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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

White Water Adventure is a travel adventure business that operates from about April to October each year. The company has an outstanding reputation for the quality of its tours and as a result
A contingent asset should be recorded in the following situation:a. When it is probable and can be reasonably estimatedb. When it is probablec. When it is actually realized; no disclosure is
A lawsuit is outstanding with a customer regarding a faulty snowboard design that resulted in a severe injury to a 25-year-old professional snowboarder and she is claiming $2 million in damages.
Which of the following statements is true regarding income tax liabilities:a. Corporations are expected to estimate their tax liability in advance of information relating to sales or profit for the
Appleton Electronics Company purchases merchandise inventory from several suppliers. On October 1, 2020, Appleton Electronics purchased from Digital Wiring $40,000 of inventory on account. On
Laser Tag Palace has two employees and the payroll register showed the following information for the biweekly pay period ended March 23, 2020: Prepare the entry to record the payroll liability on
Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2020, Modern Electronics purchased from Speedy Supplies $100,000 of inventory on account. On May 15,
A contingent liability exists when a liability is:a. Probable and can be reliably estimatedb. Probable but cannot be reliably estimatedc. Not probable or it cannot be estimatedd. None of the above.
Sask Tractor borrowed $320,000 to purchase inventory on September 17, 2020 for 60 days at 6% interest by signing a note.On December 6, 2020, Sask Tractor sold a tractor for cash of $24,000 (cost
Jackson Textiles had an outstanding account in the amount of $14,800 owing to Huang Manufacturing. On October 1, 2020, Huang agreed to convert Jackson’s account to an 8%, 45-day note having a face
Real People Sporting (RPS) Co-op introduced a loyalty program in 2020. Every customer who signed up would receive 1% of their total purchases as a cheque, each February for the previous year, that
Western Refrigeration borrowed $230,000 to purchase inventory on September 15, 2020 for 45 days at 6% interest by signing a note.On December 6, 2020, Western Refrigeration sold an industrial fridge
On December 11, 2020, the Sydney Company borrowed $42,000 and signed a 60-day, 5.5% note payable. Calculate the accrued interest payable on December 31, 2020.
Sunnyside Solar Consultants provided $180,000 of consulting services to Delton Developments on April 14, 2020, on account. Required Journalize Sunnyside?s April 14 transaction including applicable
Eyelash Extension Co.’s liabilities as reported on the June 30, 2020, balance sheet are shown below, along with its statement of changes in equity.Accounts payable
Home-style Wool Company knits clothing from merino wool and sells online and at craft fairs. Gina takes deposits for custom orders. The person preparing the adjusting entries at year-end left for a
Vision Wear’s product warranties state that defective glasses will be replaced free of charge for the life of the product. Vision Wear estimates that 2% of the pairs of glasses sold will require
Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have
Snowbot Snow Removal Company of Halifax purchased some snowplow equipment on March 10, 2020, that had a cost of $150,000 (ignore GST/PST). Show the journal entries that would record this purchase and
Wang Corp. estimates income tax expense to be $285,600 for the year 2020. Record estimated income tax for January on January 31, 2020, and the payment on February 1, 2020.
Mercedes Boats borrowed $220,000 on September 15, 2020, for 45 days at 7% interest by signing a note.1. On what date will this note mature?2. How much interest expense is created by this note?3.
