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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Pesci Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating
Trudeau Inc. is a private company reporting under ASPE. The following selected account balances were reported in Trudeau Inc.?s financial statements at year end: Additional information: 1.
The comparative balance sheets for Montalvo Company show these changes in noncash current asset accounts: Accounts Receivable decreased $80,000, Prepaid Expenses increased $28,000, and Inventory
The current sections of Scooters Rentals balance sheets at December 31, 2021, and 2020, are presented here. Scooters? profit for 2021 was $153,000. Depreciation expense was
The following are the financial statements of Gil Company. GIL COMPANYIncome StatementFor the Year Ended December 31, 2021 Sales .............................................................
Presented below are the financial statements of Gaudette Company. Additional information: 1. Dividends of $33,000 were declared and paid. Gaudette reports under ASPE. 2. During the year,
It is common to read news reports that many Canadians have big debt loads and negative cash flows. Assume you are a student enrolled in your second year of university and have just learned about the
The comparative balance sheets for Chas Company show these changes in noncash current accounts: Accounts Receivable increased $35,500, Prepaid Expenses decreased $12,800, and Inventory decreased
The current assets and liabilities sections of the comparative balance sheet of Charron Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income
Strong Shoes? comparative balance sheet is presented below. Strong reports under ASPE. Additional information: 1. Profit was $28,300. Dividends declared and paid were $26,400. 2. Equipment that
Condensed financial data of Wanwright Company are shown below. Wanwright reports under ASPE. WANWRIGHT COMPANYIncome StatementFor the Year Ended December 31, 2021 Sales
Sant? Smoothie & Sweets Ltd. has been providing all-natural granola bars to Coffee Beans Ltd., a private company, on a weekly basis over the past two years. Coffee Beans, thrilled with the
Mirzaei Ltd. reported the following information in its balance sheet and income statement for the year ended March 31, 2021: Calculate the net cash provided (used) by operating activities using
The three accounts shown below appear in the general ledger of Halo Corp. during 2021. Instructions From the postings in the accounts, indicate how the information is reported on a cash flow
Coyote Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020. Additional information: 1. Profit for 2021 was $108,000. 2. Common shares
King Corp., a private company reporting under ASPE, reported the following for the years ended July 31, 2021, and 2020: Additional information: 1. Profit for 2021 was $106,500. 2. Common shares
Dupr? Corp. is a private company reporting under ASPE. The following selected accounts are from the general ledger for the year ended December 31, 2021: Additional information: July 31 Equipment
The following information is provided for Charlie?s Chocolate Company: Additional information: 1. Profit for 2021 was $113,625. 2. Common shares were issued for $51,250. 3. Land with a cost of
The following information is provided for Carla?s Cleaning Company: Additional information: 1. Profit for 2021 was $110,625. 2. Common shares were issued for $53,750. 3. Land with a cost of $53,750
The Retained Earnings account for Luo Company at the end of 2021 is shown here: What amount was reported on the cash fl ow statement as ?cash dividends paid? assuming there was no balance at the
Lu Corporation?s comparative balance sheet is presented below. Additional information:1. Profit was $22,630. Dividends declared and paid were $19,500. 2. No noncash investing and financing
Condensed financial data follow for E-Perform Ltd. E-Perform reports under ASPE. Additional information: 1. New equipment costing $85,000 was purchased for $25,000 cash and a $60,000 note
Presented below are the comparative balance sheets and income statement for Wayfarer Inc., a private company reporting under ASPE. Additional information: 1. Cash dividends of $10,800 were declared
Selected information follows for Cathrea Select Corporation at December 31: Additional information: 1. Land was sold for cash at a gain of $35,000. 2. Equipment was bought for cash. Prepare the
Preferred Homes Ltd., a private company reporting under ASPE, reported the following for the year ended September 30, 2021: Additional information: 1. Equipment was purchased for $20,000. 2. Land
The financial statements of Wetaskiwin Ltd., a private company reporting under ASPE, follow: Additional information: 1. Short-term notes receivable are loans to other companies. During the year,
Condensed financial data follow for Galenti Inc. Galenti is a private company reporting under ASPE. Additional information: 1. Short-term investments (reported at cost) were sold for $15,000,
The following was reported in Sanaz Ltd.?s 2021 financial statements: Calculate cash payments for dividends. 2021 2020 Dividends payable Retained earnings Profit 261,000 $ 20,000 114,000 197,000
Savary Limited is a private company reporting under ASPE. Its comparative balance sheet at December 31 is as follows: Additional information: 1. Profit for 2021 was $200,000. 2. Equipment was
Presented below is the comparative balance sheet for Diatessaron Inc., a private company reporting under ASPE, at December 31, 2021, and 2020: Additional information: 1. Cash dividends of $15,000
The financial statements of Milk River Ltd. follow: Additional information: 1. Equipment costing $24,000 was purchased with an $8,000 down payment and the remainder was financed with a note
Macgregor Company completed its first year of operations on December 31, 2021. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts
Selected information (in millions) for two close competitors, Manulife Financial Corporation and Great-West Life Assurance Company, follows for the year ended December 31, 2017: Instructions a.
