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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The following selected data are for Carducci Importers for its first three years of operations: Instructions Determine the missing amounts. Taking It Further What information does the owner of a
Apple Inc. is an international corporation that designs, manufactures, and markets a range of mobile communication and media devices, personal computing products, and portable digital music players,
A public company, is known around the world for its clothing and accessories. It has more than 400 stores in twelve countries.Instructionsa. Identify two internal users of lululemon’s accounting
Aritzia Inc.’s financial statements have been reproduced in Appendix A at the back of the textbook.Instructionsa. Many companies use a calendar year for their financial statements. What does
The post-closing trial balance of Jajoo Corporation at December 31, 2021, contains the following shareholders’ equity accounts:$5 noncumulative preferred shares (10,000 issued) .............
On January 1, 2021, Fyre Lite Corporation had retained earnings of $650,000. During the year, Fyre Lite had the following selected transactions:1. Declared and paid cash dividends, $245,000.2. Earned
Now that Natalie is a shareholder of the bakery and the smoothies are becoming a significant portion of the business revenues, Natalie and her parents have changed the name of the company to Santé
The ledger of Weather Vane Limited at September 30, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax
The ledger of Zug Limited at October 31, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March
On July 9, 2021, Silver Fox Enterprises Inc. discovered it had recorded the $75,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $573,500 at
Olivier Corporation reported the following pre-tax amounts for the year ended August 31, 2021: profit before income tax (on the company’s continuing operations), $320,000; loss from discontinued
In the “All About You” feature, we learned about investing in shares of a company. You have recently inherited $10,000 and you are considering investing in Canadian Tire Corporation, Limited’s
The ledger of Coquitlam Corporation at December 31, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax
The ledger of Port Hope Corporation at November 30, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax
Top Brands Limited reported the following selected information for the year ended March 31, 2021: The company?s income tax rate is 30%. The company reports gains and losses on its equity
On February 7, 2021, Flathead Corp. had a balance of $315,000 in its Common Shares account and the total number of shares issued was 25,000. On February 8, 2021, Flathead paid $10,000 to reacquire
Shrink Ltd. has profit from continuing operations of $320,000 for the year ended December 31, 2021. It also has the following before considering income tax: a net gain of $60,000 from the
On December 31, 2020, Liquorice Treats Limited reported 40,000 common shares issued and a balance in the Common Shares account of $250,000. On April 5, 2021, it reacquired 8,000 of these shares. This
In this group activity, you will complete a statement of changes in shareholders’ equity and recreate the journal entries underlying those changes through your analysis of the incomplete
Loblaw Companies Limited is Canada?s food and pharmacy leader and the nation?s largest retailer. The company operates stores such as Real Canadian Superstore and Shoppers Drug Mart in communities
On December 31, 2020, Asaad Corporation had the following shareholders? equity accounts: During 2021, the following transactions occurred: Feb. 1 Declared a $1 cash dividend to shareholders of
On December 31, 2020, LeBlanc Corporation had the following shareholders’ equity accounts:LEBLANC CORPORATIONBalance Sheet (partial)December 31, 2020Shareholders’ equityCommon shares (unlimited
Access the consolidated financial statements for Dollarama Inc. for the year ended January 28, 2018, from the company’s website or from SEDAR (www.sedar.com). Refer to these statements to answer
The condensed balance sheet of Laporte Corporation reports the following: The market price of the common shares is currently $30 per share. Laporte wants to assess the impact of three possible
For the year ended December 31, 2017, WestJet Airlines Ltd. reported (in thousands) revenue $4,502,320; profit $283,578; beginning shareholders’ equity $2,060,702; and ending shareholders’ equity
True Green Nurseries Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $6.50 cumulative preferred shares. On December 31, 2021, there were
Nygren Corporation, a private company, is authorized to issue an unlimited number of common shares and 500,000, $5 cumulative preferred shares. It began operations on January 1, 2021, and the
Annora Inc., a private company, is authorized to issue an unlimited number of common shares and 100,000 noncumulative $4 preferred shares. It began operations on January 1, 2021, and the following
Raiders Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred shares. On December 31, 2021, there were 35,000 common
For the year ended December 31, 2021, Huron Lake Enterprises Ltd. had the following revenues and expenses: Sales, $745,000; Cost of Goods Sold, $450,000; Operating Expenses, $135,000; and Income Tax
The following financial information (in millions) is for two major corporations for three fiscal years ended December 31: Instructions a. Calculate return on assets and return on equity for each
The following financial information (in millions) is for two major corporations for three fiscal years ended December 31 as follows: Instructions a. Calculate return on assets and return on equity
The shareholders? equity section of Charley Corporation is as follows: Instructions Review the shareholders? equity section and write a memo to the company president answering the following
