Questions from Accounting Principles


Q: The condensed comparative statements of Uranium Mining Corporation follow: /

The condensed comparative statements of Uranium Mining Corporation follow: Required: Calculate trend percentages for the items of the statements using 2014 as the base year. Analysis Component: Analyz...

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Q: The condensed statements of Independent Auto Inc. follow: /

The condensed statements of Independent Auto Inc. follow: Required Rounding calculations to two decimal places: 1. Calculate each year’s current ratio. 2. Express the income statemen...

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Q: Halifax Fisheries Inc. began the month of March with $760

Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions:...

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Q: North Exploration Inc. and Eagle Minerals Inc. are similar firms

North Exploration Inc. and Eagle Minerals Inc. are similar firms that operate within the same industry. The following information is available: Required The controller of your company has asked you to...

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Q: The 2020 financial statements of Outdoor Waterworks Inc. follow:

The 2020 financial statements of Outdoor Waterworks Inc. follow: Assume all sales were on credit. Also assume the long-term note payable is due in 2023, with no current portion. On the December 31, 20...

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Q: On December 31, 2020, University Security Inc. showed the

On December 31, 2020, University Security Inc. showed the following: Required Part 1: Calculate book value per common share and preferred share at December 31, 2020, assuming no dividends were declare...

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Q: Alberta Playground Inc. produces, markets, distributes, and installs

Alberta Playground Inc. produces, markets, distributes, and installs durable playground equipment. It is a new, growing playground distributor in Canada, and is hoping to expand to other provinces sho...

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Q: Web Structure Inc. calculated the ratios shown below for 2020 and

Web Structure Inc. calculated the ratios shown below for 2020 and 2019: Required 1. Identify whether the change in the ratios from 2019 to 2020 is favourable (F) or unfavourable (U). 2. Assess whether...

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Q: You have been given the opportunity to assist the board members of

You have been given the opportunity to assist the board members of a charitable organization with their decision to invest excess funds into either Hemp Yoga Clothing Limited or Western Sport Clothing...

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Q: Wind-Electric Corp. issued $940,000 of bonds

Wind-Electric Corp. issued $940,000 of bonds that pay 9.7% annual interest with two semiannual payments. The date of issuance was January 1, 2020, and the interest is paid on June 30 and December 31....

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