Selected information for two retail competitors, Reitmans (Canada) Ltd. and Le Ch?teau, in thousands of dollars, follows: Instructions a. Calculate the free cash flow for each company. b. Which
Westcoast Corporation reported the following in its December 31, 2021, financial statements. Calculate the cash receipts from customers. 2021 $123,850 640,000 2020 Accounts receivable balance,
The accounting records of Flypaper Airlines Inc. reveal the following transactions and events for the year ended March 31, 2021: Additional information: Flypaper Airlines? cash on April 1, 2020,
Winter Sportswear Inc. reported the following in its December 31, 2021, financial statements. Calculate (a) The cost of goods purchased, (b) Cash payments to suppliers. 2020 $50,000 55,000 2021
Hudson Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Instructions Prepare the operating
Linus Corporation reported the following in its March 31, 2021, fi nancial statements. Calculate the cash payments for operating expenses. 2021 2020 Prepaid expenses Accrued expenses payable
ICE Inc. reported the following in its December 31, 2021, financial statements. Calculate the cash payments to employees. 2021 2020 Salaries payable Salaries expense $ 2,500 $4,000 188,000
McTavish Ltd. completed its fi rst year of operations on September 30, 2021. McTavish reported the following information at September 30, 2021: Instructions Assuming that McTavish reports under
Home Grocery Corporation reported the following in its 2021 financial statements. Calculate the cash payments for income tax. 2021 2020 Income tax payable Income tax expense $17,000 90,000 $8,000
The current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income
Angus Meat Corporation reported the following information for the year ended December 31: Calculate the net cash provided (used) by operating activities using the direct method. Balance sheet
The comparative balance sheet for Storm Adventures Ltd., a private company reporting under ASPE, follows Additional information: 1. Profit for 2021 was $69,900. 2. Bonds payable of $60,000 were
The financial statements of Aritzia are shown in Appendix A at the end of this textbook.Instructionsa. Using vertical analysis, calculate the vertical percentage of a base amount for Aritzia’s
Comparative data from the balance sheet of Dressaire Inc. are shown below. Instructions a. Perform a horizontal percent of base year analysis using 2019 as the base year. b. Calculate the
The following condensed financial information is available for WestJet Airlines: Instructions a. Perform a horizontal percent of base year analysis of WestJet?s income statement and balance sheet,
The following condensed financial information is available for lululemon athletica inc. Instructions a. Perform a horizontal percent of base year analysis of lululemon?s income statement and
Selected financial ratios for Canadian National Railway (CN) and Canadian Pacific Railway (CP) are presented here for a recent year. Instructions a. Comment on the relative liquidity of the two
Selected horizontal percentages of the base year amount information for Coastal Ltd.?s income statement are shown below. Instructions Based on the above horizontal percentages, did Coastal?s profit
Comparative income statement data for Chen Inc. and Chuan Ltd., two competitors, are shown below for the year ended December 31, 2021. Instructions a. Using vertical analysis, calculate the
Comparative income statement data for Manitou Ltd. and Muskoka Ltd., two competitors, are shown below for the year ended June 30, 2021. Instructions a. Using vertical analysis, calculate the
In this group activity, you will analyze two companies on an intracompany, intercompany, and industry basis. Based on your analysis, you will recommend which company is a better investment. Your
Comparative data (in thousands) from the balance sheet of Winisk Ltd. are shown below. Using horizontal analysis, calculate the percent of base year, assuming 2018 is the base year. 2021 2018 2020
Comparative data from the income statement of Fleetwood Corporation are shown below. Instructions Prepare a vertical analysis for Fleetwood Corporation. 2021 2020 Net sales $800,000 $600,000 Cost
