Questions from Accounting Principles


Q: The following table shows the balances from various accounts in the adjusted

The following table shows the balances from various accounts in the adjusted trial balance for Decoma International Corp. as of December 31, 2020: Required 1. Assuming that the companyâ€...

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Q: Zephyr Minerals completed the following transactions involving machinery. Machine No

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...

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Q: On October 1, 2020, Kingsway Broadcasting purchased for $288

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. T...

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Q: Copper Explorations recently acquired the rights to mine a new site.

Copper Explorations recently acquired the rights to mine a new site. Equipment and a truck were purchased to begin mining operations at the site. Details of the mining assets follow: Copperâ ...

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Q: Ocean Fishers Ltd. had a 22-foot fishing boat with

Ocean Fishers Ltd. had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $77,000. The PPE subledger shows the following information regarding the boat: On June 27,...

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Q: On January 2, 2020, Brook Company acquired machinery by issuing

On January 2, 2020, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five years on December 31, 2024. Annual payments are $78,608 each December 31. The payment schedule is: Requi...

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Q: Golden Wedding Dress Company designs custom wedding dresses for brides to be

Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have bee...

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Q: Quebec Construction Company purchased some equipment on September 10, 2020,

Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under the...

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Q: Zing Cell Phone Company entered into the following transactions involving current liabilities

Zing Cell Phone Company entered into the following transactions involving current liabilities during 2020 and 2021: Required 1. Determine the maturity dates of the three notes just described. 2. Prese...

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Q: On November 10, 2020, Singh Electronics began to buy and

On November 10, 2020, Singh Electronics began to buy and resell scanners for $55 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requir...

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