Questions from Accounting Principles

Q: The 2020 four-year comparative financial statements of Digital Shelf Space

The 2020 four-year comparative financial statements of Digital Shelf Space Corp. follow: Required 1. Calculate the following for 2020 and 2019 and identify whether the ratios compare favourably (F) or...

Q: On December 31, 2020, Warner Publishing Inc. showed the

On December 31, 2020, Warner Publishing Inc. showed the following Required Part 1: Calculate book value per common share and preferred share at December 31, 2020, assuming no dividends were declared f...

Q: Eco Play Ltd., with its head office in Vancouver, manufactures

Eco Play Ltd., with its head office in Vancouver, manufactures enviro-friendly, safe playground equipment for elementary schools. Its 2020 balance sheet and income statement follow. Assume that the sh...

Q: Silver Bullet Slide Company calculated the ratios shown below for 2020 and

Silver Bullet Slide Company 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. Asses...

Q: Sustainable Seafood Inc. processes and markets frozen seafood products. Continental

Sustainable Seafood Inc. processes and markets frozen seafood products. Continental Pipelines Limited is in the oil and gas industry in Canada and abroad. Both companies are being considered as potent...

Q: On January 1, 2020, Holiday Resorts Ltd. purchased 30

On January 1, 2020, Holiday Resorts Ltd. purchased 30% of Chapman Ltd.’s outstanding common shares. The balance in Holiday Ltd.’s Investment in Associateâ...

Q: Vidéotron Ltée completed the following transactions involving printing equipment. Machine

Vidéotron Ltée completed the following transactions involving printing equipment. Machine 6690 was purchased for cash on May 1, 2020, at an installed cost of $72,900. Its useful life was estimated to...

Q: Jacobson Manufacturing Corporation earned $84,000 in profit during 2020

Jacobson Manufacturing Corporation earned $84,000 in profit during 2020. Machinery was sold for $116,000 and a $24,000 loss on the sale was recorded. Machinery purchases totalled $330,000 including a...

Q: The data below refer to Money Ltd. for the year ended

The data below refer to Money Ltd. for the year ended December 31, 2020. Required: For each item, identify both the dollar amount and its classification—that is, whether it would appear as a positive...

Q: Swiss Farm Inc.’s 2020 statement of cash flows appeared as

Swiss Farm Inc.’s 2020 statement of cash flows appeared as follows: Swiss Farm Inc.’s balance sheet information is as follows: An examination of the companyâ&...