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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Asiatic Electroplating analyzes its accounts receivable weekly. On November 17, 2020, Asiatic accepted a 5.5%, 90-day, $90,000 note receivable from RoadWorks in exchange for its past-due account. On
Times TeleCom?s PPE subledger at January 1, 2020, appeared as follows: Required a. Complete the PPE subledger; round calculations to the nearest dollar. b. Using the information from the PPE
Two years ago, on March 1, 2018, General Recycling Management Systems purchased five used trucks and debited the Trucks account for the total cost of $180,000. The estimated useful life and residual
Two features distinguishing property, plant, and equipment (PPE) from other assets are that:a. PPE is used in business operations to generate revenue and provides benefits for more than one
In 2020, DelCano Properties paid $540,000 for a tract of land on which two buildings were located. The plan was to demolish Building A and build a new factory (Building C) in its place. Building B
On March 1, 2020, Wallace Company purchased a new machine with a suggested retail price of $123,000. The new machine was to replace an old machine that originally cost $90,000 and had $36,000 of
Kane Biotech was preparing the annual financial statements and, as part of the year-end procedures, assessed the assets and prepared the following alphabetized schedule based on adjusted values at
Macho Taco sold a food truck on March 1, 2020. The accounts showed adjusted balances on February 28, 2020, as follows:Food Truck
Chem Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occurred during the month of July
Fraser Antiques completed the transactions listed below during June 2020. All sales are on terms 2/10, n/30. Required 1. Prepare a general journal, sales journal, purchases journal, cash receipts
Mango Designs began selling its custom furniture on June 1, 2020. At the end of the month, the special journals showed the following results. Other information you will need is as follows: ? Interest
Assume it is Monday, May 1, 2020, the first business day of the month, and you have just been hired as the accountant for Alpine Company, which operates with monthly accounting periods. All of the
The adjusted balances at December 31, 2020, for Derlak Enterprises are shown in alphabetical order below: Required Prepare a comparative classified balance sheet at December 31, 2020. Analysis
Refer to the financial statements for each of Spin Master, Indigo, and WestJet in Appendix II.RequiredAnswer the following questions.Part 1The December 31, 2017, balance sheet for Spin Master
The cost of PPE includes which of the following:a. Its invoice price, less any cash discount for early paymentb. Freight, unpacking, and assembling costsc. Non-refundable sales tax (PST)d. All of the
The adjusted balances at September 30, 2020, for Xentel Interactive are shown in alphabetical order below: Required Prepare a comparative classified balance sheet at September 30, 2020. Analysis
After planning to build a new plant, Kallisto Backpack Manufacturing purchased a large lot on which a small building was located. The negotiated purchase price for this real estate was $1,200,000 for
On January 2, 2018, Country Lumber installed a computerized machine in its factory at a cost of $168,000. The machine?s useful life was estimated at four years or a total of 190,000 units with a
Which of the following costs should be capitalized as a betterment:a. Replacement of the engine for the company’s transport truck.b. Installation costs for a new roof on the factoryc. Costs to
1. Classify the following expenditures as Repairs and Maintenance Expense or Betterment:a. The monthly replacement cost of filters on an air conditioning system, $120.b. The cost of replacing a
On January 2, 2018, Wavepoint Systems, a cell phone manufacturer, installed a computerized machine in its factory at a cost of $169,200. The machine?s useful life was estimated at four years or a
On April 12, 2020, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $29,400 cash in closing costs. The real estate included land appraised at $249,480; land
Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated residual value of $25,000. Depreciation is calculated to the nearest month. The company
Which of the following items qualify as repairs and maintenance expense:a. Costs to repair the loading dock that was recently damaged by a delivery truckb. Costs to fix a hole discovered in a
On April 14, 2020, Orchid Company, a new Thai restaurant, purchased land and a building for a total price of $540,000, paying cash of $85,000 and borrowing the balance from the bank. The bank
LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated residual value of $56,000. The company?s year-end is December 31. Depreciation is
On January 1, 2020, Bona Vista Co. purchased land, a building, equipment, and tools for a total price of $4,320,000, paying cash of $1,104,000 and borrowing the balance from the bank. The bank
West Coast Tours runs boat tours along the West Coast of British Columbia. On March 5, 2020, it purchased, with cash, a cruising boat for $828,000, having a useful life of 10 years or 13,250 hours,
What is the difference in how to account for land and land improvements?
Which of the following costs for constructed buildings should be capitalized:a. Interest costs incurred once the building is occupiedb. Insurance costs incurred once the building is occupiedc. Design
TechCom has provided the following selected account information, in alphabetical order, from its adjusted trial balance at October 31, 2020 (assume normal balances):Accounts receivable
Tundra Tours runs tundra buggy expeditions in northern Manitoba for tourists to catch a glimpse of the abundant caribou, polar bears, and other wildlife. Tundra purchased a tundra buggy on October
On January 1, 2020, Land’s End Construction purchased a used truck for $52,500. A new motor had to be installed to get the truck in good working order; the costs were $21,000 for the motor and
On January 2, 2018, Archer Company, a skateboard manufacturer, installed a computerized machine in its factory at a cost of $150,200. The machine?s useful life was estimated at four years or a total
Which of the following depreciation methods allocate the cost of the underlying asset evenly over the useful life of the asset:a. double-declining-balance methodb. units-of-production methodc.
