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business
financial accounting

Questions and Answers of Financial Accounting

Refer to the previous exercise. Required:1. Determine the financial statement effects for each of the following transactions: (a) issuance of the note on November 1, 2017, (b) impact of the
Buzz Coffee Shops is famous for its large servings of hot coffee. After a well-known case involving McDonald's, the lawyer for Buzz warned management (in 2017) that it could be sued if someone were
Potash Corporation of Saskatchewan is the world's largest fertilizer company, producing the three primary crop nutrients: potash, phosphate, and nitrogen. Pot.ash Corp. is a major player in meeting
Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Sears Canada Inc. is one of Canada's largest general merchandise retailers. Each
The statement of financial position for Stavro Corporation reported the following: non-current assets, $240,000; total assets, $360,000; non-current liabilities, $176,000; total shareholders' equity,
Dumont Corporation is preparing its 2017 statement of financial position. The company records show the following related amounts at the end of the fiscal year, December 31, 2017: Required 1. Compute
Wygant Corporation borrowed $290,000 on October 1, 2017. The note carried a 6 percent interest rate with the principal and interest payable on May 1, 2018. Prepare the journal entry to record the
Pool Corporation Inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol
A current liability is a short-term obligation that is normally expected to be settled within one year. For each of the following events and transactions that occurred in November 2017, indicate the
Karek Company borrowed $600,000 on a 90-day note at 5 percent interest. The money was borrowed for 30 days in 2017 and 60 days in 2018; the note and interest are payable upon maturity in 2018. How
Explain how research and development expenditures should be accounted for.
What is componentization and how is it used?
Compute interest expense for the following note: face value, $4,000; 6 percent interest; date of note, April 1, 2017. Assume that the fiscal year ends on December 31, 2017.
Note 1: On April 1, 2017, Warren Corporation received a $30,000, 5 percent note from a customer in settlement of a $30,000 open account receivable. According to the terms, the principal of the note
What is an asset impairment? How is it accounted for?
Pool Corporation Inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased, for cash, new loading equipment for the warehouse on
Recording Purchases and Sales under Periodic and Perpetual Inventory Systems Demski Company reported beginning inventory of 600 units at a unit cost of $10. It engaged in the following purchase and
Clor Company uses a periodic inventory system. At December 31, 2017, the accounting records provided the following information for Product 1: Required Compute the cost of sales and the ending
Refer to M4-8. Prepare a statement of shareholders' equity in good form for 2018. M 4-8 Romney's Marketing Company has the following adjusted trial balance at December 31, 2018. No dividends were
Chandra Company's fiscal year ends on June 30. It is June 30, 2018, and all of the 2018 entries have been made, except the following adjusting entries:a. On March 30, 2018, Chandra paid $3,200 for a
As stated in its annual report, Unik Computer Corporation is an information technology company, developing and marketing hardware, software, solutions, and services. The fallowing trial balance lists
Fashion World Inc. reported the following accounts and balances in its un-adjusted trial balance as at December 31, 2017 (in thousands of Canadian dollars). The accounts are listed in alphabetical
Hilton Hotels Corporation constructs, operates, and franchises domestic and international hotel and hotel-casino proper ties. Information from the company's recent annual statement of cash flows
The following T-accounts indicate the effects of normal business transactions: Required:1. Describe the typical investing and financing transactions that affect each T-account; that is, what
What is a T-account? What is its purpose?
For the transactions in M2-4 (including the sample), identify each as an investing (I) activity or financing (F) activity on the statement of cash flows. M2-4 For each of the following transactions
Starting with the beginning balances in M2-7 and given the transactions in M2-4 (including the sample), prepare a statement of financial position for Dennen Inc. as of January 31, 2018, with a
Complete?M2-7,?and?then prepare a trial balance for Dennen Inc. as of January?31,?2018. M2-4 For each of the following transactions of Dennen Inc. for the month of January 2018, indicate the
The accounts below, in alphabetical order, are adapted from Le Chateau inc.'s recent statement of financial position (amounts in thousands of dollars): Required 1. Prepare, in good form, a
For each transaction in M2-4 (including the sample), post the effects to the appropriate T accounts and determine ending account balances. Beginning balances are provided. M2-4 For each of the
For each transaction in M2-4 (including the sample), write the journal entry in the proper form. M2-4 For each of the following transactions of Dennen Inc. for the month of January 2018, indicate
Betsey Jordan asked a local bank for a $50,000 loan to expand her small company. The bank asked Betsey to submit a financial statement of the business to supplement the loan application. Betsey
Why is it important to have accounting assumptions?
