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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Nazari Electrical Services has an August 31 fiscal year end. The company?s trial balance prior to adjustments follows: Additional information: 1. The equipment has an expected useful life of 12
Kingsley Book Company sells $1,000 of books during the week; the books cost $650. Kingsley has a stated return policy of 15 days from the date of sale and follows IFRS. Describe how to account for
Natalie had a very busy May. At the end of the month, after Natalie has journalized and posted her adjusting and correcting entries, she has prepared an adjusted trial balance. Instructions Using
The adjusted trial balance for Victoria Lee Company for the year ended June 30, 2021, follows. Instructions a. Prepare closing entries at June 30, 2021. b. Prepare a post-closing trial balance.
Silver Ridge Plumbing?s year end is October 31. The company?s trial balance prior to adjustments follows: Additional information: 1. The equipment has an expected useful life of 10 years. The
Ilana Mathers, CPA, was hired by Interactive Computer Installations to prepare its financial statements for March 2021. Using all the ledger balances in the owner?s records, Ilana put together the
The unadjusted trial balance for Garden Designs at its year end, April 30, 2021, is as follows: Additional information: 1. $500 of the unearned revenue is to be recognized because the related
Casey Hartwig, CPA, was retained by Global Cable to prepare financial statements for the year ended April 30, 2021. Hartwig accumulated all the ledger balances per Global?s records and found the
Tim Sasse started Sasse Roof Repairs on April 2, 2021, by investing $4,000 cash in the business. During April, the following transactions occurred:Apr. 6 Purchased supplies for $1,500 cash.15
Below is an alphabetical list of the adjusted accounts of Matrix Consulting Services at its year end, March 31, 2021. All accounts have normal balances. Additional information: 1. Of the notes
The December 31, 2021, adjusted trial balance of Darius Company includes the following accounts: a. Determine which accounts are current assets and prepare the current assets section of the balance
The unadjusted trial balance for Swift Creek Engineering at its year end, December 31, 2021, is as follows: Additional information: 1. Services of $10,440 were provided but unrecorded and
AN Sleep Country is a Canadian specialty mattress retailer. The following information (all amounts in thousands) can be found on its recent balance sheets: Instructions a. Calculate Sleep Country?s
Lena Kuznetsova provides coaching and mentoring services to individuals and companies. She operates the business as a proprietorship, under the name LVK Coaching Services, which has a December 31
Below is an alphabetical list of the adjusted accounts of Dunder Tour Company at its year end, December 31, 2021. All accounts have normal balances. Additional information: 1. In 2022, $3,000 of
The bank portion of the bank reconciliation for Katsaris Company at August 31, 2021, was as follows: The unadjusted cash balance per books on September 30, 2021, was $10,228. The September bank
The bank portion of the bank reconciliation for Maloney Company at October 31, 2021, was as follows: The adjusted cash balance per bank agreed with the cash balance per books at October 31. The
You are given the following information for River Adventures Company: The unadjusted cash balance at May 31 was $1,075. The May bank statement showed the following: Additional information from
When the accountant of Trillo Company prepared the bank reconciliation on May 31, 2021, there were three outstanding cheques: #690 for $307, #693 for $179, and #694 for $264. There were no deposits
In the November 30, 2021, bank reconciliation at Kiran?s Kayaks, there were two outstanding cheques: #165 for $812 and #169 for $529. There was a $1,128 deposit in transit as at November 30, 2021.
