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Cost Accounting
Use the information supplied in Exercise 11-8 for Ben Bowman and Savannah Mapes. a. Determine the division of $100,000 net income for the year. b. Provide journal entries to close (1) the income
On January 1, 2015, Kevin Schmidt and David Cohen form a partnership. Schmidt agrees to invest $12,000 cash and inventory valued at $32,000. Cohen invests certain business assets at valuations agreed
Artemis LLP has four partners, with equity balances on January 1, 2015, as follows:Sam Frances .............................$115,800Lynn Madson ........................... 120,500Mike Wang
Louis, Alexis, and Donald LLP had equity balances on January 1, 2015, as follows:Sandra Louis ........................$106,700Amelia Alexis ....................... 58,400Alex Donald
The ledger of Ken White and Alex Weekley, lawyers, contains the following accounts and balances after adjustments have been recorded on December 31, 2015:The balance in Weekley's capital account
Jordan Cates and LaToya Orr have operated a successful firm for many years, sharing net income and net losses of the partnership equally. Caleb Webster is to be admitted to the partnership on June 1
Noni Fidler is to retire from the partnership of Fidler and Associates as at December 31, 2015. After closing the accounts, the capital balances of the partners are as follows: Noni Fidler, $245,000;
After the accounts are closed on September 10, 2015, prior to liquidating the partner- ship, the capital accounts of Kris Harken, Brett Sedlacek, and Amy Eldridge are $31,000, $5,700, and $24,500,
On June 3, 2015, the firm of Adams, Watkis, and Cooper decided to liquidate its partner- ship. The partners have capital balances of $14,000, $84,000, and $118,000, respectively. The cash balance is
On January 10, 2016, Jarius Walker and Rae King form a partnership. Walker agrees to invest $18,200 in cash and inventory valued at $48,800. King invests certain business assets at valuations agreed
Larson and Amos have decided to form a partnership. They have agreed that Larson is to invest $150,000 and that Amos is to invest $50,000. Larson is to devote one-half time to the business, and Amos
Ambiguity LLP has four partners, with equity balances on January 1, 2015, as follows: Von Porter ............................. $68,500 Elisse Rand ............................ 75,000 Ming Foo
Funk, George, and Lafayette LLP had equity balances on January 1, 2015, as follows:David Funk .......................... $160,050Nathan George .......................87,600Princess Lafayette
The ledger of Shizuka Kikuchi and Kilmeny Jones, lawyers, contains the following accounts and balances after adjustments have been recorded on December 31, 2015:The balance in Jones's capital account
Sadhil Rao and Lauren Sails have operated a successful firm for many years, sharing net income and net losses of the partnership equally. Paige Hancock is to be admitted to the partnership on May 1
Sandra Brox is to retire from the partnership of Brox and Associates as at December 31, 2015. After closing the accounts, the capital balances of the partners are as follows: Sandra Brox, $144,600;
After the accounts are closed on July 3, 2015, prior to liquidating the partnership, the capital accounts of Whitney Lacy, Eli Oliver, and Marc Dussault are $28,200, $7,800, and $37,200,
On October 1, 2015, the firm of Orson, Dorr, and Killough decided to liquidate its partnership. The partners have capital balances of $48,000, $63,000, and $11,000, respec- tively. The cash balance
Nova Corporation, organized on January 1, 2015, had 3,000 $2 cumulative preferred shares and 5,000 common shares issued and outstanding. Nova Corporation paid no dividends in 2015 and 2016. In 2017,
Name at least four differences between partnerships and corporations.
1. Sami Tokar and Janet Locher will not be responsible for income tax on their $350,000 business income this year. 2. When Carm Cassman and Carl Donker receive funds from their business for personal
Cornerstone Fitness Inc. is a health and wellness centre. During 2015, Cornerstone Fitness earned $326,000 in revenue, incurred $98,000 of expenses, and paid $32,000 in dividends. Cornerstone Fitness
On October 15, Crimson Pottery Corporation issued for cash 400,000 common shares at $4.50 per share. On November 6, Crimson Pottery issued 15,000 $1 preferred shares for $32 per share. On December
The important dates related to a cash dividend of $246,500 on a corporation's common shares are July 31, August 12, and August 28. Journalize the entries required on each date.