During 2020, Victory Bubble Tea House recorded $36,000 in estimated income taxes on the last day of each month and made the payment on the 15th of the following month. On December 31, 2020,
On April 15, 2020 Dallas Consulting borrowed $17,000 to pay the tax bill owing, for 45 days at 9% interest by signing a note.1. On what date will this note mature?2. How much interest expense is
On January 2, 2020, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five years on December 31, 2024. Annual payments are $78,608 each December 31. The payment schedule
Trista and Co. borrowed $180,000 on December 1, 2020, for 90 days at 5% interest by signing a note to buy jewellery inventory.1. On what date will this note mature?2. How much interest expense is
Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that 0.5% of units sold will be returned and require replacement at an average
On October 6, 2020, Norwood Co., an office equipment supplier, sold a copier for cash of $21,000 (cost $13,900) with a two-year parts and labour warranty. Based on prior experience, Norwood expects
Music Media Ltd. prepares statements quarterly. Part A: Required 1. Based on 2019 results, Music?s estimated tax liability for 2020 is $285,960. Music will accrue 1/12 of this amount at the end of
Superior Skateboard Company, located in Ontario, is preparing adjusting entries at December 31, 2020. An analysis reveals the following:a. During December, Superior sold 6,500 skateboards that carry
Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements. Following are selected unadjusted account balances: Additional information: a. $10,800 of income tax was accrued
Brar Maintenance Company showed the following adjusted trial balance information for its December 31, 2020, year-end. Required Prepare a classified balance sheet for Brar Maintenance Company at
1. Using the format presented in Problem 3-11B, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-11B. 2. Prepare an income statement, a statement of
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end: Use the information in the trial balance to prepare: 1. The income statement for the year
Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2020 year-end.a. On October 1, 2020, Dr. Chan prepaid $8,000 for four months of rent.b. On
On December 31, 2020, Beautiful Brows Salon received the business cell phone bill for December (Dec. 1 to Dec. 31) usage of $2,000. It must be paid by January 15, 2021.a. To prepare the 2020 annual
This alphabetized adjusted trial balance is for Mad Catz Courier as of its December 31, 2020, month-end: Required Use the information in the trial balance to prepare: 1. The income statement for
Tiger Computer provided $17,000 of services to customers in the month of March 2020. On March 31, 2020, Tiger Computer has not yet billed or collected payment for the $17,000. On April 16, $12,000 of
On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations: Required 1. Prepare
MODERN is a store with trendy and affordable furniture. MODERN has five part-time employees, each of whom earns $210 per day. They are normally paid on Fridays for work completed on Monday through
On July 1, 2020, Melanie Thornhill began her third month of operating an electronics repair shop called MT Repairs out of her dad?s garage. The following occurred during the third month of
The following three situations require adjusting journal entries to prepare financial statements as of April 30, 2020. For each situation, present the adjusting entry and the entry that would be
Following are two income statements for Javelin Company for the month ended December 31, 2020. Column B was prepared before any adjusting entries were recorded and column D includes the effects of
The following events occurred for a company during the last two months of its fiscal year ended December 31, 2020: Required 1. Prepare the November and December entries for the above activities
The following occurred for a company during the last two months of its fiscal year ended May 31, 2020: Required 1. Prepare entries for April and May under the approach that records prepaid expenses
The following are independent situations. Based on the accrual basis of accounting, explain when the companies should recognize revenue.a. You order a leather jacket from Aritzia online. You submit
The following information has been taken from Out Loud Comedy Club?s unadjusted and adjusted trial balances at October 31, 2020. Given this trial balance information, prepare the adjusting journal
Using the completed adjusted trial balance columns from Exercise 3-17, prepare an income statement, a statement of changes in equity, and a balance sheet for the year ended February 28, 2020. Assume
Classic Customs began operations on December 1, 2020. In setting up the bookkeeping procedures, the company decided to debit expense accounts when the company prepays its expenses and to credit
Foster Company initially records prepaid and unearned items in income statement accounts. Given Foster Company’s practices, what is the appropriate adjusting entry for each of the following at
GolfLink is a golf course company with clubs in ten provinces. Listed here is part of the comparative balance sheet at December 31, 2021, showing the following assets and liabilities, in
The closing process is:a. A required step at the end of the accounting period after the financial statements are preparedb. An optional step used to analyze the financial statements at the end of
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by
This unadjusted trial balance is for Challenger Construction at the end of its fiscal year, September 30, 2020. The beginning balance of the owner?s capital account was $46,000 and the owner invested
An example of a permanent account is:a. Withdrawalsb. Revenuec. Utilities Expensed. Cash
Using the information from Problem 4-4B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020.
