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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Phang Ltd. issues a six-year, $1,058,871 mortgage note on January 1, 2021, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,825. What is the
Record the purchase on account of $300 of office supplies and $5,000 of merchandise for resale in the province of Manitoba. The company uses a perpetual inventory system and the purchase of
Using a financial calculator, provide a solution to each of the following situations.a. Lisa Okoye owes a debt of $42,000 from the purchase of her new sport utility vehicle. The debt bears annual
Bird Corp., a private company reporting under ASPE, reported the following in its financial statements: Additional information: 1. Purchased land for $50,000 and building for $130,000 by making a
Sable Island Ltd. is a private company reporting under ASPE. Its income statement contained the following condensed information: Sable Island?s balance sheet contained the following comparative
Aduke Zhawaki is a talented musician who runs a business teaching music and playing in gigs with a variety of other musicians. Her business is operated as a proprietorship, under the name A to Z
Lui Inc. reported the following for the fiscal year 2021: Additional information: 1. Accounts receivable decreased by $21,000 during the year. 2. Inventory increased by $32,000 during the year. 3.
Molloy Ltd. reported the following for the fiscal year 2021: Additional information: 1. Accounts receivable decreased by $15,000 during the year. 2. Inventory increased by $7,000 during the
Refer to the consolidated financial statements for Aritzia Inc., which are reproduced in Appendix A at the end of the textbook.Instructionsa. How does Aritzia define “cash” for the purpose of
Sabre Corporation, a public company, has the following investments at November 30, 2021:1. Investments held for trading purposes: common shares of National Bank, carrying amount $25,000, fair value
Indicate on which financial statement (that is, balance sheet, income statement, or statement of comprehensive income) each of the following accounts would be reported if the investor is a public
You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31, 2021. Oakridge reported profit from operations of $125,000 for the year ended December 31, 2021.
Atwater Corporation, a public corporation, reported a holding gain of $46,000 net of tax on an investment reported at fair value through other comprehensive income, and a holding loss of $50,000
You are provided with the following balance sheet accounts of New Bay Inc., a public company, as at December 31, 2021:Accounts payable ..............................................................
Wren Inc., a public company, owns 20% of Dong Ltd.’s common shares for strategic purposes. The investment’s carrying amount at January 1, 2021, is $300,000. During the year, Dong reported profit
On January 1, 2021, Studio27 Ltd., a private company, buys 25% of Sugar Maple Candy Company’s 200,000 common shares for $480,000. On December 31, 2021, Sugar Maple pays a $35,000 cash dividend and
On January 1, 2021, McAdam Ltd., a private company reporting under ASPE, purchased 25% of the common shares of Tomecek Corporation for $175,000. Tomecek reported profit of $85,000 for 2021 and paid
Visage Cosmetics, a public company, acquires 40% of Image Fashion Inc.’s 30,000 common shares for $18 per share on January 2, 2021. On June 15, Image Fashion pays a cash dividend of $30,000. On
On January 1, Poitras Ltée, a public company, purchases 20% of Hook Corporation’s common shares for $250,000 for strategic purposes. For the year ended December 31, Hook reports profit of $220,000
Presented in alphabetical order, the following data are from the accounting records of Vladimir Corporation at December 31, 2021:Accounts payable
Presented in alphabetical order, the following data are from the accounting records of Stinson Corporation, a public company, at April 30, 2021:Accounts payable
At December 31, 2021, the trading investments for Yanik Inc., are as follows: Instructions a. Prepare the adjusting entries required at December 31 to report the above investments at fair value. b.
Using the data presented in BE16.9, assume that the investment in Ecotown’s common shares is sold on January 15, 2022, for $690,000. Prepare the journal entry to record the sale of the
Selected condensed information (in millions) for Investments R Us Company, a public company, follows for the year ended November 30, 2021.Income from investment in associate
Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Silver Lining Corporation follows for the year ended September 30, 2021:Cost
The following was reported by Church Financial in its December 31, 2021, financial statements:Investments at FVTPL, December 31, 2020 $11,000Investments at FVTPL, December 31, 2021 15,000Investment
On April 1, 2021, Perfect Plastics Company purchased 40,000 common shares in Ecotown Ltd. for $15 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends
When are investments in debt and equity securities classified as fair value through profit or loss?