Taiwanese Company has 5,000 $1.60 cumulative preferred shares and 10,000 common shares. The following amounts were distributed as dividends: Year 1 ....................... $15,000 Year 2
Using the following accounts and May 31, 2015 balances, prepare the Shareholders' Equity section of the balance sheet for Able Corporation Ltd. as at May 31, 2015. There are 70,000 common shares
Happy Rupert's Pets Ltd. has a November 30 year-end, and it began the year 2015 with the following balances: Retained Earnings .......................................$346,190 Accumulated Other
Hornblower Cruises Ltd. reported the following results for the year ended October 31, 2015: Retained earnings, November 1, 2014 ...................... $1,500,000 Net income
Barker Inc.'s shareholders' equity balance on January 1, 2015, was $32,645. It reported the following account balances as at December 31, 2015:Net income
Janice Rockover has been operating her flower shop as a sole proprietorship for five years. She is currently trying to decide between three options: continuing as a sole proprietorship, taking on a
On May 1, 2015, Welland Fisheries Inc. declared $235,000 in dividends, to be paid on July 3 to shareholders of record on June 5. On June 5, 30,000 $4 preferred shares and 46,000 common shares were
Ridge Crest Inc., a developer of construction equipment, has shares outstanding as follows: 25,000 $2 cumulative preferred shares and 72,000 common shares. During its first four years of operations,
Norwest Products Inc., a wholesaler of office products, was organized on January 20 of the current year, with an authorization of 175,000 $1.50 preferred shares and unlimited common shares. The
Kroker Plumbing Ltd., a plumbing installation company, began the year with the following balances: Accumulated other comprehensive income . . . . . . . . . . . . . . . $136,000 Retained earnings . .
My Fair Lady Inc. sells ladies' fashions. The following balances were as at March 1, 2015: Accumulated other comprehensive income . . . . . . . . . . . . . . . $253,967 Retained earnings . . . . .
1. Michael and Matthew will each pay their share of income tax on the business income when they file their personal income tax returns. 2. Sharon is responsible for all the debts of the business. 3.
Bancroft Corporation, a manufacturer of industrial pumps, reported the following results for the year ended January 31, 2015: Retained earnings, February 1, 2014. . . . . . . . . . . . . . . . . . .
Sandy Corporation, a manufacturer of chemical compounds, reports the following results for the year ended October 31, 2015: Retained earnings, November 1, 2014 . . . . . . . . . . . . . . . . . . . .
Time Travel Ltd. reported the following accounts and their balances as at April 1, 2015, the beginning of the current fiscal year:Common shares, unlimited authorized,40,000 shares issued and
Brighttime Business Centre Ltd. reported the following accounts and their balances as at January 1, 2015, the beginning of the current fiscal year:The company reported the following results for the
Glibwater Refining Ltd., a water refining corporation, reported the following account balances for 2016, 2015, and 2014:Instructions1. Calculate the return on common shareholders' equity for 2016 and
Archibald's Trucking Inc., a moving company, reported the following account balances for 2016, 2015, and 2014:Instructions1. Calculate the return on common shareholders' equity for 2016 and 2015.2.
Cassandra and Jefferson decided to incorporate their partnership. On March 28, they paid a lawyer $1,500 to file the articles of incorporation. On April 3, they paid a local advertising firm $3,750
During 2015, Emmerson Construction Ltd. earned $387,456 in revenue, incurred $219,364 in expenses, and declared cash dividends of $50,000. Journalize the closing entries for Emmerson Construction
Computer Consultants Inc., a software installation company, earned revenues of $529,463 in 2015, incurred expenses of $693,502, declared cash dividends of $25,000, and recognized a gain on the
East Coast Pool and Spa Ltd., a retailer of pools and spas, had 24,000 $2.50 preferred shares and 100,000 common shares. During 2015, the company declared $110,000 in dividends. Determine the
Bridger Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Canada. Bridger Bike Corp. has declared the following annual dividends over a six-year period ended
The partially completed statement of retained earnings information is given for Willy Wally's Chocolates Ltd. for four years.Instructions Fill in the missing numbers.
