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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Urban Glam Cosmetics made purchases of lipstick in the current year as follows:Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit:Jan. 10
You are in charge of the year-end inventory count for OMG Luggage’s December 31, 2017 year-end. OMG Luggage is known for its crazy luggage colours and designs. Assume the company uses a perpetual
Owner of 555 Antiques, antique dealers, purchased a rare collection of superhero comic books for a bid price of $37,500. The terms of the purchase were FOB shipping point, and the cost of
Say It Loud Cards, a distributor of fun and witty cards, operates out of owner Scott Arlen’s home. At the end of the accounting period, Arlen has 1,500 units of products in his basement, 30 of
Refer to Danier’s financial statements in Appendix III. Is it possible to determine a cost of goods sold figure for Danier? If so, what is the cost of goods sold figure for Danier?
Refer to WestJet’s financial statements in Appendix III. On December 31, 2014, what percentage of WestJet’s assets was represented by what would be WestJet’s inventory? Is this merchandise
What is the usual meaning of NRV as it is used in determining the LCNRV for merchandise inventory?
Caps Co., a store that sells baseball hats received a shipment of inventory. The purchase price of inventory is $2,000, a bulk discount of 40% off was received, the shipping charges were $200, and
Information from the March 31, 2017, year-end, unadjusted trial balance of The Online Store is as follows:Additional Informationa. Supplies inventory at year-end, $920. b. The balance in the
The following account information appeared on Ucore Sales€™ adjusted trial balance as of December 31, 2017. The accounts are listed in alphabetical order.Required1. Prepare a classified,
Nikki designed a line of environmentally friendly handbags under the brand Nik & Mik. You are the marketing manager. Round all numbers to two decimal places.a. After assessing the competitors,
The following amounts appeared on Plymouth Electronics€™ adjusted trial balance as of December 31, 2017.Required1. Prepare a 2017 classified, multiple-step income statement for Plymouth
Leah Wells, a yoga instructor, started a company that sells athletic yoga clothing. You are Leah’s marketing manager. Round your answers to two decimal places.a. After assessing the competitors,
Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and has a December 31, 2017 year-end.a. On October 1, 2017, Dr. Chan prepaid $8,000 for four months of rent.b. On
On January 1, you started a tutoring business called Brain Worx and charge $30 an hour for tutoring. The following are your transactions for 2017.a. On January 1, you purchased a computer from Apple
Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. 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
Alexis believes that temporary account information is deleted through the closing entries. Do you agree or disagree? Explain. What is the relationship between temporary and permanent accounts?
Daniel is having trouble determining whether withdrawals, the owner’s capital, interest income and prepaid insurance are temporary or permanent accounts. Explain to him the difference between a
What tasks are performed with the work sheet?
It’s a week before Scotiabank’s October 31, 2017, year-end. You are the personnel director and are reviewing some financial information regarding the March 1, 2015, purchase of office furniture
a. Annual depreciation of the equipment; $11,500. b. $12,000 of the Prepaid Insurance balance has expired. c. Unbilled and unrecorded revenues at year-end totaled
IKEO is a store with trendy and affordable furniture. IKEO has five part-time employees, each of whom earns $280 per day. They are normally paid on Fridays for work completed on Monday through Friday
After winning the TV show competition, Star Chef, Adriana started a cooking school, Adriana’s Apron. Adriana’s Apron prepares monthly financial statements. The following are the transactions for
Part 1 Refer to WestJet’s income statement in Appendix III at the end of the textbook.Part 2a. Prepare two possible adjusting entries that would have caused 2014 Guest revenues to increase.b.
Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme activity. JJ Co. prepares annual financial statements and has a December 31, 2017 year-end.a. On April 1, 2017,
Splish Splash Art is a centre that offers children’s music and dance lessons. Splish Splash prepares annual financial statements and has a December 31, 2017, year-end.a. On September 1, Splish
Mean Beans, a local coffee shop, has the following assets on January 1, 2017. Mean Beans prepares annual financial statements and has a December 31, 2017 year-end.a. On January 1, 2017, purchase
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, 2017.Given this trial balance information, prepare the adjusting
TigrSoft provided $17,000 of services to customers in the month of March 2017. On March 31, 2017, TigrSoft has not yet billed or collected payment for the $17,000. On April 16, $12,000 of these were
On December 31, 2017, 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, 2018.a) To prepare the 2017 annual
Yara Clothing (Yara), a retail store at the mall, hires a number of employees to work 7 days a week. Yara€™s owes its employee wages for the period of December 31, 2017 to January 13, 2018
Rise and Shine Ice Cream prepares annual financial statements and has a December 31 year-end. As of March 1, 2017, Rise and Shine Ice Cream took out a bank loan for $12,000 with an interest rate of
On November 1, 2017, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2017, Race Car Repairs’ year-end, it was determined that $3,000 of
Club 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On October 1, 2017, Club 17X sells a one-year prepaid gym membership for $300 cash.a. Record the
Gold Co. purchased a vehicle on March 1, 2017, for cash of $32,000. It will be used by the president for business purposes for four years and then sold for an estimated amount of $8,000. Gold Co.’s
On January 1, 2017, Taco Taqueria, a Mexican restaurant, purchased equipment for $12,000 cash. Taco Taqueria estimates that the equipment will last five years (useful life). The restaurant expects to
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2017, paying cash of $7,680. Its year-end is December 31.a) Record the journal entry on April 1, 2017.b) How
Organic Market, a grocery store, purchased supplies for $12,000 cash on July 1, 2017. As of December 31, 2017, $7,000 had been used and $5,000 of supplies had not been used. Organic Market prepares
Stud Muffin Bakery prepares financial statements on an annual basis and has a December 31, 2017 year- end. On July 1, 2017, the bakery purchased a one-year insurance policy for $12,000 cash. The
Based on the accrual basis of accounting, determine when the following independent companies should recognize revenue.1. Starbucks sells you a $25 gift card for your friend’s birthday in February.
Review the income statement of WestJet in Appendix III. How much depreciation was recorded in the adjusting entry for depreciation at the end of 2014? What types of assets would WestJet need to
After reviewing the financial statements, the marketing department will finalize its decision on launching a new advertising campaign and the human resources department will finalize how many
In your personal life, when do you need to prepay for products or services? Why do you think companies want you to prepay instead of paying later?
Hannah is preparing an income statement for homework. She identifies revenues as service revenue, rent revenue, and unearned revenue. She identifies expenses as advertising expense, prepaid expense
Your friend is a graphic designer who started his own business. He asks you “How do I record revenue and expenses correctly?” Explain when to record revenue and expenses based on the accrual
The adjusted trial balance at April 30, 2017, for Willard Co. follows.Required1. Prepare the four closing entries. 2. Prepare a post-closing trial balance. Credit Debit $ 3,600 101 Cash .. 8,500
The December 31, 2017, unadjusted trial balance for Musical Sensations after its second year of operations follows:Required1. Enter the unadjusted trial balance onto a work
On December 31, 2017, Ace Management Co. prepared an adjusting entry to accrue $9,800 of earned but unrecorded rent revenue. On January 20, 2018, Ace received rent payments in the amount of $15,500.
The following is selected financial information from WestJet€™s Balance Sheet as at December, 31, 2014 and 2013. Calculate the debt to equity ratio for 2014 and 2013 (round to two decimal
Using the information in QS 4-14, calculate Tucker Company€™s quick ratio (round to two decimal places).Information 4-14Calculate Tucker Company€™s current ratio, given the
Use the following March 31, 2017, year-end adjusted balances to prepare Jardine Servicing’s liabilities section on its March 31, 2017, classified balance sheet.Accounts
You are the accountant at Stephos Greek Taverna. After completing the December 31, 2017 financial statements, you need to post the closing entries to prepare for the 2018 year. Start the process by
How do reversing entries simplify a company’s accounting efforts?
Refer to the December 31, 2014, balance sheet for WestJet in Appendix III at the end of the book. What amount of WestJet’s long-term debt is coming due before December 31, 2015?
Why is a classified balance sheet more useful to financial statement users than a non-classified balance sheet?
Refer to Danier’s income statement in Appendix III at the end of the book. What journal entry was recorded as of June 28, 2014, to close the revenue account?
Classic Customs began operations on December 1, 2017. In setting up the bookkeeping procedures, the company decided to debit expense accounts when the company prepays its expenses and to credit
On July 1, 2017, 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
On August 1, 2017, Delanie Tugut began a tour company in the Northwest Territories called Tugut Arctic Tours. The following occurred during the first month of operations:Aug. 1.
In reviewing the accounts on September 30, 2017, for the year just ended, Geek Designers discovered the following:a. Interest of $1,500 had accrued on the bank loan as at September 30. It is to be
1. Refer to WestJet’s income statement in Appendix III at the end of the textbook. a. Total Guest revenues for 2014 were $3,599,157 (thousand).(i). Prepare two possible journal entries that
On January 1, 2017, Paula Fernandes started a new business called Wicked Dance. Near the end of the year, she hired a new bookkeeper without checking references or requesting an academic transcript.
At the beginning of June 2017, Brett Wilson created a moving company called Frog Box Company. The company had the following transactions during July, its second month of operations:July
WiCom Servicing completed these transactions during November 2017, its first month of operations:Nov.1. Tait Unger, the owner, invested $62,000 cash and office equipment that had a fair value of
Using the information in Problem 2-1B, complete the following:Problem 2.1BPeeters Consulting completed these transactions during June 2017: June2. Trevor Peeters, the sole proprietor, invested
Peeters Consulting completed these transactions during June 2017:June2. Trevor Peeters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business.4.