On March 1, 2021, Carnegie Inc., a public company, purchased 15% of the common shares of Aquinas Auto Inc. for $225,000. The remaining shares (85%) are widely dispersed. Carnegie Inc. considers this
On January 1, 2021, Neitzche Company, a public company, purchased 35% of the common shares of Triple Titanium Inc. for $525,000. The remaining shares (65%) are held by the family members of the
Following is information for Marcel Ltée’s investments held for trading. Marcel is a public company and has a December 31 year end.2021Sept. 28 Purchased 3,500 shares of Cygman Limited for $40 per
On January 2, 2021, Hadley Inc., which reports under IFRS, purchased shares of Letourneau Corp. for $10 a share. Hadley intends to hold these shares as a long-term investment. During 2021, Letourneau
Sandhu Ltd. has 400,000 common shares authorized and 120,000 shares issued on December 31, 2020. On January 2, 2021, Kang Inc., which reports under IFRS, purchased shares of Sandhu for $40 per share
On August 1, 2021, Chen Corporation, a public company, purchased $100,000 of Alaska Ltd. five-year, 7% bonds at par. The bonds were purchased for trading purposes and pay interest semi-annually on
Using the data presented in BE16.5, assume Strand Corp. is a public company and that it purchased Hydrocor’s bonds at par for trading purposes. Prepare the journal entries to record(a) the purchase
It is now the end of January 2023 and Santé Smoothies & Sweets Ltd. has been so successful, it has an amount of excess cash and would like to invest it. The Koebels also wish to expand their
Pepper Corporation, a public company, reported the following on its July 31, 2020, balance sheet. Investments at fair value through other comprehensive income Hegal Ltd. (5,000 common shares)
Corded Industries Ltd., a public company, reported the following on its November 30, 2020, balance sheet. Investments at fair value through other comprehensiveincome Cedarshakes Ltd. (10,000 shares)
The following transactions relate to Portland Cement Ltd.’s investment in the debt securities of Widget Makers Inc. during 2021 and 2022. Portland is a public company and purchased the investment
July 1, 2021, Moon Corporation, a private company, purchased $400,000 of sixyear, 6% Star Corporation bonds for $420,000. The bonds pay interest each June 30. The bonds were purchased to earn
As indicated in the “All About You” feature in this chapter, any Canadian aged 18 or older can save up to $5,500 every year in a tax-free savings account (TFSA). TFSA savings can be used for any
During 2020, Commercial Inc. purchased equity securities held for trading purposes. At December 31, 2020, the securities for Commercial Inc. were as follows: The following transactions with respect
During 2020, Financial Holdings, a public company, purchased equity securities for trading purposes. At December 31, 2020, the securities for Financial Holdings were as follows: The following
On April 1, 2021, Bight Corporation issued $400,000, five-year bonds. On this date, Shoreline Corporation purchased the bonds from Bight to earn interest. Interest is received semi-annually on April
Strand Corp. purchased $300,000 of five-year, 4% Hydrocor bonds at 99 on June 30, 2021. Strand Corp. purchased the bonds to earn interest. Interest is paid semi annually each June 30 and December 31.
During the year ended December 31, 2021, Mead Investment Corporation, a public company, had the following transactions related to investments held for trading:Feb. 1 Purchased 2,400 Lemelin common
During the year ended December 31, 2021, Rakai Corporation, a public company, had the following transactions related to investments held for trading purposes:Feb. 1 Purchased 575 IBF common shares
On July 1, 2021, Imperial Inc., a public company, purchased $500,000 of Acme Corp. 10-year, 4% bonds for $461,000 to earn interest. The bonds had a market interest rate of 5%. The bonds pay interest
On January 1, 2021, Chan Ltd., a public company, purchased $600,000 of five-year, 4% bonds at par from Pullen Corporation. Interest is received semi-annually on July 1 and January 1. Chan purchased
What is a fair value measurement? How is fair value established for investments?
