate Langley's income tax advantage from using weighted-average cost over FIFO cost. Sales revenue is \(\$ 6,000\), operating expenses are \(\$ 1,100\), and
MusicBiz.net Ltd. specializes in sound equipment. Because each inventory jtem is expensive, MusicBiz uses a perpetual inventory system. Company records indicate the following data for a line of
Suppose a Johnson store in Ottawa, Ontario, ended November 2020 with 800,000 units of merchandise that cost an average of \(\$ 8\) each. Suppose the store then sold 600,000 units for \(\$ 5.0\)
Tavistuck Inc. uses a perpectual inventory system. Tavistock has these account balances at December 31, 2020, prior to making the year-end adjustments:A year ago, the net realizable value of
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