For the year ended December 31, 2021, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends.Prepare a
Carlotta?s Cakes Inc. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of
Northwood Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list
Didsbury Digital Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2021 year end:1. Earned $529,000 of service revenue and incurred
Alverstone Inc. has the following shares outstanding: 54,000 common and 18,000 $0.75 cumulative preferred. On December 15, the directors declared dividends of $64,800 to the shareholders of record on
Rupert Engineering Corp. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, March 31, 2021, is shown below: Instructions Prepare an income statement,
Choke Cherry Ltd. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, December 31, 2021, is shown below: Instructions Prepare an income statement,
On April 30, the directors of Three Rivers Corporation declared dividends of $0.75 per common share and directed that preferred dividends be paid as required to the shareholders of record on May 14,
Largent Corporation is authorized to issue 200,000, $4 cumulative preferred shares and an unlimited number of common shares. On January 1, 2021, the general ledger contained the following
Cattrall Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an unlimited number of common shares. On February 1, 2020, the general ledger contained the
On January 1, 2021, Conway Ltd. had the following shareholders’ equity accounts:Common shares, unlimited number of shares authorized, 1.5 million issued .............. $1,650,000Retained
On January 1, 2021, Schipper Ltd. had the following shareholders’ equity accounts:Common shares (1,000,000 issued) ............ $1,500,000Retained earnings
Accentrics Limited has the following information available regarding its share capital at December 31, 2020:Preferred shares, $3.50 cumulative, 20,000 shares issued $1,000,000Preferred shares, $4.50
Refer to the information for Viceron Inc. and your answer in BE13.6. Prepare an income statement for Viceron Inc. for the year ended June 30, 2021.BE13.6For the year ended June 30, 2021, Viceron Inc.
Recall (from Chapter 12) that Natalie had been considering forming a partnership with Jade Wingert, one of her friends. Natalie has concluded that she and Jade are not compatible to operate a
Hayden Inc. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fi scal year end of November 30, 2021. The following information has been taken from
Memphis Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, October 31, 2021. The following information has been taken from the
Shrunk Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial
For the year ended June 30, 2021, Viceron Inc. had service revenue of $800,000 and operating expenses of $575,000. The company has a 15% income tax rate. No income tax instalments have been paid or
Terry Lam and Chris Tan have a partnership agreement with the following provisions for sharing profit or loss:1. A salary allowance of $20,000 to Lam and $30,000 to Tan2. An interest allowance of 5%
Hyperchip Limited is a private corporation reporting under ASPE. At December 31, 2021, its general ledger contained the following summary data:Cost of goods sold .....................................
Zurich Limited is a private corporation reporting under ASPE. At December 31, 2021, its general ledger contained the following summary data:Cost of goods sold ..........................
Beauce Incorporated had 45,000, $2.50 preferred shares issued. It did not pay a dividend to the preferred shareholders in 2020 and 2021.(a) What are the dividends in arrears, if any, at December 31,
Kari Corporation issues 5,000, $4 cumulative preferred shares at $80 each and 10,000 common shares at $18 each at the beginning of 2019. Each preferred share is convertible into four common shares.
Pro Com Ltd. issues 8,000, $5 cumulative preferred shares at $66 each and 15,000 common shares at $30 each at the beginning of 2019. Each preferred share is convertible into two common shares. The
In this activity, students will be provided with information about a corporation over four years (incorporation to dissolution) and will be required to answer some questions and solve a number of
Santiago Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is authorized to issue an unlimited number of common shares and $1 preferred shares. It had the
Loblaw Companies Limited, headquartered in Toronto, Ontario, is a large food and pharmacy retailer. Loblaw?s authorized share capital includes an unlimited number of common shares, 1 million first
Highland Corporation was organized on January 1, 2021. It is authorized to issue 50,000, $3 noncumulative preferred shares, and an unlimited number of common shares. The following transactions were
Wetland Corporation, a private corporation, was organized on February 1, 2020. It is authorized to issue 100,000, $6 noncumulative preferred shares, and an unlimited number of common shares. The
The shareholders’ equity section for Aritzia Inc. is shown in the consolidated statement of financial position in Appendix A.You will also find data related to this problem in the notes to the
On February 14, 2020, Isabelle Moretti, Aida Kam, and Channade Fenandoe start a partnership to operate a marketing consulting practice. They sign a partnership agreement to split profits in a 2:3:4
On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on
The three partners of Summer Springs Medical Clinic agree to liquidate their partnership on September 15, 2021. At that point, the accounting records show the following balances: The three partners
The three partners of Hawkdale Contractors agree to liquidate their partnership on August 8, 2021. At that point, the accounting records show the following balances: The three partners share profi
The partners in Omni Services decided to liquidate the partnership on May 31, 2021, when balances in the company?s accounts were as follows: The partners share profit and loss 5:3:2 for Hally,
Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership?s accounts were as follows: The partners share profit and loss 5:3:2
Ajax Architects is a partnership with three partners. On January 31, 2021, the three partners, Tova Radzik, Sela Kopel, and Etti Falkenberg, have capital balances of $98,000, $79,000, and $47,000,
Triple A Accountants is a partnership with three partners. On February 28, 2021, the three partners, M. Kumar, H. Deol, and A. Kassam, have capital balances of $85,000, $72,000, and $43,000,
Caitlin Maguire and Fiona Whelan, two college friends, decided to set up a house-cleaning business called Maguire & Whelan Cleaning Services. On January 1, 2021, they put their resources
Tyler Gilligan and Matt Melnyk, two college friends, decided to set up a snow removal business called Ty & Matt Snow Removal Services. At the inception of the partnership, Tyler invested $4,000
Because Natalie has been so successful operating Sant? Smoothie, another friend, Jade Wingert, has asked Natalie to become a partner in a new smoothie company. Jade believes that together they will
Below is an alphabetical listing of the accounts in the general ledger of Clay and Ogletree, LLP, at the partnership?s fiscal year end, September 30, 2021. Adjusting entries for the year have been
Below is an alphabetical listing of the accounts in the general ledger of the Kant- Adder accounting firm at the partnership?s fiscal year end, March 31, 2021. Adjusting entries for the year have
Veda Storey and Gordon Rogers have a partnership agreement with the following provisions for sharing profit or loss:1. A salary allowance of $30,900 to Storey and $39,700 to Rogers2. An interest
At the end of its first year of operations, on December 31, 2021, LBG Company?s accounts show the following: The capital balance represents each partner?s initial capital investment on January 1,
In this group activity, you will be given two independent scenarios: one involving the admission of a partner, and one involving the withdrawal of a partner. You will be required to determine the
On January 1, 2021, the capital balances in the A&R Partnership are as follows:Khurram Ali .............................. $53,500Pradjot Ramsey ........................ $44,000Neither partner had
Alliance Pipeline Limited Partnership is a limited partnership that owns and operates a natural gas pipeline in Alberta. The balance sheet and notes to its financial statements include the
Aritzia is a retail company that designs and retails women’s fashions and accessories. Its first store was opened in 1984 in Vancouver by its founder, Brian Hill. Since then, it has expanded to
Joanne is the bookkeeper for Boomer Inc. and does not know how to account for variable consideration in contracts when determining the transaction price. Boomer Inc. uses the contract-based approach
On March 24, 2021, Greenthumb Landscaping Services received $10,000 for five months of landscaping service to be provided from May through September 2021. Greenthumb’s year end is April 30 and the
For each of the following independent situations, indicate whether or not the cost constraint should be applied. (Write “Yes” or “No” beside each situation.)a. ______ The manager of a
On January 16, 2021, JRT Company enters into a contract with Beowulf Industries to deliver offi ce furniture. JRT manufactures the products and ships them to Beowulf on March 31, 2021.Beowulf takes
The accountant for Ellery Co., a private company reporting under ASPE, recorded the following journal entries:1. A building with a cost of $75,000 is reported at its fair value. The following entry
Why does the conceptual framework specifically address revenue recognition?
Courtney Company reported total operating expenses of $55,000 on its adjusted trial balance for the year ended November 30, 2021. After the preliminary statements were prepared, the accountant became
Flin Flon Company enters into a contract on April 3, 2021, with Thompson Industries to supply 5,000 microprocessors at a price of $7 each, terms n/30. The microprocessors cost Flin Flon $3 each. The
Consider the following events for Byer’s Innovations Co. that occurred during 2021.1. Leased factory space from Whole Properties Company for a one-year period starting November 1, 2021. Six months
The following information is available for Juliet Hotel Supplies Ltd. regarding a recent contract with a customer:Selling price ............................................................
On August 1, 2021, Pennant Uniforms Ltd. entered into a contract with Branch Health Clinic to provide 300 medical uniforms, terms 2/20, n/45, FOB shipping point. The uniforms sell for $80 each and
Sierra Sunshades Co. enters into a contract to sell $17,720 of patio furniture to Intelligent Hotels Ltd., terms 2/10, n/30. Management estimates that the expected value net of returns for this
Tango Treasures Company sells home furnishings. On February 1, Tango Treasures entered into a contract with Simon Development Ltd. for home furnishings with a selling price of $40,000 and terms of
Lima Company enters into a contract to sell $9,000 of merchandise, n/30. The cost of the merchandise to Lima is $4,500. Lima’s management uses the expected value method to estimate returns and has
At the end of its first year of operations, on December 31, 2021, CDW Partners? accounts show the following: The capital balance represents each partner?s initial capital investment. No closing
The following are independent situations.1. The results for the economic performance confirms Sam’s predictions about the company.2. The manager records the cost of a new building as an asset.3. A
Abbotsford Ltd., a sports equipment wholesaler, sold $350,000 of merchandise to a customer on November 14, 2021. The merchandise was shipped on November 29, 2021, FOB shipping point and was received

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