What is the difference in profit between a repairs and maintenance expense and a betterment, and how is each recorded?
On January 2, 2020, Crossfire acquired sound equipment for concert performances at a cost of $55,900. The rock band estimated that it would use this equipment for four years, and then sell the
Jackal Energy purchased a transport truck on January 1, 2020, for $305,200 cash. Its estimated useful life is five years or 320,000 kilometres with an estimated residual value of
1. Calculate and record depreciation for the year just ended April 30, 2021, for both the building and equipment. 2. Prepare the property, plant, and equipment section of the balance sheet at April
Which of the following depreciation methods allocates more depreciation in the early years of an asset’s life and less depreciation in later years:a. units-of-production methodb.
What accounting principle justifies charging the $75 cost of PPE immediately to an expense account?
Papaya, a specialty greeting card company, purchased a photocopier costing $45,000 on January 1, 2020. The equipment is expected to produce a total of 4,000,000 copies over its productive life. Its
1. Calculate and record depreciation for the year ended December 31, 2021, for both the machinery and equipment (round calculations to the nearest whole dollar). 2. Prepare the property, plant, and
On January 3, 2020, Xenex Innovations purchased computer equipment for $125,250. The equipment will be used in research and development activities for five years or a total of 8,500 hours and then
Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business. The purchase was completed on March 1, 2020, at a total cash price of $1,260,000 and
When there is a revised useful life on a depreciated asset due to more information being available or because of a subsequent capital expenditure, which of the following is adjusted:a. Depreciation
Refer to the statements of cash flows for Spin Master in Appendix II. What was the amount of depreciation and amortization for 2016 and 2017? Where will you look to find the explanation of the
Patty’s Pies acquired a delivery truck on January 1, 2020, for $86,000. It is expected to last five years and then sell for about $16,000. Calculate depreciation for each year of the truck’s life
ID Watchdog Inc. recently negotiated a lump-sum purchase of several assets from a contractor who was planning to change locations. The purchase was completed on September 30, 2020, at a total cash
On January 1, 2020, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $2,520,000. An appraisal identified the fair values to be $700,000 (land), $1,120,000
A machine that cost $504,000, with a four-year life and an estimated $48,000 residual value, was installed in Haley Company?s factory on September 1, 2020. The factory manager estimated that the
What is the balance sheet classification of land held for future expansion? Why is the land not classified as property, plant, and equipment?
Vegan Bites, a local restaurant, had to replace the roof of its building. Advise the new controller on how to handle the accounting adjustment for the new roof:a. The amount is debited to the
Crystal Cleaners is an eco-friendly dry cleaner. The following excerpt from its PPE subledger shows the component details regarding the dry cleaning equipment: Calculate depreciation on the dry
Vidéotron Ltée completed the following transactions involving printing equipment.Machine 6690 was purchased for cash on May 1, 2020, at an installed cost of $72,900. Its useful life was estimated
On May 2, 2020, Uniglobe Satellite Company purchased and installed a new machine that cost $273,000, with a five-year life and an estimated $38,220 residual value. Management estimated that the
At December 31, 2019, Dynamic Exploration?s balance sheet showed total PPE assets of $802,000 and total accumulated depreciation of $339,980 as detailed in the PPE subledger below. Dynamic
At December 31, 2020, Halifax Servicing?s balance sheet showed capital asset information as detailed in the schedule below. Halifax calculates depreciation to the nearest whole
Design Inc. is an independent hardware development firm that builds computer chips that enable quick retrieval of the best information relating to the type of information the user selects as of
Equipment with an estimated life of 10 years and no expected residual value was purchased on account for $60,000 on March 6, 2020. Assuming a year-end of December 31, calculate depreciation for 2020
At April 30, 2020, Hackney Building Products? year-end, the balance sheet showed PPE information as detailed in the schedule below. The company calculates depreciation for partial periods using the
Refer to Exercise 9-10. Assume that the only other assets at December 31, 2019, were total current assets of $338,000. Prepare the asset section of Dynamic Exploration?s classified balance sheet at
NeverLate Ltd. completed the following transactions involving delivery trucks: Required? Prepare journal entries to record the transactions. Paid cash for a new delivery truck, $92,000 plus $4,200
What are two types of intangible assets?