In this group activity, you will compare the accounting for bonds payable with two types of bond investments: long-term investment in bonds, and held-for-trading investment in bonds. By comparing and
On January 1, 2021, Surge Ltd. issued bonds with a maturity value of $6 million at 104 when the market rate of interest was 4.5%. The bonds have a contractual interest rate of 5% and mature on
On January 1, 2021, Power Ltd. issued bonds with a maturity value of $5 million for $4,797,000, when the market rate of interest was 8%. The bonds have a contractual interest rate of 7% and mature on
Stevens Corporation, during the year ended October 31, 2021, had the following transactions for money-market instruments purchased to earn interest:Jan. 2 Purchased a 120-day, $40,000 treasury bill
On December 2, 2021, Nudesign Furniture Ltd. purchased a $150,000, Canadian government 120-day treasury bill for $148,900. On December 31, $275 of interest had accrued on the treasury bill. On April
On November 15, 2021, Uram Mining Ltd. announced that it will be purchasing a 32% share in the newly incorporated White Shell Supplies Company. Uram Mining Ltd. owns and operates a mining operation
Royal Bank of Canada is one of the largest banks in Canada. According to its 2017 annual report, it had approximately 80,000 employees serving 16 million customers throughout the world. The bank?s
On July 1, 2021, Givarz Corporation, a public company, purchased $300,000 of Schuett Corp. 10-year, 3% bonds at 91.8 when the market rate of interest was 4%. Interest is received semi-annually on
On January 1, 2021, Morrison Inc., a public company, purchased $600,000 of Pearl Corporation’s five-year, 4% bonds for $627,660 when the market interest rate was 3%. Interest is received
Kroshka Holdings Corporation has several investments in the debt and equity securities of other companies:1. 10-year BCE bonds, purchased to earn interest.2. 10-year GE bonds, intended to be sold if
The Great-West Life Assurance Company, along with subsidiaries London Life and Canada Life, is a leading insurer in Canada, providing financial security services to Canadians. Access the 2017 annual
Lannan Corp. had the following debt instrument transactions during the year ended December 31, 2021. The debt instruments were purchased to earn interest.Feb. 1 Purchased six-month term deposit for
Liu Corporation had the following transactions in debt instruments purchased to earn interest during the year ended December 31, 2021:Jan. 1 Purchased a 180-day (six-month) Government of Canada
Molson Coors Brewing Company reported the following selected data at December 31, 2016 (in US$ millions):Total assets ............................ $29,341.5Total liabilities
The adjusted trial balance for Ray Corporation at July 31, 2021, the corporation?s fiscal year end, contained the following: Of the lease liability amount, $16,250 is due within the next year.
Selected liability items for Waugh Corporation at December 31, 2021, follow. Prepare the liabilities section of Waugh?s balance sheet. Accounts payable Bonds payable, due 2032 Current portion of
Dollarama reported the following selected data (in millions): Instructions a. Calculate the debt to total assets and interest coverage ratios for 2017 and 2016. Did Dollarama?s solvency improve,
Two independent situations follow:1. Ready Car Rental leased a car to Dumfries Company for three months. Terms of the lease agreement call for monthly payments of $750, beginning on May 21, 2021.
On January 1, 2021, Jarvis Corp. borrows $8,400 by signing a 3-year, 3% note payable. The note is repayable in three annual fi xed principal payments on December 31 of each year.Instructionsa.
On January 1, 2021, Wolstenholme Corp. borrows $18,000 by signing a 3-year, 7% note payable. The note is repayable in three annual blended payments of $6,859 on December 31 of each
Pierre Paquin leases office space for $2,500 per month from Privateer Commercial Realty Ltd. for a short period of time. The lease agreement is for six months. Prepare the journal entry to record the
Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2021. The terms provide for fixed principal payments annually of $150,000.a. Prepare the journal entries to record the note on
The following instalment payment schedule is for an instalment note payable: Instructions a. Is this a fixed principal or blended payment schedule? b. What is the interest rate on the note? c. What
The following instalment payment schedule is for an instalment note payable: a. What are the non-current and current portions of the note at December 31, 2021? b. What are the non-current and
The following instalment payment schedule is for an instalment note payable: Instructions a. Is this a fixed principal or blended payment schedule? b. What is the interest rate on the note? c.
