Questions from Accounting Principles

Q: 1. Financial statement users are concerned with the statement of cash

1. Financial statement users are concerned with the statement of cash flows for which of the following reasons: a. It helps users evaluate liquidity and ability to generate resources to repay liabilit...

Q: 1. What are the four key building blocks of financial statement

1. What are the four key building blocks of financial statement analysis? a. liquidity and efficiency, solvency, profitability, and market b. liquidity and efficiency, solvency, profitability, and ind...

Q: 1. Two features distinguishing property, plant, and equipment (

1. 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 accoun...

Q: 1. Classification of current and non-current liabilities is important

1. Classification of current and non-current liabilities is important for the following reason(s): a. Allows external users to assess whether the company has the ability to pay, enabling better financ...

Q: On January 2, 2018, Country Lumber installed a computerized machine

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...

Q: Yorkton Company purchased for $415,000 equipment having an estimated

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...

Q: West Coast Tours runs boat tours along the West Coast of British

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, wi...

Q: Refer to the information in Problem 9-5A. Redo the

Refer to the information in Problem 9-5A. Redo the question assuming that depreciation for partial periods is calculated using the half-year convention. Data from Problem 9-5: West Coast Tours runs b...

Q: CHECK FIGURES: 1. Dr. Depreciation Expense, Building $

CHECK FIGURES: 1. Dr. Depreciation Expense, Building $53,000. 1. Dr. Depreciation Expense, Equipment $77,184. 2. Total PPE = $1,144,736 Required 1. Calculate and record depreciation for the year just...

Q: Fitz Products Inc. reported $1,075,049 profit

Fitz Products Inc. reported $1,075,049 profit in 2020 and declared preferred dividends of $75,100. The following changes in common shares outstanding occurred during the year. Jan. 1 78,000 common sha...