Refer to the information in QS 9-10. Assume the equipment is depreciated using the double-declining-balance method. Calculate depreciation for 2020 and 2021: a. To the nearest whole month b. Using
Fab-Form Industries completed the following transactions involving the purchase of delivery equipment. Required Prepare journal entries to record the transactions. 2020 Paid cash for a new truck,
Kenartha Oil recently paid $483,900 for equipment that will last five years and have a residual value of $114,000. By using the machine in its operations for five years, the company expects to earn
The December 31, 2020, adjusted trial balance of Maritime Manufacturing showed the following information:Single Machinery
Refer to the balance sheet for WestJet in Appendix II. What amount did it report as intangible assets at December 31, 2017?
AbeCo, a luggage manufacturing company, borrowed $75,000 from the bank to purchase a machine that was estimated to produce 120,000 suitcases; its expected residual value is $15,000. During 2020 and
The December 31, 2020, adjusted trial balance of Biomedics Inc. showed the following information:Building .........................................................................................
VanHoutte Foods bought machinery on September 10, 2018, for $168,000. It was determined that the machinery would be used for six years or until it produced 260,000 units and then would be sold for
Pete?s Propellers Company showed the following information in its Property, Plant, and Equipment subledger regarding Machine #5027. On January 7, 2020, the machine blade cracked and it was replaced
When is the only time a business can record goodwill?
On January 1, 2020, Kaldex Company purchased for $35,720 equipment with an estimated useful life of eight years and an estimated residual value at the end of its life of $4,200. Early in January
Brainium Technologies showed the following information in its Property, Plant, and Equipment subledger regarding a warehouse. During 2020, it was determined that the original useful life on the
Design Pro purchased on October 1, 2019, $110,000 of furniture that was put into service on November 10, 2019. The furniture will be used for five years and then donated to a charity. Complete the
Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance.Account
Fire Pizza Food Truck purchased a giant wood stove for $11,000, terms 2/10, n/60, FOB shipping point, to go on a trailer behind the food truck. Fire Pizza received an invoice for $280 for freight
Sydney Lanes, a local bowling alley, installed automatic scorekeeping equipment. The electrical work required to prepare for the installation was $18,000. The invoice price of the equipment was
Refer to the balance sheet for WestJet in Appendix II. What amount did it report as goodwill at December 31, 2017?
Class Act Catering Company had a deluxe, portable barbecue with a book value of $7,000 at its December 31, 2019, year-end. The barbecue had an estimated remaining useful life of five years and a $200
La Mancha Enterprises completed all of its March 31, 2020, adjustments in preparation for compiling its financial statements, which resulted in the following trial balance.Account
On April 1, 2020, Ice Drilling Co. purchased a trencher for $125,000. The machine was expected to last five years and have a residual value of $12,500.RequiredCalculate depreciation expense for 2020
Endblast Productions showed the following selected asset balances on December 31, 2020:Land
In the chapter-opening vignette, YVR refers to several capital initiatives that are underway. What types of construction costs can YVR capitalize for self-constructed assets such as the development
Phantom Company was preparing the annual financial statements and, as part of its year-end procedures, prepared the following alphabetized schedule based on adjusted values at March 31,
EveryWhere Development Co. showed the following selected PPE balances on January 31, 2020:Van ................................................................................................ $
Vita Water purchased a used machine for $116,900 on January 2, 2020. It was repaired the next day at a cost of $4,788 and installed on a new platform that cost $1,512. The company predicted that the
Huang Furniture Company showed the following adjusted account balances on September 30, 2020:Equipment
On January 1, 2020, Ultra Green Packaging purchased a used machine for $156,000. The next day, it was repaired at a cost of $4,068 and mounted on a new platform that cost $5,760. Management estimated
On April 3, 2020, David’s Chocolates purchased a machine for $71,200. It was assumed that the machine would have a five-year life and a $15,200 trade-in value. Early in January 2023, it was
In 2020, Staged Home Ltd. completed the following transactions involving delivery trucks:July 5 Traded in an old truck and paid $25,600 in cash for furniture. The accounting records on July 1 showed
Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of December 31, 2020. Its fair value on this date was $3,000. On the same day, Dean exchanged
During 2020, Global Designs Inc. had the following transactions.Aug. 31 Traded in furniture with a cost of $42,000 and accumulated depreciation of $25,800 recorded in the accounting records on this
At its December 31, 2019, year-end, Athletic Apparel had a warehouse with an adjusted book value of $292,500 and an estimated remaining useful life of 15 years and residual value of $90,000. Because
Zephyr Minerals completed the following transactions involving machinery.Machine No. 1550 was purchased for cash on April 1, 2020, at an installed cost of $52,900. Its useful life was estimated to be
On October 1, 2020, Kingsway Broadcasting purchased for $288,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next three years.
On January 4, 2020, Amber’s Boutique paid cash of $95,000 for a 10-year franchise. Prepare the entry to record the purchase of the franchise and the adjusting entry at December 31, 2020.
On February 3, 2020, Secure Software Group purchased the patent for a new software for cash of $220,800. The company expects the software to be sold over the next five years and uses the

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