For each of the following transactions of Dennen Inc. for the month of January 2018, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.a.
For each of the following events, which ones result in an exchange transaction for Dittman Company (Y for yes and N for no)?__ (1) Six investors in Dittman Company sold their
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply Inc. (PPSS). There is much to do when starting a new business. Here are some transactions that have occurred in the
Match each definition with its related term by entering the appropriate letter in the space provided. There should be only one definition per term (that is, there are more definitions than terms).
Briefly explain the responsibility of company management, the board of directors, and the independent auditors in the internal control and financial reporting process.
NITSU manufacturing Corporation is preparing the annual financial statements for its shareholders. A statement of cash flows must be prepared. The following data on cash flows were developed for the
Pest Away Corporation was organized by three individuals on January 1, 2017, to provide insect extermination services. At the end of 2017, the following statement of earnings was
Sultan Inc. was organized on January 1, 2017. It reported the following for its first two years of operations: Required Compute the ending balance of retained earnings for Sultan Inc. as at December
Explain why the statement of earnings and statement of cash flows are dated, for example, "For the Year Ended December 31, 2017," whereas the statement of financial position is dated, for example,
Ducharme Corporation was organized by five individuals on January 1, 2017. At the end of January 2017, the following monthly financial data are available: Required:1. Prepare a summarized statement
Review the chapter explanations of the statement of earnings and the statement of financial position equations. Apply these equations in each independent case to compute the two missing amounts for
Home Realty Inc. has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the 9,000 shares that are outstanding and is the managing executive in charge. On
On June 1, 2018, Bland Corporation prepared a statement of financial position just prior to going out of business. The totals for the three main components showed the
Corus Entertainment Inc. is a Canadian integrated media and entertainment company that delivers engaging, interactive, and informative content to millions of people every day. Its television services
On January 1, 2019, three individuals organized " West Company as a corporation. Each individual invested $10,000 cash in the business. On December 31, 2019, they prepared a list of resources owned
Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of September 2018, you find (for September only) the following:a. Sales, per the
The following is a list of important abbreviations used in the chapter. These abbreviations also are used widely in business. For each abbreviation, give the full designation. The first one is an
New Delivery Company was organized on January 1, 2018. At the end of the first quarter (three months) of operations, the owner prepared a summary of its operations as shown in the first row of the
Choice Chicken Company was organized on January 1, 2017. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the
Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of capital. The store completed its first year of
While pursuing his undergraduate studies, Bruno Clarke needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the lawn care
Upon graduation from high school, William Nitter accepted a job as a plumber's assistant for a large local plumbing company. After three years of hard work, William received a plumbing licence and
Leon's Furniture Ltd. is one of Canada's largest retailers, selling a wide range of merchandise, including furniture, major appliances, and home electronics. A recent statement of financial position
Penny Cassidy is considering forming her own pool service and supply company, Penny's Pool Service & Supply Inc. (PPSS). She has decided to incorporate the business to limit her legal liability.
Assume that you are the president of McClaren Corporation. At June 30, 2018, the end of the first year of operations, the following financial data for the company are available: Required 1. Prepare
Assume that you are the president of Nuclear Company. At December 31, 2017, the end of the first year of operations, the following financial data for the company are available: Required 1. Prepare a
Garraway Ski Company mistakenly recorded purchases of inventory on account received during the last week of December 2017 as purchases during January of 2018 (this is called a purchases cut-off
Supply the missing dollar amounts for the 2017 statement of earnings of Kwan Company for each of the following independent cases: Case B Case A Case C Sales revenue Sales returns and allowances Net
Supply the missing dollar amounts for the 2018 statement of earnings of Laurin Retailers for each of the fallowing independent cases: Pretax Earnings or (Loss) Sales Operating Expenses Beginning
Blanchard Construction Company entered into a long-term construction contract "with the government to build a special landing strip at an Air Force base in Saint Huber t, Quebec. The project took
Perry Corporation is a local grocery store organized seven years ago as a corporation. At that time, 10,000 common shares were issued to the three organizers. The store is in an excellent location,
Builders Company Inc. sells heavy-construction equipment. It has 10,000 common shares outstanding and its fiscal year ends on December 31. The adjusted trial balance was taken from the general ledger
