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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

A local company has just approached a venture capitalist for financing to develop a ski hill. On April 1, 2021, the venture capitalist lent the company $1 million at an interest rate of 5%. The loan
Bight Corporation issued $400,000 of 5-year bonds on April 1, 2020. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the
Windsor Corporation issues $500,000 of 9%, 5-year bonds on January 1, 2021, at 104. If Windsor uses the effective-interest method in amortizing the premium, will the annual interest expense increase
Lopez Co. sold $600,000 of 9%, 10-year bonds on January 1, 2021. The bonds were dated January 1, and interest is paid on January 1 and July 1. The bonds were sold at 105. Instructionsa. Prepare
Kershaw Electric sold $6 million of 10%, 10-year bonds on January 1, 2021. The bonds were dated January 1, 2021, and paid interest on January 1. The bonds were sold at 98.Instructionsa. Prepare the
On July 31, 2021, Mooney Inc. issued $500,000 of 5-year, 4% bonds at 102. Interest is payable semi-annually on July 31 and January 31. Mooney’s fiscal year end is January 31.Instructionsa. Is the
Frankum Company has issued three different bonds during 2021. Interest is payable annually on each of these bonds. Calculate the price of the bonds and prepare the journal entry to record each bond
On January 1, 2021, Vision Inc. issued bonds with a maturity value of $5 million when the market rate of interest was 5%. The bonds have a coupon (contractual) interest rate of 4% and mature on
On January 1, 2021, DC Ltd. issued bonds with a maturity value of $8 million when the market rate of interest was 4%. The bonds have a coupon (contractual) interest rate of 5% and mature on January
On September 1, 2021, Praise Corporation issued $600,000 of 10-year, 3% bonds at 96. Interest is payable semi-annually on September 1 and March 1. Praise’s fiscal year end is February
Price Company issues $400,000 of 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2021.
Janet, Brian, and Natalie have recently negotiated a contract to provide all-natural granola bars on a weekly basis to a number of coff ee shops in their area. As a result of the anticipated demand
On July 1, 2021, Waubonsee Ltd. issued $3.2 million of 10-year, 6% bonds at $3,449,427. This price resulted in a market interest rate of 5%. The bonds pay semi-annual interest on July 1 and January
On July 1, 2021, Webhancer Corp. issued $4 million of 10-year, 5% bonds at $4,327,029. This price resulted in a 4% market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and
Lombard Company issued $400,000 of 8%, 10-year bonds on January 1, 2021, at face value. Interest is payable annually on January 1, 2022.InstructionsPrepare the journal entries to record the following
Randle Inc. issues $300,000 of 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2021.
On May 1, 2021, MEM Corp. issued $900,000 of 5-year, 7% bonds at 98. The bonds pay interest annually on May 1. MEM’s year end is April 30.Instructionsa. Record the issue of the bonds on May 1,
Laudie issued $400,000 of 5%, 5-year bonds on January 1, 2021. Interest is payable semi-annually.InstructionsCalculate the price of the bond and prepare the journal entry to record the issuance of
Rockwell Corporation issued $2 million of 5-year, 3% bonds dated January 1, 2021, at 100. Interest is payable annually on January 1 and July 1. Rockwell has a December 31 year end.a. Prepare the
On October 1, 2021, PFQ Corp. issued $800,000 of 10-year, 5% bonds at 98. The bonds pay interest annually on October 1. PFQ’s year end is September 30.Instructionsa. Record the issue of the bonds
Glover Corporation issued $3.5 million of 6%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. Glover has a December 31 year end. The bonds are secured with
Colton Cars Co. issued $1.8 million of 5%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. The bonds are secured with real estate holdings. The market
In this group activity, you will analyze and compare three financing alternatives for the purchase of a new vehicle. Your instructor will evaluate your group on your analysis as well as your
Universal Corporation issued $2 million of 5%, 10-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and
Paris Products Ltd. issued $3 million of 5%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and Paris