South Hampton Pool Supplies’ May 31, 2021, bank balance was $7,350. The company’s cash balance at May 31 was $8,210. Other information follows:1. Outstanding cheques were #321 for $653, #371 for
Sunil’s Supplies has hired a new junior accountant and has given her the task of identifying what should be reported as cash as at February 28, 2021, on the company’s balance sheet.The following
Jepsen Music prepares a bank reconciliation and notes the following reconciling items on the book side: (a) Service charge for printing Jepsen Music cheques $35, (b) Interest earned on the
On August 31, 2021, Claresview Company had a cash balance per its books of $26,030. The bank statement on that date showed a balance of $17,100. A comparison of the bank statement with the Cash
A new accountant at Magenta Company is trying to identify which of the following amounts should be reported as the current asset Cash in the year-end balance sheet, as at June 30, 2021:1. Currency
Howel Company, when preparing its bank reconciliation, notes the following reconciling items:(a) Bank service charge of $50,(b) NSF cheque of $440,(c) A recording error where a cheque issued for
At December 31, 2021, the general ledger and subsidiary ledger for Albert?s, a small auto parts store, showed the following: Jan. 3 Brown?s Repair paid $18,000 on its account. 4 Custom Repair paid
At December 31, 2021, the general ledger and subsidiary ledger for Wow?s, a small beauty supply company, showed the following: Jan. 3 Hair Designs paid $8,000 on its account. 4 New Do paid $900 on
The receivables turnover and collection period for Rogers Communications Inc. were calculated in this chapter, based on the company’s financial statements for the 2017 fiscal year. Portions of
Rayon Co. uses the percentage of sales approach to record bad debt expense for its monthly financial statements and the percentage of receivables approach for its year-end financial statements.
Shaw Communications Inc. is a diversified Canadian communications company whose core operating business is providing broadband cable television services, Internet, telecommunications services,
In this group activity, you will prepare the year-end adjustment for bad debt expense and finalize the financial statements, using company information given to you by your instructor. You will be
The account balances of Assen Company at December 31, 2021, the end of the current year, show Accounts Receivable $180,000; Allowance for Doubtful Accounts $2,200 (credit); Sales $1,420,000; Sales
Information on Hohenberger Company for 2021 follows:Total credit sales ................................................... $1,000,000Accounts receivable at December 31 ......................
Information for Jager Company in 2021 follows:Total net credit sales ................................................... $3,300,000Accounts receivable at December 31 ..........................
Rowen Company has accounts receivable of $241,000 at September 30, 2021. An analysis of the accounts shows the following:Month of Sale ..................... BalanceSeptember
An aging analysis of Hagiwara Company?s accounts receivable at December 31, 2020 and 2021, showed the following: Additional information: 1. At December 31, 2020, the unadjusted balance in Allowance
An aging analysis of Hake Company?s accounts receivable at November 30, 2020 and 2021, showed the following: Additional information: 1. At November 30, 2020, the unadjusted balance in Allowance
Natalie has been approached by one of her friends, Curtis Lesperance. Curtis runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is very anxious to buy
What is the carrying amount of accounts receivable? Why are accounts receivable reported at carrying amount on the balance sheet?
Qinshan Co. uses the percentage of sales approach to record bad debt expense. It estimates that 1.5% of net credit sales will become uncollectible. Credit sales are $950,000 for the year ended April
Accounts receivable transactions are provided below for J Looney Co. Dec. 31, 2020 The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts
Data on three promissory notes accepted by Levin Ltd. during 2021 follow. InstructionsDetermine the missing amounts. Interest Rate 10% (b) Interest Revenue to Record Term in Months Principal 3
Presented below is an aging schedule for Kimler Company on December 31, 2021. Kimler sells all of its goods on account with terms n/30. At December 31, 2021, the unadjusted balance in Allowance
Presented below is an aging schedule for Bravo Wholesale Food Company on December 31, 2021. Bravo sells all its goods on account with terms n/7. At December 31, 2021, the unadjusted balance in
At the end of 2020, Perry Co. has an allowance for doubtful accounts of $28,000. On January 31, 2021, when it has accounts receivable of $575,000, Perry Co. learns that its $5,500 receivable from
Data on four promissory notes accepted by Dryer Interiors during 2021 follow. InstructionsDetermine the missing amounts. Annual Interest Rate 9% Total Interest Principal (a) Note # Time 4 months 6
On January 2, 2021, Durand Co. had a $20,000, five-month, 6% note receivable from Vincent Company dated October 31, 2020. Interest receivable of $200 was accrued on the note on December 31, 2020.