1. Based on these data, prepare a multiple-step statement of earnings (showing both gross profit and earnings from operations).2. What was the amount of gross profit? Vi'hat was the gross profit
The following summarized data were provided by the records of Slate inc. for the year ended December 31, 2017: Required 1. Based on these data, prepare a multiple-step statement of earnings (showing
Liner Company has the following adjusted trial balance at December 31, 2017. No dividends were declared; however, 400 additional shares were issued during the year for $2,000: Required:1. Prepare a
Cayuga Ltd. prepared the following trial balance at the end of its first year of operations ending December 31, 2018. To simplify the case, the amounts given are in thousands of dollars. Other data
On December 31, 2017, Mica Company prepared a statement of earnings and a statement of financial position but failed to take into account four adjusting entiies. The statement of earnings, prepared
Refer to the adjusted trial balance in M4-8. Prepare the closing entries on December 31, 2018. M 4-8 Romney's Marketing Company has the following adjusted trial balance at December 31, 2018. No
Compute the net profit margin ratio and the return on equity for 2018 based on the statement of earnings and the statement of changes in equity in M4-8 and M4-9. M 4-8 Romney's Marketing Company has
1. Refer to M4-8. Prepare a classified statement of financial position in good form at December 31, 2018.2. Explain how the adjustments in M4-4 and M4-6 affected the operating, investing, and
Terbish Company star ted operations on January 1, 2017. It is now December 31, 2017, the end of the fiscal year. The part-time bookkeeper needs your help to analyze the following three
Romney's Marketing Company has the following adjusted trial balance at December 31, 2018. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year
For each of the transactions in M4-6, indicate the amounts and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the following format,
Refer to E4-6. Required:For each of the transactions in E4-6, indicate the amount and direction of the effects of the adjusting entry on the elements of the statement of financial position and
In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at year-end December 31,
Cardon's Boat Yard Inc. repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30, 2018. The transactions during 2018 havebeen
For each of the transactions in M4-4, indicate the amounts and direction of effects of the adjusting entry on the elements of the statement of financial position and the statement of earnings. Using
Refer?to?E4-4. Required:For each of the transactions in E4-4, indicate the amount and direction of the effects of the adjusting entry on the elements of the statement of financial position and
In each of the following transactions (a) through (c) for Romney's Marketing Company, use the three-step process illustrated in the chapter to record the adjusting entry at year-end December 31,
Savory Ltd. is completing the information-processing cycle at its fiscal year end, December 31, 2018. Following are the correct account balances at December 31, 2018, both before and after the
Divtek's Variety Store is completing the accounting process for the year just ended on December 31, 2017. The transactions during 2017 have been journalized and posted. The following data with
Lamorte Towing Company is at the end of its fiscal year, December 31, 2017. The following data that must be considered were developed from the company's records and related documents:a. On January 1,
Evans Company completed its first year of operations on December 31, 2017. All of the 2017 entries have been recorded, except for the following:a. At year-end, employees earned wages of $6,000, which
Mattel Inc. is a worldwide leader in the design, manufacture, and marketing of toys and family products. Mattel markets its products in many countries under well-known brands, such as Barbie?,
Starbucks Corporation purchases and roasts high-quality, whole-bean coffees and sells them along with fresh-brewed coffees, Italian-style espresso beverages, a variety of pastries and confections,
Bianca Corp. and Uzrna inc. operate in the same industry. The companies' total assets, revenue, and net earnings for the years 2016-2019 are provided below. All amounts are in thousands of
The following data are from annual reports of Justin's Jewellery Company: Required:Compute Justin's total asset turnover ratio and its return on assets for 2016 and 2017. What do these results
Given the transactions in M3-7 and M3-8 (including the examples), prepare a statement of earnings for Craig's Bowling Inc. for the month of November 2017. M 3-7 Craig's Bowling Inc. operates several
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. For each of the following transactions, complete the
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. For each of the following transactions, complete the
For each of the transactions in M3-4, write the journal entry in good form. M3-4 Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions
Peter's Curling Inc. operates several curling centres for games and equipment sales. The following transactions occurred in October 2017. Required:1. For each transaction, indicate in the
For each of the transactions in M3-3, write the journal entry in good form. M3-3 Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. If expense is to be recognized in November, indicate the
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. If revenue is to be recognized in November, indicate the
Explain what the periodicity assumption means in accounting.
The following data were taken from the records of Village Corporation at December 31, 2017: Required Prepare a complete statement of earnings for the company (showing both gross profit and earnings

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