Wilm Schmidt, the owner of Wilm€™s Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2017, trial balance.The following errors were discovered:a.
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2017, and a balance sheet at July 31, 2017.Analysis
Tayler Smith is a singer who has experienced international success in her career. On May 1, 2017, Tayler started her business, “Glitter and Gold Studio” where she teaches singing. The following
Using the trial balance prepared for HR Solutions in Part 4 of Problem 2-7A, prepare an income statement and statement of changes in equity for the month ended May 31, 2017, and a balance sheet at
Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own
Refer to the scenario described in Problem 2-1A.Problem 2.1obias Eaden started a sole proprietorship named Sky High Ads. A customer’s message can be displayed on an airplane banner across the city.
Tobias Eaden started a sole proprietorship named Sky High Ads. A customer€™s message can be displayed on an airplane banner across the city. The following are Sky High Ad€™s
During March, Salma Ahmad, the owner of Doan Cleaning Services, had trouble keeping her debits and credits equal. The following errors were noted:a. Ahmad did not post the entry to record $3,500 of
Media Marketing Services has been operating for several years. It showed the following trial balance information (in alphabetical order) for the month just ended March 31, 2017:Required Using
Prepare journal entries to record the following August 2017 transactions of a new business called The Pixel Shop.Aug.1. Joseph Eetok, the owner, invested $20,000 cash and photography equipment with a
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2017, its first month
Myra Sharma owns and operates a yoga studio, Green Yoga. Examine the following transactions and identify those that created expenses for Green Yoga. Prepare journal entries to record those
Use the information given and the analysis completed in Exercise 2-5.Exercise 2-5William Curtis is a personal finance expert and owns “Much Money” Consulting. This is his first month of
William Curtis is a personal finance expert and owns €œMuch Money€ Consulting. This is his first month of operations and William has hired you to do his accounting. The following
Using the information provided in Exercise 2-2 and the analysis prepared in Exercise 2-3 complete the following:1. Post the journal entries to the general ledger using T-accounts. Include the letter
Using the analysis prepared in Exercise 2-2, prepare the journal entries for the month of September. Use the following template. Ensure to include the date, the account descriptions, the debit and
Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of operations. The following are the transactions for the month of September. a. On September 1, Reis
The following accounts are from Yoojin Chang€™s interior design company, Big Apple Design. For each account, complete the following. The first one has been completed for you as an
Prepare journal entries for the following transactions that occurred during 2017:May 1. Purchased equipment on account; $500. 2. Paid for the equipment purchased on May 1. 3.
Glenrose Servicing began operations on June 1, 2017. The transactions for the first two months follow: June 20171. The owner, Diane Towbell, invested $20,000 cash and office equipment with a
Beyond Music provides DJ services for events such as high school dances, weddings, and corporate events. Michael Cantu started the business on June 1, 2017. The June activities resulted in totals at
Dee Bell Company€™s records showed the following April 30, 2017, account balances:Required1. Using the chart of accounts numbering system, assign an account number to each account.2. Using
Bell€™s company had the following transactions in the month of May.May2. Dee Bell transferred her personal car valued at $8,000 into the business. 10. Did $4,000 of work for a customer
CityBnB€™s records showed the following beginning balances on July 31, 2017. Using the information provided and the analysis completed in QS 2-6 and QS 2-7, complete the following:1. Post
Using the information and analysis prepared in QS 2-6, prepare the journal entries for the month of August. Use the following template. Ensure to include the date, the account descriptions, the debit
Douglas Malone started CityBnB, which is a bed and breakfast in Vancouver. City BnB offers accommodations and breakfast to travelers exploring the city. The following are the transactions for the
What three things must be included in the title? Where are dollar signs used? Why are some numbers indented? Do indentations represent debits and credits?
Examine the financial statements shown in Chapter 1. What three things must be included in the title? Where are dollar signs used? Why are some numbers indented? Do indentations represent debits and
Julia says, “I heard that companies use software to do their accounting. Why do we need to learn how to draw T-accounts and prepare trial balances manually?” Explain why knowing the basics of
Explain the concept of owner’s withdrawals and expenses and give an example of each. What are the differences between these two accounts in terms of (1) Type of account, (2) Normal
Explain the concept of Accounts Receivable and Revenue. What are the differences between these two accounts in terms of (1) Type of account (2) Normal balance(3) The financial statement
Ted says, “This debit and credit stuff is easy! Debits increase an account and credits decrease an account!” You do not agree with Ted. Give three examples of accounts where a debit decreases an

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