Horizontal and vertical analysis of the income statement for a retail company selling women?s clothing is shown below. Instructions a. How effectively has the company controlled its cost of goods
A horizontal and vertical analysis of the income statement for a service company providing consulting services is shown below. Instructions a. How effectively has the company controlled its
Comparative data (in thousands) from the balance sheet of Lazar Ltd. are shown below. Using horizontal analysis, calculate the percentage change for each year. 2021 2019 2018 2020 Cash Accounts
Comparative data from the balance sheet of BlackBerry Limited are shown below. Instructions a. Using horizontal analysis, calculate the percentage change between 2018 and 2017. b. Using vertical
The comparative statements of Pristine Interiors Ltd. are presented as follows:? Additional information: 1. All sales were on account. 2. Weighted-average common shares in 2021 were 53,000 and in
The comparative statements of Andy?s Art Company are presented below. Additional information: 1. All sales were on account. 2. Weighted-average common shares for both years was
In the “All About You” feature, you learned that there are online investment services that provide advice to investors. These services off er stock quotes, company research reports, personal
Windmill Ltd. reported the following financial results: Profit was $500,000 in 2020, $450,000 in 2021, and $522,000 in 2022. Calculate the horizontal percentage change from(a) 2020 to 2021(b) 2021 to
Selected vertical percentages of the base amount from Waubon Corp.?s vertically analyzed income statement are shown below. Instructions Based on the above vertical percentages, did Waubon?s profit
Condensed balance sheet and income statement data for Landwehr Corporation appear below: Additional information: 1. The market price of Landwehr?s common shares was $4.00, $5.00, and $8.00 for
Condensed balance sheet and income statement data for Lauer Corporation appear below. Additional information: 1. The market price of Lauer?s common shares was $4.00, $5.00, and $8.00 for 2019,
The Koebels have considered the offer extended by Coffee Beans Ltd. (see Chapter 17) and have turned it down. Instead, Brian, Janet, and Natalie have decided to continue operating Sant? Smoothies
Comparative data from the balance sheet of Rioux Ltd. are shown below. Using vertical analysis, calculate the percentage of the base amount for each year. 2020 2021 2019 Current assets Property,
Selected financial data for Shumway Ltd. are shown below. Instructions a. Calculate for each of 2021 and 2020 the following ratios: 1. Receivables turnover 4. Days sales in inventory 2. Collection
Comparative financial statements for The Cable Company Ltd. are shown below. Additional information: 1. All sales were on account. 2. The allowance for doubtful accounts was $5,400 in 2021 and
Comparative financial statements for Track Ltd. are shown below. Additional information: 1. All sales were on account. 2. The allowance for doubtful accounts was $5,000 in 2021, $4,000 in 2020,
Big Game Inc. operates gaming stores across the country. Selected comparative financial statement data are shown below. Instructions a. Calculate the following liquidity ratios for 2021 and
Comparative financial statements for Click and Clack Ltd. are shown below Additional information: 1. Seventy-five percent of the sales were on account. 2. The allowance for doubtful accounts was
Nordstrom, Inc. has select stores across Canada that compete against Hudson?s Bay Company and other higher-end retailers. Selected financial data (in millions) for the two companies? global
The following selected ratios are available for Pampered Pets Inc.: Instructions a. Has the company?s collection of its receivables improved or weakened over the past three years? b. Is the company
Selected financial data for Changretta Inc. and Solomon Ltd. (in $ thousands) are presented below. Instructions a. For each company, calculate the following ratios: 1. Current ratio 2. Receivables
The following data are taken from the financial statements of Rai Company. a. Calculate for each year (1) the receivables turnover and (2) the collection period. At the end of 2019, accounts