On January 1, 2021, Global Satellites issued $1.4-million, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Global has a December 31 year end. A partial bond
Whittemore Corp. issued $500,000 of 3-year, 4% bonds on May 1, 2021. The market interest rate when the bonds were issued was 8%. Interest is payable quarterly.Instructionsa. What is the number of
Precision Inc. issued $900,000 of 10-year, 5% bonds on January 1, 2021. Interest is to be paid semi-annually. The market interest rate was 6%.a. What is the face value of the bond? When will this be
The Gap Inc. and lululemon athletica inc. are specialty clothing merchandisers. Here are recent financial data for the companies: Instructionsa. Calculate the debt to total assets and interest
On May 1, 2021, Herron Corp. issued $600,000 of 9%, 5-year unsecured bonds at face value. The bonds were dated May 1, 2021, and pay interest annually on May 1. Financial statements are prepared
On January 1, 2021, Ponasis Corporation issued $2.5-million, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Ponasis has a December 31 year end. Presented below is a
On March 1, 2021, Jade Corp. issued $200,000 of 7%, 5-year unsecured bonds at face value. The bonds were dated March 1, 2021, and pay interest semi-annually on March 1 and September1. Financial
All Care Inc. reported the following selected information for the past three years (in millions, except for per share amounts): Instructions a. Calculate All Care?s return on equity, earnings per
Highlander Inc. reported the following selected information for the past three years (in millions, except for per share amounts): Instructions a. Calculate Highlander?s return on equity, earnings
Franklin Corporation had 20,000 common shares on January 1, 2021. On March 1, 5,000 shares were repurchased. On June 1 and September 30, 6,000 and 10,000 shares were issued, respectively. Calculate
On December 31, 2020, Nettle Corporation had 5,000, $2 preferred shares and 80,000 common shares issued. During 2021, the company completed the following share transactions:Apr. 1 Sold 10,000 common
Refer to the data for Peninsula Supply Corporation presented in BE14.11.? (a) Prepare the statement of changes in shareholders? equity for the year ended December 31, 2021. (b) Prepare the
The following financial information (in millions except for per share amounts) is for two major corporations for the three fiscal years ended December 31 as follows: Neither company has preferred
Salmon Limited reported profit of $465,325 for its November 30, 2021, year end. Cash dividends of $90,000 on the common shares and $65,000 on the noncumulative preferred shares were declared and paid
Peninsula Supply Corporation provided the following schedule detailing the changes in the shareholders? equity accounts during 2020 and 2021. Determine the missing amounts. 2021 2020 Number of
The shareholders’ equity accounts of Gualtieri Inc. on August 1, 2020, the beginning of its fiscal year, are as follows:$4 noncumulative preferred shares (25,000 issued) ......... $1,250,000Common
The shareholders’ equity accounts of Blue Bay Logistics Ltd. on April 1, 2020, the beginning of the fiscal year, are as follows:$6 cumulative preferred shares (20,000 issued) .............
Ruby Red Rental Corporation had the following balances in its shareholders’ equity accounts at January 1, 2021:Accumulated other comprehensive income (loss) ................... $
Broadfoot Bakeries Inc. reported retained earnings of $394,000 on December 31, 2020. For the year ended December 31, 2021, the company had profit of $128,000, and it declared and paid dividends of
The shareholders’ equity accounts of Kanada Inc. at September 30, 2020, are as follows:Preferred shares, $5 noncumulative, unlimitednumber authorized, 6,000 issued
The shareholders’ equity accounts of Tmao Inc. at December 31, 2020, are as follows:Preferred shares, $3 noncumulative,unlimited number authorized, 4,000 issued .................................
On January 1, 2021, Marchelle Incorporated had an unlimited number of common shares authorized, 220,000 issued, and the balance in the Common Shares account was $2.2 million. The company reported a
On March 1, 2021, Broadfoot Bakeries Inc. discovered that the cost of Land purchased in 2020 was erroneously recorded as rent expense. The cost of the Land was $5,000. The company’s year end is
The adjusted trial balance for Aster Automobiles Inc. at December 31, 2021, is presented below. Aster?s income tax rate is 25% and journal entries for income tax expense have not yet been prepared.
