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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The equity section from the December 31, 2020 and 2021, balance sheets of Westburne Corporation appeared as follows: The following transactions occurred during 2021 (assume the retirements were the
Earlyrain Inc.?s 2020 income statement, excluding the earnings per share portion of the statement, was as follows: The weighted-average number of common shares outstanding during the year was
Venir Exchange Corp. had the following equity account balances at December 31, 2019:Preferred shares, $0.60, cumulative, Authorized: 100,000 sharesIssued and outstanding: 45,000 shares
Kaye Biotech Inc. had the following equity account balances at December 31, 2019:Preferred shares, $2.50, non-cumulative,Authorized: 20,200 sharesIssued and outstanding: 5,100 shares
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares,570,000 shares issued and outstanding
The equity section from the December 31, 2020 balance sheet of Candace Candy Corporation appeared as follows: The following transactions occurred during 2021 (assume the retirements were the first
Range Energy Corp.?s financial statements for the current year ended December 31, 2020, have been completed and submitted to you for review. The equity account balances a year ago, at December 31,
Refer to the financial statements in Appendix II.Part 1RequiredAnswer the following questions regarding Indigo.a. Did retained earnings increase or decrease from April 1, 2017 to March 31, 2018?b.
Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of directors declared a 15% common share dividend on June 30, 2020, distributable on July 15, 2020. Because
Vector Gaming Ltd. showed the following equity account balances on December 31, 2020:Common shares, 100,000 shares authorized;28,000 shares issued and outstanding
CarFind Inc. showed the following equity information at December 31, 2019.Common shares, unlimited shares authorized;4,000,000 shares issued and outstanding
Fitz Products Inc. reported $1,075,049 profit in 2020 and declared preferred dividends of $75,100. The following changes in common shares outstanding occurred during the year.Jan. 1 78,000
Zen Aerospace Corporation reported the following equity account balances on December 31, 2019: Preferred shares, $3.60 cumulative, unlimited shares authorized ................................. $
On March 1, 2020, VisionTech Inc.’s board of directors declared a 5% share dividend when the market price per share was $10.00. On November 15, 2020, the board of directors declared a 4:1 share
Outdoor Equipment Inc. had 180,000 common shares issued and outstanding as at December 31, 2020. The shares had been issued for $9.80 each. On September 12, 2021, Outdoor repurchased and retired
The equity accounts for Kalimantan Corp. showed the following balances on December 31, 2019: Preferred shares, $2 non-cumulative, unlimited shares authorized
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares,640,000 shares issued and outstanding
Which of the following items represent a change in accounting policy, requiring retrospective restatement of financial statements and note disclosure explaining the change:a. Change in approach to
Which of the following items must be reported separately on the income statement when an operating segment of the business is discontinued:a. The profit or loss from selling or closing down a
Which of the following is the correct calculation for Wolf Incorporated’s dividend payout ratio for its fiscal 2020 reporting period? Annual dividends per share in 2020 is $1.10 and earnings per
In calculating earnings per share, which of the following factors can impact the number of common shares outstanding during the period:a. The issuance of additional sharesb. Share dividendsc. Share
The chapter-opening vignette highlighted Apple Inc.’s 7:1 stock split. What is the key reason executives at Apple would decide to provide shareholders with seven shares of stock for each common
Calculate earnings per share for Poppy Inc. for its 2020 financial statements. Profit for the 2020 fiscal year is $250,000. The company had 90,000 shares outstanding from January until June and
Refer to the financial statements for WestJet in Appendix II. In both 2016 and 2017 the balance of shares issued and outstanding was reduced. What caused the balance of the account to go down? And
Shares are typically retired (bought back) for which of the following reasons:a. To avoid a hostile takeover by an investorb. To maintain a strong and stable marketc. To show confidence in the price
Refer to the financial statements for Indigo in Appendix II. The balance in share capital at April 1, 2017, was 26,351,484 shares. What is the balance as of March 31, 2018? What caused the change in
Which of the following descriptions relates to the definition of a share split:a. When a corporation distributes retained earnings to shareholders based on their percentage share ownership.b. When a
The Canada Business Corporations Act requires that the value assigned to the share dividend be equal to which of the following:a. The market value of the shares on the date of issuanceb. The market
Ozzi Development Inc. showed the following equity account balances on the December 31, 2019, balance sheet:Common shares, unlimited authorized shares,660,000 shares issued and outstanding
Tropical Vacation Inc. has tentatively prepared its financial statements for the year ended December 31, 2020, and has submitted them to you for review. The equity account balances at December 31,
Except for the earnings per share statistics, the 2021, 2020, and 2019 income statements for Ace Group Inc. were originally presented as follows: Required 1. Calculate the 11 missing amounts. 2.