The following selected information (in thousands) is available for Osborne Inc.: Instructions a. Calculate the following solvency ratios of Osborne Inc. for 2021 and 2020. 1. Debt to total
The following ratios are available for beverage competitors DAVIDsTEA Inc. and Starbucks Corporation for a recent year: Instructions a. Which company is more liquid? Explain. b. Which company is
Presented here are an incomplete income statement and balance sheet for Vieux Corporation. Additional information: 1. The gross profit margin is 40%. 2. The profit margin is 15%. 3. The receivables
The following data are from the income statements of Haskin Company. a. Calculate for each year (1) The inventory turnover (2) The days sales in inventory. b. What conclusions concerning the
The following selected ratios are available for Ice Inc.: Instructions a. Has the debt to total assets improved or weakened over the past three years? b. Has the interest coverage improved or
Presented here are an incomplete income statement and balance sheet for Schwenke Corporation. Additional information: 1. The gross profit margin is 40%. 2. The income tax rate is 20%. 3. The
Selected comparative statement data for Slaymaker Products are presented below. All balance sheet data are as at December 31. Instructions Calculate the following ratios for 2021. a. Gross profit
The Culleye Corporation reported the following solvency ratios: a. Identify if each of the above solvency ratios is better or worse in 2021 compared with 2020. b. Has Culleye?s overall solvency
Canada Goose Holdings Inc. reported the following items in its consolidated statement of earnings (in thousands of dollars) for 2017 and 2016. a. Calculate the (1) Gross profit margin (2) Profit
Selected comparative financial data (in thousands, except for share price) for Cineplex Inc. are shown below. Instructions a. Calculate the following ratios for 2017: 1. Asset turnover 6. Interest
Selected comparative statement data for Bluesky Company are presented below. All balance sheet data are as at December 31. Calculate for 2021 the following: (a) Asset turnover, (b) Return on
Rinker Corporation?s comparative balance sheet is presented below. Rinker?s 2021 income statement included net sales of $120,000, cost of goods sold of $70,000, and profit of
Recently, the price-earnings ratio of Apple was 19 times and the price-earnings ratio of eBay was 23 times. The payout ratio of each company was 26.0% and 0%, respectively. Which company’s shares
Presented below is an incomplete balance sheet for Main River Corp. Additional information: 1. Assume average balances equal ending balances for the purpose of this exercise. 2. The receivables
A company reported the following selected information (in thousands): Instructions Explain whether other comprehensive income would affect your analysis of this company?s profitability, and if so,
Selected comparative information (in thousands) is available for Halpenny Corporation. Halpenny wishes to calculate ratios for 2021 and 2020. (a) Calculate the average amounts to be used for
Mohammed’s parents wish to invest in a 10-year guaranteed investment certificate (GIC) in his name that will provide $10,000 to attend college. The investment pays 4% annually. How much must
Record the purchase on account of $4,100 of merchandise for resale in the province of Manitoba, where the PST is 8%. The company uses a perpetual inventory system and the purchase is PST exempt.
Record the purchase on account of $4,100 of merchandise for resale in the province of New Brunswick, where HST is 15%. The company uses a perpetual inventory system.
Record the cash purchase of $600 of office supplies in the province of Saskatchewan, where the PST is 6%.
Using a financial calculator, solve for the unknowns in each of the following situations.a. On June 1, 2021, Ada Diya purchases lakefront property from her neighbour, Josh Bello, and agrees to pay
Record the purchase on account of a $32,000 delivery truck in the province of Prince Edward Island, where HST is 15%.

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