Karson's Nautical Ltd. produces shipping navigation equipment. The shareholders' equity accounts of Karson's Nautical Ltd., with balances on January 1, 2015, are as follows: Common shares (750,000
Eastwind Corporation manufactures and distributes leisure clothing. The shareholders' equity accounts, with balances on October 1, 2015, the beginning of the fiscal year, are as follows: $1.50
Phillips Electronics Inc. supplies television and audio equipment to consumers. The shareholders' equity account balances as at May 1, 2015, are shown below: $4 preferred shares (1,000,000
Crombie Landscaping Inc. performs yard cleanup for homeowners in Oakville, Ontario. The shareholders' equity account balances at February 1, 2015, are shown below: $2.20 cumulative preferred shares
Jefferson Manufacturing Ltd. produces custom furniture in the Ottawa area. The statement of changes in equity for the years ended December 31, 2015, and 2016 are shown below:Instructions 1. Calculate
Lone Star Theatre Ltd. owns and operates movie theatres throughout central Canada. Lone Star Theatre has declared the following annual dividends over a six-year period ended December 31 of each year:
On April 2, at the annual shareholders' meeting of Wild Things Corp., a meat processor, the board of directors presented a plan for modernizing and expanding plant opera- tions at a cost of
The partially completed statement of retained earnings information is given for Crossman's Deli Ltd. for four years.Instructions Fill in the missing number
Your Environment Ltd. manufactures household cleaning supplies. The shareholders' equity accounts of Your Environment Ltd., with balances on January 1, 2015, are as follows: Common shares (1,000,000
Konzo's Boating Corporation makes specialty sailboats in Ontario. The shareholders' equity accounts, with balances on April 1, 2015, the beginning of the fiscal year, are as follows:$2.80 preferred
Belinger Cooling Ltd. supplies and installs air conditioners to new homes. The share- holders' equity account balances as at July 1, 2015, are shown below: $1.60 preferred shares (750,000 authorized,
Veronica's Bears Ltd. manufactures teddy bears. The shareholders' equity account balances at August 1, 2015, are shown below: $3.60 cumulative preferred shares (750,000 authorized, 75,000 issued and
Whitewater Adventurers Ltd. is a getaway resort in northern Ontario. The statement of Return on common changes in equity for the years ended December 31, 2015 and 2016, are shown
Biosciences Unlimited Ltd. begins operations on January 2, 2015, with the issuance of 100,000 common shares at $50 per share. The only shareholders of Biosciences Unlimited Ltd. are Rafel Baltis and
The following stock exchange data for Leon's Furniture Limited was taken from the Toronto Stock Exchange (TSX) website on June 21, 2012:a. If you owned 500 shares of Leon's, what amount would you
Carl and Janet recently received $5,000 bonuses from work and have been discussing buying shares as an investment opportunity. They are considering two different compa- nies and have come to you for
Dom Dominici is the founder of Dom's Pizzeria Inc. Dom has been watching the share price for Dom's Pizzeria rise steadily over the past three months. Dom is extremely excited during a conversation
Refer to the financial statements for Morning Java at the end of this chapter or in Appendix A.Answer the following questions:1. How much was the preferred dividend per share?2. How much was the
Catherine has been approached by her brother Dirk, who has recently started a new corporation with their brother David. Thompson Brothers Inc. manufactures specialized equipment to aid in cleaning
Can a share dividend be reported as a liability?
Tokyo Corporation decided to switch from the FIFO method to the weighted average cost method to determine cost of goods sold and ending inventory. Indicate how this change is reported on the Tokyo
Japan Corporation discovered that a $2,000,000 expense for the prior year had been omitted from the financial statements. Indicate how this change is reported on the Japan Corporation financial
What is the main objective of a share split?
Why might a corporation reacquire its shares?
A corporation reacquires and retires 10,000 of its common shares for $450,000. These shares were originally issued for $500,000. (a) What effect does this transac- tion have on revenue or expense of
On July 1, 2015, Hardy Drivers Ltd. has the following capital account balances: $1.75 preferred shares, 50,000 authorized, 30,000 issued and outstanding .............$ 700,000 Common shares,
Bronwyn Construction Ltd. reported the following as at December 31, 2015: Net income ............................................................. $735,920 Preferred dividends declared
Using the information in Practice Exercise 13-1, prepare the Shareholders' Equity section of the balance sheet for Hardy Drivers Ltd. on July 10, 2015. In Exercise 13-1 On July 1, 2015, Hardy
Winston Corporation had the following balances in its shareholders' equity accounts as at May 31, 2015: Retained earnings ..........................................................................