CanaCo showed the following equity on its December 31, 2020, balance sheet:Contributed capitalPreferred shares, $2 non-cumulative Authorized: 50,000Issued and outstanding:
LR Enterprises Inc. had the following equity account balances at December 31, 2019:Preferred shares, $1.75, non-cumulative, Authorized: 100,000 sharesIssued and outstanding: 45,000 shares
The following adjusted trial balance information (with accounts in alphabetical order) for Willis Tour Co. Inc. as at December 31, 2020, was made available after its second year of
Information taken from Jamestown Corp.’s balance sheet as of April 1, 2020, follows:Common shares, 375,000 shares authorized,150,000 shares issued and outstanding
A share dividend involves the distribution of which of the following items:a. Shares of the company’s stock without receiving any payment in returnb. Income of the company based on the amount
Invisible Marketing Ventures had 186,000 shares outstanding on January 1, 2020, and issued an additional 24,000 shares during the year. The common shareholders’ equity was $5,841,000 at the end of
The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. showed the following: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Delicious Alternative Desserts
On October 3, 2020, Synthetic Inc, a cell phone protector company, issued 4,000 of its preferred shares for cash of $15 each. On November 19 the company issued 3,400 preferred shares in exchange for
SW Company provides the Equity & Liability information below for analysis. SW Company had net income of $389,050 in 2020 and $342,650 in 2019.Note 1: Cash dividends were paid at the rate of $1
Sunray Solar Ltd. is a growing company with a hot new marketing plan. On January 1, 2020, it had 127,650 shares outstanding, and it issued an additional 44,500 shares during the year. The company
Earth Star Diamonds Inc. began a potentially lucrative mining operation on October 1, 2020. It is authorized to issue 100,000 shares of $0.60 cumulative preferred shares and 500,000 common
Turnbull Company had the following information for 2019 and 2020. What is Turnbull?s rate of return on common shareholders? equity for 2020? Dec 31, 2020 Dec 31, 2019 $ 70,000 350,000 Common shares
Using the information in Exercise 12-15, prepare a classified balance sheet at December 31, 2020, and then answer each of the following questions (assume that the preferred shares are
Velor Ltd., a patio gas heater company, showed the following adjusted information on August 31, 2020, its second year-end: a. Prepare the appropriate closing entries. b. Prepare a statement of
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Required Assuming normal balances, prepare the closing entries at December 31, 2020, the
Morris Inc. showed the following adjusted information on November 30, 2020, its second year-end: a. Prepare the appropriate closing entries. b. Prepare a statement of changes in equity for the year
Cableserve Inc. has the following outstanding shares:15,000 shares, $5.40 cumulative preferred35,000 shares, commonDuring 2020, the company declared and paid $180,000 in dividends. Dividends were in
Peter Puck Inc. showed the following adjusted information on May 31, 2020, its second year-end: a. Prepare the appropriate closing entries. b. Prepare a statement of changes in equity for the year
The outstanding share capital of Sheng Inc. includes 43,000 shares of $9.60 cumulative preferred and 78,000 common shares, all issued during the first year of operations. During its first four years
Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. If 1,000 shares of the preferred are converted into common on November 1, 2020,
Selected T-accounts for Jade Mineral Corporation at December 31, 2020, are duplicated below. ? Dividends were not paid during 2018 or 2019. Dividends of $4.80 per common share were declared and
The balance sheet for Tactex Controls Inc., provincially incorporated in 2018, reported the following components of equity on December 31, 2019. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Tactex
White Pear Inc., an organic soap manufacturer, showed the following equity information as at December 31, 2020: Other information: a. The preferred shares had sold for an average price of
Pace Oil & Gas Corp. began operations in 2018. Its balance sheet reported the following components of equity on December 31, 2018. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Pace Oil
Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of incorporation granted it the right to issue an unlimited number of common shares and 100,000 shares of $14.40
The December 31, 2020, equity section of ZoomZoom Inc.’s balance sheet appears below.
Fisher Inc. began operations on January 1, 2020. During its first year, $750,000 of common shares were issued and a loss of $28,000 was realized. In 2021, Fisher’s second year of operations, an
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized,20,800 shares issued and outstanding
Westby Corp., a high school uniform manufacturer, was authorized to issue an unlimited number of common shares. During January 2020, its first month of operations, the following selected transactions
Labtech Pharmacy Inc. is authorized to issue an unlimited number of common shares and 100,000 shares of $24 non-cumulative preferred. The company completed the following transactions: Required 1.
Poppy Barley in the opening vignette is a private corporation that was formed by two sisters in Edmonton. Bombardier Inc. is an example of a Canadian public corporation. What is the main difference
Refer to the financial statements for WestJet in Appendix II, specifically Note 12. What was the amount during 2017 of the dividends per share?
Refer again to the financial statements for WestJet in Appendix II, looking at the consolidated statements of cash flows. Notice the same cash dividends paid during the year ended December 31, 2016
Refer to the financial statements for WestJet in Appendix II, looking at the consolidated statements of changes in equity. What were the total cash dividends declared and paid during the year ended
A company that decides to issue dividends would need to record the following entry:a. Dr. Cash Dividends XXX, Cr. Retained Earningsb. Dr. Cash Dividends XXX, Cr. Cashc. Dr. Cash Dividends XXX, Cr.