These partially completed Income Statement columns from a 10-column work sheet are for the Winston Sail?em Boat Rental Company for the year ended December 31, 2020. Use the information to determine
The adjusted trial balance for Destination Wedding Photo as of December 31, 2020, follows: An analysis of other information reveals that Destination Wedding Photo is required to make a $49,000
The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Required 1. Prepare the four closing entries. 2. Prepare a post-closing trial balance. Debit Credit $ 3,400 101 Cash. Accounts
The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the
Pure Plant Beauty is a sole proprietorship that has a developed a new line of skin care and makeup that uses natural and organic ingredients. The company showed the following adjusted account
Using the adjusted trial balance in Problem 4-6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2020, and the classified balance sheet at December
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone
Using the information in Problem 4-8B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020. The
Using the adjusted trial balance below, for FairQuest Equipment Servicing for the year ended August 31, 2020, prepare an income statement, statement of changes in equity, and classified balance
The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts. Required Prepare an income statement
An alphabetical list of the adjusted trial balance accounts at July 31, 2020, for Delta Tours after its first month of operations is shown below: Required 1. Calculate the capital balance as it
On June 1, 2020, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company?s first month: The company?s chart of accounts included these
The following is selected simplified information from Organic Catering?s balance sheet as at December 31, 2020 and December 31, 2021. You, business analyst at Organic Catering, have been asked to
Refer to the information in Exercise 4-20. You, business analyst at Organic Catering, have been asked to calculate the debt to equity ratio (round to two decimal places). Provide your manager with
You have just graduated with a business diploma in management and have been hired as the inventory manager for a local sporting goods store. Your first task is to review and assess the following
Under a periodic inventory system, which of the following journal entries are booked at the time goods with a purchase price of $200 are sold to the customer for $500:a. Dr. Purchases $500Cr. Sales
Information from the unadjusted trial balance of Electric Bike on December 31, 2020, the end of the annual accounting period, is as follows: Required 1. Record adjusting entries for the following
The following amounts appeared on Davison Company’s adjusted trial balance as of October 31, 2020, the end of its fiscal year:Required1. Prepare a classified multiple-step income statement for
FOB destination is a term used to indicate the following:a. Ownership of goods transfers to the buyer when goods reach the buyer’s place of business.b. Ownership of goods transfers to the buyer
The following account information appeared on Ucore Sales? adjusted trial balance as of December 31, 2020. The accounts are listed in alphabetical order. Required 1. Prepare a classified
The following amounts appeared on Plymouth Electronics’ adjusted trial balance as of December 31, 2020.Required1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics,
The following adjusted trial balance information was taken from the end of the July 31, 2020, fiscal year for Brilliant Sales: Brilliant Sales uses a perpetual inventory system. Required 1.
Use the following adjusted trial balance information for JetCo?s December 31, 2020, year-end to prepare (a) A classified multi-step income statement, (b) A single-step income statement. Account
The following items should be included in merchandise inventory:a. Goods in transit with sales terms FOB destinationb. Additional costs necessary to put inventory in a place and condition for salec.
You are in charge of the year-end inventory count for OMG Luggage’s December 31, 2020 year-end. OMG Luggage is known for its crazy luggage colours and designs. Assume the company uses a perpetual
On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the yearend ending inventory value to be $75,500. It is now January 8, 2021, and you have been
On November 30, 2020, York + Robin Shoes (Y+R) performed the annual inventory count and determined the year-end ending inventory value to be $49,222. It is now December 3, 2020, and you have been
The records of Thomas Company as of December 31, 2020, show the following: The accountant of Thomas Company discovers in the first week of January 2021 that the following errors were made by his
The owner of Fardan Stereo Sales showed the following adjusted trial balance at December 31, 2020: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Account Account ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
The former CEO of Benton Beverages retired and you have been hired in her place. In reviewing the selected financial data shown below, you are puzzled given that industry information clearly shows
Under both a perpetual and a periodic inventory system goods must be counted at the end of the accounting period for the following reason:a. Items that are damaged or obsolete can be identified
The Obama Company has the following inventory purchases during the fiscal year ended December 31, 2020. Obama Company has two sales during the period. The units have a selling price of $138 per
Costing methods are an important accounting policy choice for the following reasons:a. Once selected, companies must restate financial statements if they decide to change their accounting policy.b.
Under the first-in, first-out inventory costing method:a. Inventory items are assumed to be sold in the order they are acquired.b. Inventory items are assumed to be purchased in the order they are
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $125. Required Calculate
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Gale Company employs a perpetual inventory system. Required 1. Calculate the dollar value of
The Manson Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. Manson Company uses a perpetual inventory system. Required 1. Calculate the
Under the moving weighted average costing method:a. Costs are assigned to inventory as goods are sold.b. Average cost per unit is calculated by dividing total cost of goods available by units on hand
Which of the following is an example of an inventory item that would best suit the specific identification inventory method:a. Pile of bird’s-eye gravel at the local gravel pitb. Cartons of
Which accounting principle requires that a company use the same accounting methods period after period?a. Revenue recognition principleb. Lower of cost and net realizable value principlec. Business
Use the data in Exercises 6-5 and 6-6 to construct comparative income statements for Car Armour (year-end December 31, 2020), similar to those shown in Exhibit 6.8 in the chapter. Assume that
The Singh Bamboo Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2020. Singh Bamboo Company uses a perpetual inventory system. Required 1.
The maturity date on the outstanding note receivable is important for the following reason:a. The specific number of days the note is outstanding is important to determine interest income and
The following information is available regarding the accounts receivable of Club Fit Holdings at August 31, 2020: Club Fit estimates uncollectability of accounts receivable using the following
Mega Company and Holton Company are similar firms that operate within the same industry. The following information is available: a. Which company has the more favourable accounts receivable

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