The adjusted trial balance for Pansy Paints Ltd. at December 31, 2021, is presented below. Pansy?s income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There
For the year ended December 31, 2021, Jet Set Airlines reported profit of $920,000 and a holding gain on an equity investment of $66,000, before income tax. This gain is other comprehensive income.
The post-closing trial balance of Michaud Corporation at December 31, 2021, contains the following shareholders’ equity accounts:$4 cumulative preferred shares (15,000 shares issued) .............
The condensed balance sheet of Erickson Corporation reports the following: The market price of the common shares is currently $30 per share. Erickson wants to assess the impact of three possible
Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31,
Grete Rodewald formed a dog grooming and training business called Grete Kanines on September 1, 2021. After consulting with a friend who had taken introductory accounting, Grete created a chart of
Highland Theatre is owned by Finnean Ferguson. At June 30, 2021, the ledger showed the following: Cash $6,000, Land $100,000, Buildings $80,000, Equipment $25,000, Accounts Payable $5,000, Mortgage
Sequel Theatre, owned by Nadia Wood, is unique as it shows only movies that are part of a theme with sequels. As at April 30, 2021, the ledger of Sequel Theatre showed the following:Cash $18,900,
After researching the different forms of business organization, Natalie Koebel decides to operate Santé Smoothies as a proprietorship. She then starts the process of getting the business running.
Kiersted Financial Services was formed on November 1, 2021. During the month of November, the following events and transactions occurred:Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in
Grete Rodewald formed a dog grooming and training business called Grete Kanines on September 1, 2021. After consulting with a friend who had taken introductory accounting, Grete created a chart of
Emily Valley is a licensed dentist. During the first month of operation of her business, the following events and transactions occurred.Apr. 1 Invested $20,000 cash in her business.1 Hired a
Levine Legal Services had the following transactions: 1. Cash is paid for the purchase of $439 of office supplies. 2. Customer is billed $1,020 for services provided that day. 3. Equipment with a
The ?All About You? feature shows the importance of good record-keeping for small businesses and students. You are a first-year university student and very excited about moving away from home to go
Thanh Nguyen started a business, Nguyen Import Services, on August 1, 2021.After consulting with a friend who had taken introductory accounting, Thanh created a chart of accounts for the business as
Calculate the account balance for the following accounts: Service Revenue Accounts Payable Salaries Expense Cash Dr. Cr. Dr. Cr. Dr. Cr. Cr. 9,500 3,200 4,500 1,050 Dr. 6,740 1,720 495 2,500 8,720
In this group activity, students will be given a trial balance and will be asked to work backwards to create a set of journal entries that would result in the trial balance.
Identify the normal balance for the following accounts:1. Prepaid Insurance 2. Accounts Payable 3. Land4. Service Revenue 5. Utilities Expense6. Owner’s Capital7. Equipment8.
WestJet Airlines Ltd., a Canadian airline, was profitable in 2016. The following list of accounts and amounts was taken from its December 31, 2016, financial statements (in thousands):Accounts
Barbara Fair is a licensed architect. During the first month of operation of her business, the following events and transactions occurred.Apr. 1 Invested $45,000 cash.1 Hired a secretary-receptionist
Mountain Adventure Travel Tours was started on May 1 by Dustin Tanner. The following events and transactions are for May:May 1 Tanner invested $70,000 cash in the business.3 Purchased a country
Battistella Couture & Design Co. began operations in 2021. During January 2021, the company had the following transactions: Jan. 2 Paid January rent, $525. 4 Finished sewing a suit, delivered it
ND Paint Designs began operations on April 1, 2021. The company completed the following transactions in its first month: Instructions a. For each transaction, indicate: (1) the basic type of
Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2021. Instructions Prepare the balance sheet. E1.15 Accounts payable Accounts receivable Advertising expense Building
Prairie Company is owned and operated by Natasha Woods. In alphabetical order below are the financial statement items for Prairie Company. Using the appropriate items, prepare an income statement for
List the types of accounts that are reported on(a) The balance sheet(b) The income statement.