Catcher Corp.'s shareholders' equity had the following account balances: Common shares, unlimited authorized, 4,000,000 issued and outstanding............$24,500,000 Retained
Using the following accounts and balances, prepare the income statement for Diamond Mines Ltd. for the year ended June 30, 2015, assuming a 28% tax rate. Ignore earnings per share. Selling and
Point Pelee Parks Ltd. earned income of $6,732,000 for the fiscal year ended December 31. Point Pelee Parks has 180,000 $3 preferred shares issued and outstanding. Point Pelee Parks started the year
Toys Unlimited Corp. reported the following results for the year ended March 31, 2015: Loss due to discontinuing its manufacturing division ................ $ 1,300,000 Income from continuing
Using the information from Practice Exercise 13-7, determine the earnings per share for Toys Unlimited Corp., assuming the following capital structure existed at year-end and no common shares were
Toys Unlimited Corp. reported the following for the year ended March 31, 2015: i. Loss due to earthquake ii. Extremely large bad debt expense due to loan defaults iii. Gain on sale of equipment iv.
On January 1, 2015, Marxsman Ltd. has the following capital account balances: $1 preferred shares, 500,000 authorized, 124,000 issued and outstanding ..................................... $
Valley Clothing Inc. had the following account balances on January 1, the start of its fiscal year: Common shares, unlimited authorized, 100,000 issued and outstanding ........... $800,000 Retained
Beaverhead Creek Inc. bottles and distributes spring water. In 2008, Beaverhead Creek was incorporated, and 100,000 common shares were issued for $70 per share. No share transactions have occurred
Cryystal Arts Ltd. had earnings of $240,000 for 2015. The company had 40,000 common shares outstanding during the year. In addition, the company issued 3,000 preferred shares at $75 per share on
Royal Bank of Canada is one of the largest commercial banks in Canada. Financial information for the bank for three recent years is as follows:a. Determine the earnings per share for fiscal years
Staples and OfficeMax compete in the retail office supply business. OfficeMax had a net income of $87 million for a recent year, whereas Staples had a net income of $985 million. OfficeMax had
For each of the following items, determine the applicable income taxes using a tax rate of 30%. State whether the income taxes are additional taxes owing (O) or tax savings (S). Calculate the
For each of the following items, determine the applicable income taxes using a tax rate of 25%. State whether the income taxes are additional taxes owing (O) or tax savings (S). Calculate the
Toby Corporation reported the following for 2015 (all amounts are before taxes):Sales, net ............................................................... $14,600,000Cost of goods sold
Barks Bites Ltd. reported the following for 2015 (all amounts are before taxes):Sales, net......................................................................................... $685,000Cost of
The net income reported on the income statement of Berkwood Ltd. was $500,000. Berkwood had 70,000 common shares and 4,000 $2 cumulative preferred shares outstanding throughout the current year. The
Carlsbad & Sons Inc. produces custom garden furniture. On March 1, 2015, it had the following capital account balances:Retained earnings
The net income reported on the income statement of Rocky Corporation for the year ended May 31, 2015, was $6,530,000. The number of common shares outstanding at June 1, 2014, was 200,000, and the
Net income of $1,350,000 was reported on the income statement of Andy Boy Ltd. for the year ended July 31, 2015. The number of common shares outstanding as at August 1, 2014, was 350,000, and the
The net income reported on the income statement of Augustine Inc. for the year ended October 31, 2015, was $2,540,000. The number of common shares outstanding as at November 1, 2014, was 100,000, and
Apple Gardens Limited sells orchard supplies. In 2015, the company earned $1,346,000 from its Okanagan location and experienced a loss of $467,000 from the sale of its Ontario division (before
Using the data in Exercise 13-23, determine the earnings per share for Apple Gardens Limited for 2015, assuming Apple Gardens has 400,000 $1.25 preferred shares and 1,250,000 common shares
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