Accounting-Q81

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1. Users of Accounting Information
 

Financial decisions made by users often depend on one financial statement more than the others.
 

Consider each of the following independent, hypothetical situations
 

a. The South Face Inc. is considering extending credit to a new customer. The credit terms would require the customer to pay within 30 days of receiving goods.
 

b. An investor is considering purchasing the common shares of Orbite Online, Inc. The investor plans on holding the investment for at least five years.
 

c. Caisse d’Économie Base Montréal is thinking about extending a loan to a small company. The company would be required to make interest payments at the end of each month for three years, and to repay the loan at the end of the third year.
 

d. The chief financial officer of Tech Toy Limited is trying to determine whether the company is generating enough cash to increase the amount of dividends paid to shareholders in this, and future,years. He needs to be sure that Tech Toy will still have enough cash to expand operations when needed.
 

Instructions
 

1. Identify the key user(s) in each situation and determine whether they are internal or external users.
2. State whether the user(s) you identified in (a) would be most interested in the income statement,
statement of financial position, or statement of cash flows to make their decision.
 

2. Business activities
 

All companies are involved in three types of activities: operating, investing, and financing. The names and
descriptions of corporations in several different industries follow
 

• Indigo Books & music – book retailer
• High Liner Foods – processor and distributor of seafood products
• Mountain Equipment Co-op – outdoor equipment retailer
• Ganong Bros. – maker of candy
• Royal Bank – banking and financial service provider
 
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Instructions
 

1. For each of the above corporations, provide a likely example of (1) one of its operating activities, (2)
one of its investing activities, and (3) one of its financing activities.

2. Accounting equation
 

Craft Carpentry Limited reports the following statement of financial position accounts, in alphabetical
order
 

Instructions
 

1. Classify each account as an asset (A), liability (L), or shareholders’ equity (SE) item.
2. Calculate total assets, total liabilities, and total shareholders’ equity and prepare Craft Carpentry’s
accounting equation.
 

3. Craft Carpentry’s retained earnings was $2,250 at the beginning of the year. The company reported revenues of $72,000, expenses of $50,000, and dividends of $12,000 during the year. Prepare a calculation that proves how retained earnings of $12,250 at the end of the year were determined.
 

Accounts payable 6,400

Accounts receivable 10,800
Bank loan payable 9,000
Cash 1,250
Common shares 1,000
Equipment 19,400
Income tax payable 2,000
Interest payable 100
Prepaid insurance 600
Retained earnings 12,250
Salaries payable 1,000
Supplies 1,200
Unearned revenue 1,500
3
4. Financial Statements
 

The following is River Tours Limited’s unadjusted trial balance at its year-end, November 30, 2015. The
company adjusts its accounts annually.
 

Additional Information
 

a. The insurance policy has a one-year term beginning April 1, 2015. At that time, a premium of
$7,320 was paid.
b. The equipment has an estimated useful life of 8 years. The boats have an estimated useful life of 12
years.
 

c. A physical count shows $300 of supplies on hand at November 30.
d. The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following
month.
 

e. Deposits of $1,400 each were received for advance tour reservations from 10 school groups. At
November 30, all of these deposits have been earned.
f. Employees are owed a total of $500 at November 30.
 

g. A senior citizens’ organization that had not made an advance deposit took a river tour for $1,250.
This group was not billed until December for the services provided.
h. Additional advertising costs of $260 have been incurred, but the bills have not been received by
November 30.
 

i. On November 1, the company paid $2,400 rent in advance for November and December.
j. Income tax payable for the year is estimated to be an additional $300 beyond that recorded to date.
 

Product Code-Accounting-Q81
 
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