Atlantic Cruise Co. is owned by Irina Temelkova. The following information is an alphabeticallisting of fi nancial statement items for the company for the year ended May 31,
Presented below is information from the statements of owner?s equity for Kerkan Consulting for the first three years of operation. Determine the missing amounts: 2019 2020 2021 J. Kerkan, capital,
An analysis of transactions for Star & Co. for July 2021 was presented in E1.13. Instructions Prepare an income statement and statement of owner?s equity for July and a balance sheet at July
A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2021, follows: Instructions a. Describe each transaction that occurred in the
Match the following basic transaction analysis with the best description of the economic event.1. Cash increased by $9,000 and the owner’s equity account, M. Vijayakumar, Capital, is increased by
GG Company was formed on January 1, 2021. On December 31, Gil Goodman, the owner, prepared a balance sheet: Goodman, Capital is equal to the amount Gil originally invested in the company when he
The balance sheet of Reflections Book Shop at April 30, 2021, is as follows: Charles Dryfuss, the owner of the book shop, admits that he is not an accountant. In fact, he couldn?t get the balance
Here are incomplete financial statements for Deol Company: Instructions a. Calculate the missing amounts (i) to (x). b. Write a memo explaining (1) the sequence for preparing the fi nancial
Here are incomplete financial statements for Lee Company: Instructions a. Calculate the missing amounts (i) to (x). b. Write a memo explaining (1) the sequence for preparing the financial
Butler Company is owned by Rachel Butler. The company had total assets of $850,000 and total liabilities of $550,000 at the beginning of the year. Answer each of the following independent
Judy Johansen operates an interior design business, Johansen Designs. Listed below, in alphabetical order, are the company?s assets and liabilities as at December 31, 2021, and the revenues,
Pavlov?s Home Renovations was started in 2008 by Jim Pavlov. Jim operates the business from an office in his home. Listed below, in alphabetical order, are the company?s assets and liabilities as at
James Company, a proprietorship, had the following selected business transactions during the year:1. Land with a cost of $415,000 was recorded at its fair value of $465,000.2. A lease agreement to
Fraser Baker opened Baker?s Accounting Service in Winnipeg on September 1, 2021. On September 30, the balance sheet showed Cash $5,700; Accounts Receivable $2,100; Supplies $350; Equipment $7,600;
Izabela Jach opened a medical office under the name Izabela Jach, MD, on August 1, 2021. On August 31, the balance sheet showed Cash $3,000; Accounts Receivable $1,500; Supplies $600; Equipment
Lynn Barry started her own consulting firm, Barry Consulting, on June 1, 2021. The following transactions occurred during the month of June: June 1 Sold her shares in Big Country Airlines for $7,000,
The following events concern Anita LeTourneau, a Manitoba law school graduate, for March 2021:1. On March 4, she spent $20 on a lottery ticket.2. On March 7, she won $250,000 in the lottery and
Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated: Instructions Use the
Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank’s practice during June 2021, the first
Robert Joote is the owner of Peak Company. Robert has prepared the following balance sheet: Robert didn?t know how to determine the balance for his capital account so he just ?plugged? the number.
Listed in alphabetical order, the following selected items (in thousands) were taken from Paradise Mountain Family Resort?s December 31, 2021, financial statements: Instructions a. In each case,
Listed in alphabetical order, the following selected items (in thousands) were taken from Parker Information Technology Company?s December 31, 2021, financial statements: Instructions a. In each
Below is a list of accounting concepts:1. Relevance2. Faithful representation3. Comparability4. Verifiability5. Neutrality6. UnderstandabilityInstructionsMatch each concept with the best description
Indicate whether each of the following statements is true or false by placing a T or an F in the blank at the start of each statement.a. _______ Relevance is an enhancing qualitative
The following selected data are for Alexei Imports for its first three years of operations. Instructions Determine the missing amounts. Taking It Further What information does the owner of a

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