Assume the same information as in BE8.9. Tokarik Inc.’s financial difficulties are over. On June 4, 2021, Perry Co. receives a payment in full of $5,500 from Tokarik Inc. Record this
Farwell Company adjusts its accounting records monthly in order to prepare monthly financial statements. On September 30, 2021, selected general ledger account balances are: Notes receivable
Ouellette Co. adjusts its books monthly. On June 30, 2021, notes receivable include the following: Interest is payable on the first day of each month for notes with terms of one year or longer.
Yamada Co. has three outstanding notes receivable at its December 31, 2021, fiscal year end. For each note, calculate (a) Total interest revenue, (b) Interest revenue to be recorded in 2021, (c)
Jensen Company’s general ledger included the following selected accounts (in thousands) at December 31, 2021:Accounts payable ..................................................... $1,077.3Accounts
Norlandia Saga Company’s general ledger included the following selected accounts (in thousands) at November 30, 2021:Accounts payable
Describe the components of an aging schedule. How is the aging schedule used to estimate the amount of uncollectibles?
On January 10, 2021, Kato Kreations sold merchandise on account to Lechner & Associates for $15,600, n/30. On February 9, Lechner gave Kato a 10% promissory note in settlement of this account.
Ni Co. has the following notes receivable outstanding at December 31, 2021: Interest on each of the above notes is payable at maturity. Instructions a. Calculate the interest revenue that Ni Co.
Presented here is selected financial information (in millions of dollars) from the 2017 financial statements of Canadian National Railway Company and Canadian Pacific Railway
Lee Company accepts a $27,000, four-month, 6% note receivable in settlement of an account receivable on June 1, 2021. Interest is to be paid at maturity. Lee Company has a December year end and
At December 31, 2021, Nicholay Industries reports the following selected accounts from the unadjusted trial balance for its fi rst year of operations: Instructions a. Prepare the journal entry to
The following ratios are available for Satellite Mechanical: Instructions a. Calculate the collection period, days sales in inventory, and operating cycle in days for each year. b. Has Satellite
Demir Financial Services loaned Sharp Inc. $100,000 cash in exchange for a oneyear, 4% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Demir has a December 31 year
The following information (in millions) was taken from the December 31 financial statements of Canadian National Railway Company: Instructions a. Calculate the 2017 and 2016 current ratios. b.
The financial statements of Maple Leaf Foods Inc. reported the following for the years ended December 31, 2017, 2016, and 2015. a. Calculate Maple Leaf?s receivables turnover and collection period
Canadian Worldwide Communications Co.’s receivables turnover was 6.5 times in 2020 and 5.9 times in 2021. Has the company’s receivables management improved or worsened?
In 2021, Kadlec Company had the following transactions related to the purchase of a property. All transactions were for cash unless otherwise stated.Jan. 12 Purchased real estate for a future plant
In 2021, Weisman Company had the following transactions related to the purchase of a property. All transactions are for cash unless otherwise stated.Feb. 7 Purchased real estate for $575,000, paying
In its first year of business, ChalkBoard purchased land, a building, and equipment on March 5, 2020, for $650,000 in total. The land was valued at $275,000, the building at $343,750, and the
In its first year of business, Solinger Company purchased land, a building, and equipment on November 5, 2020, for $700,000 in total. The land was valued at $262,500, the building at $337,500, and
WestJet Airlines Ltd. is one of Canada?s leading airlines, offering service to destinations in Canada, the United States, Mexico, the Caribbean, and Europe. The following is a partial extract from
Payne Company purchased equipment on account on September 3, 2019, at an invoice price of $210,000. On September 4, 2019, it paid $4,400 for delivery of the equipment. A one-year, $1,975 insurance
Glans Company purchased equipment on account on April 6, 2019, at an invoice price of $442,000. On April 7, 2019, it paid $4,000 for delivery of the equipment. A one-year, $3,000 insurance policy on
In this learning activity, you will improve your understanding of depreciation by working in small groups to analyze and categorize, on a grid, information about the three methods of depreciation.