Which of the following is not a motivation for issuing preferred shares?a. To raise capital without sacrificing control of the corporationb. To increase the return earned by common shareholdersc. If
Which of the following journal entries is appropriate to record the issuance of an organization’s shares:a. Dr. Cash XXX, Cr. Owner’s Equity XXXb. Dr. Investment XXX, Cr. Common Shares XXXc. Dr.
Retained earnings in a corporation include which of the following types of transactions:a. Profits (losses) and issuance of sharesb. Profits (losses) and dividendsc. Profits (losses) and
In the financial statements of a corporation, both the statement of changes in equity and the balance sheet separate which of the following accounts:a. Owner investments and profitb. Capital
The balance sheet for QuickStream Inc. reported the following components of equity on December 31, 2020: Common shares, unlimited shares authorized,100,000 shares issued and outstanding
An income statement of a sole proprietorship and of a corporation are identical except for which line item?a. Revenueb. Presentation of profitc. Presentation of gains and lossesd. Income taxes
Garda World Security Corporation has the following shares, taken from the equity section of its balance sheet dated December 31, 2020. Preferred shares, $4.48 non-cumulative,45,000 shares authorized
Mainland Resources Inc. began operations on June 5, 2020. Journalize the following equity transactions that occurred during the first month of operations: 2020 Gave 4,000 common shares to the
Benson Inc. had a credit balance in Retained Earnings on December 31, 2020, of $48,000. During 2021, Benson recorded profit of $146,000 and declared and paid dividends of $47,000. During 2022, the
Kangaroo Media Inc. has issued and outstanding a total of 40,000 shares of $7.20 preferred shares and 120,000 of common shares. The company began operations and issued both classes of shares on
What is the meaning of the call price of a share?
Which of the following is not a right of shareholders:a. The right to voteb. The right to receive dividendsc. The right to receive property of the corporationd. The right to earn profit
Use the information provided below to answer the following questions. Other information:? All of the shares were issued during the first year of operations (year ended October 31, 2019). ? The
On March 1, the board of directors declared a cash dividend of $0.70 per common share to shareholders of record on March 10, payable March 31. There were 127,000 shares issued and outstanding on
Vision HR Consulting began operations on January 1, 2020. Complete the following schedule with journal entries detailing the transactions during 2020 for Vision HR Consulting under two forms of
1. Calculate A assuming an average issue price of $12 per share. 2. Calculate B assuming an average issue price of $60 per share. 3. Calculate C assuming the average issue price was $3.00 per
Ultimate control of a corporation lies with:a. Shareholdersb. Board of directorsc. CEO and other executive officersd. Employees of the corporation
Assume that the preferred are convertible into common at a rate of eight common shares for each share of preferred. If 1,000 shares of the preferred are converted into common on April 1, 2020,
Fast Cars Inc. was authorized to issue 50,000 $1.50 preferred shares and 300,000 common shares. During 2020, its first year of operations, the following selected transactions occurred: Required a.
Assume that the preferred shares are convertible into common at a rate of eight common shares for each share of preferred. If 1,000 shares of the preferred are converted into common shares on
The costs of organizing a corporation are:a. Expensed as incurredb. Capitalized as an intangible assetc. Recorded as share capitald. None of the above.
The equity sections from the 2020 and 2021 balance sheets of Fab-Form Industries Inc. appeared as follows:
Prepare journal entries for each of the following selected transactions that occurred during Trio Networks Corporation?s first year of operations: 2020 Issued 2,000 common shares to the
WestJet is a a Canadian company with clear focus on its employees and customers. Reference the financial statements in Appendix II, particularly the link to the notes, referring to Note 11 and 12.
Mogul Ltd., a ski boot manufacturer, showed the following amounts for its year just ended October 31, 2020. Prepare a multi-step income statement assuming a tax rate of 25%. Cost of goods sold. Gain
The equity sections from the 2020 and 2021 balance sheets of The Saucy Bread Company Inc. appeared as follows:
Which of the following is not an advantage of the corporate form for organizations:a. Ownership rights are easily transferableb. Continuous lifec. Corporate taxationd. Ease of capital accumulation
Using the information from the alphabetized post-closing trial balance below, prepare a classified balance sheet for Sassy Pharmaceuticals Inc. as at March 31, 2020. Be sure to use proper form,
Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $154,500 in the company. On December 20, it was decided that $60,800 of the company’s cash would be
Jones Inc. needs $100,000 to finance the purchase of new equipment. The finance manager is considering two options:1. Borrowing the funds over a five-year term and paying interest at the rate of 6%
Barry Bowtie incorporated his business under the name BowTie Fishing Expeditions Corp. on March 1, 2020. It was authorized to issue 30,000 $2 cumulative preferred shares and an unlimited number of
Fargo Inc. showed the following profit statement information for its first three years of operations: Partial information regarding Fargo?s equity for the past three years follows: Required 1.
Using the information from the alphabetized post-closing trial balance below, prepare a classified balance sheet for Malta Industries Inc. as at October 31, 2020. Be sure to use proper form,
Organic Market, a grocery store, purchased supplies for $12,000 cash on July 1, 2020. As of December 31, 2020, $7,000 had been used and $5,000 of supplies had not been used. Organic Market prepares

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