Eyre Inc. issues a $360,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. Prepare the journal
Josh doesn’t understand why some leases are presented on the balance sheet and some are not. Explain to Josh how leases may be reported differently on the financial statements.
Cove Resort Corp. issued a 20-year, 7%, $240,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on
Under ASPE, how does an entity determine if a lease is a capital lease?
On January 1, 2021, Chilton Ltd. issued $500,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Chilton?s year end is December 31. On January 1, 2023, immediately
What is a lease? How are leases reported under IFRS?
The adjusted trial balance for Carey Corporation at December 31, 2021, contained the following: Of the lease liability amount, $22,800 is due within the next year. Total payments on the instalment
The adjusted trial balance for Sykes Ltd. at October 31, 2021, contained the following: Of the lease liability amount, $26,430 is due within the next year. Total payments on the note payable in the
Two independent situations follow:1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2021, at 102. The bonds’ amortized cost at the redemption date was $117,500. The bonds
Barrick Gold Corporation reported the following selected information (in US$ millions): Instructions a. Calculate Barrick Gold?s debt to total assets and interest coverage ratios for each year. b.
Loblaw Companies Limited reported the following selected information (in millions): Instructions a. Calculate Loblaw?s debt to total assets and interest coverage ratios for each year. b. Based on
Amlani Company issues $500,000 of 5-year, 7% bonds on January 1, 2021. Interest is paid annually.Instructionsa. Assuming the market interest rate was 9% on the date of issue, record the issue of the
Villa Corporation issued $3 million of 7-year, 4% bonds dated January 1, 2021, for $2,661,118. The market interest rate when the bonds were issued was 6%. Interest is payable semi-annually on January
Presented below are three different lease transactions that occurred for Klippert Inc., a private company that prepares its financial statements using ASPE. Assume that all lease contracts start on
Three different lease transactions are presented below for Manitoba Enterprises. Assume that all lease transactions start on January 1, 2021. Manitoba does not receive title to the properties, either
Western Inc. issues $800,000 of 5-year, 6% bonds on January 1, 2021. The bonds pay interest annually.Instructionsa. Calculate the issue price of the bonds using a market rate of 5% and record the
Elsworth Ltd. issued $1 million of 5-year, 4% bonds dated May 1, 2021, for $1,046,110 when the market interest rate was 3%. Interest is paid semi-annually on May 1 and November 1. Prepare an
Elite Electronics issues a $450,000, 10-year, 7.5% mortgage note payable on December 31, 2021. The terms of the note provide for semi-annual fixed principal payments of $22,500, plus interest, on
Kinyae Electronics issues a $600,000, 10-year, 9% mortgage note payable on December 31, 2021, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of
Korman Company issued $800,000 of 7%, 7-year bonds on January 1, 2021. The bonds pay interest annually.Instructionsa. Assuming the market interest rate on January 1, 2021, was 8%, calculate the
A partial bond amortization schedule for Chiasson Corp. is provided below. Chiasson has a December 31 year end. a. Was the bond issued at a premium or discount? b. Record the interest payment on
Solar Power Corporation purchased equipment for $900,000 on September 30, 2021. The equipment was purchased with a $150,000 down payment and the issue of a $750,000, 3-year, 3.6% mortgage note
Olsen Well Services Ltd. purchased equipment for $905,000 on September 30, 2021. The equipment was purchased with a $137,000 cash down payment and through the issue of a $768,000, 5-year, 3.6%
Messer Company issued $600,000 of 8%, 7-year bonds on January 1, 2021. The bonds pay interest annually.Instructionsa. Assuming the market interest rate on January 1, 2021, was 7%, calculate the
Peter Furlong has just approached a venture capitalist for financing for his sailing school. The lenders are willing to lend Peter $120,000 in exchange for a note payable at a high-risk interest rate

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