On June 9, 2020, Blue Ribbon Company purchased manufacturing equipment at a cost of $345,000. Blue Ribbon estimated that the equipment will produce 600,000 units over its five-year useful life, and
Arnison Company has a December 31 fiscal year end and follows ASPE. The following selected transactions are related to its property, plant, and equipment in 2021: Jan. 12 All of the company?s light
Sugden Company has a December 31 fiscal year end and follows IFRS. The following selected transactions are related to its property, plant, and equipment in 2021: Jan. 22 Performed an annual safety
Rainbow Company purchased land, a building, and equipment on January 2, 2021, for $850,000. The company paid $170,000 cash and signed a mortgage note payable for the remainder. Management’s best
On April 22, 2020, Sandstone Enterprises purchased equipment for $129,200. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual
Short Track Speed Skating, a public company, purchased equipment on January 10, 2017, for $600,000. At that time, management estimated that the equipment would have a useful life of 10 years and a
Surkis Company acquires equipment at a cost of $42,000 on January 3, 2021. Management estimates the equipment will have a residual value of $6,000 at the end of its four-year useful life. Assume the
Bisor Company has a December 31 year end and uses straight-line depreciation for all property, plant, and equipment. On July 1, 2019, the company purchased equipment for $500,000. The equipment had
NW Tool Supply Company purchased land and a building on April 1, 2019, for $385,000. The company paid $115,000 in cash and signed a 5% note payable for the balance. At that time, it was estimated
SE Parts Supply Company purchased an industrial robot on July 1, 2019, for $395,000. It paid $100,000 in cash and signed a 5% note payable for the balance. The industrial robot was estimated to have
Natalie is thinking of buying a van that will be used only for business. She estimates that she can buy the van for $28,400. Natalie would spend an additional $3,000 to have the van painted. As well,
Lindy Weink, the new controller of Lafreni?re Company, has reviewed the expected useful lives and residual values of selected depreciable assets at December 31, 2021. (Depreciation for 2021 has not
On December 27, 2018, Wolcott Windows purchased a piece of equipment for $107,500. The estimated useful life of the equipment is either three years or 60,000 units, with a residual value of $10,500.
On January 3, 2020, Ajax Argyle purchased a piece of equipment for $125,000. The equipment’s estimated useful life is either three years or 12,000 units, with a residual value of $18,000. The
Speedy Taxi Service uses the units-of-production method in calculating depreciation on its taxicabs. Each cab is expected to be driven 550,000 km. Taxi 10 cost $38,950 and is expected to have a
On October 1, 2019, Chignecto Manufacturing Company purchased a piece of hightech equipment for $90,000 cash. Chignecto estimated the equipment would have a six-year useful life and a residual value
Express Co. purchased equipment on March 1, 2019, for $95,000 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on
Walker Co. purchased furniture on February 4, 2019, for $70,000 on account. At that time, it was expected to have a useful life of five years and a $1,000 residual value. The furniture was disposed
Pandora Pants Company acquires a delivery truck on April 6, 2021, at a cost of $38,000.The truck is expected to have a residual value of $6,000 at the end of its four-year life. Pandora uses the
The following are some transactions of Surendal Company for 2021. Surendal Company uses straight-line depreciation and has a December 31 year end.Apr. 1 Retired a piece of equipment that was
At January 1, 2021, Hamsmith Corporation, a public company, reported the following property, plant, and equipment accounts:Accumulated depreciation—buildings .................
At January 1, 2021, Jaina Company, a public company, reported the following property, plant, and equipment accounts:Accumulated depreciation—buildings ....................... $12,100,000Accumulated
Plessis Company owns equipment that cost $65,000 when purchased on January 2, 2021. It has been depreciated using the straight-line method based on estimated residual value of $5,000 and an estimated
Due to rapid turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Riley Co. in the year ended December 31, 2021:1. Riley developed
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were recorded in a questionable way by Hahn Company in the year ended August 31,
Cherry Technology purchased equipment on January 4, 2019, for $250,000. The equipment had an estimated useful life of six years and a residual value of $10,000. The company has a December 31 year end
On July 1, 2021, Phillips Exploration invests $1.3 million in a mine that is estimated to have 800,000 tonnes of ore. The company estimates that the property will be sold for $100,000 when production

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