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Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Thirteenth Canadian Edition

APPENDIX C

THE ACCOUNTING INFORMATION SYSTEM

Learning Objectives
1. Understand basic accounting terminology, double-entry rules
and the accounting equation.
2. Identify the steps in the accounting cycle and the steps in the
recording process.
3. Explain the reasons for and prepare adjusting entries.
4. Explain how the type of ownership structure affects the
financial statements.
5. Prepare closing entries and consider other matters relating to
the closing process.
6. Prepare a 10-column work sheet and financial statements.

Solutions Manual C.1 Chapter 3

Copyright © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Thirteenth Canadian Edition

Summary of Questions by Learning Objectives and Bloom’s Taxonomy

Ite LO
BT Ite LO BT Ite LO BT Ite LO BT Ite LO BT
m m m m m
Brief Exercises
1. 1 K 4. 2,3 AP 7. 3 AP 10. 5 AP
2. 1 AP 5. 2,3 AP 8. 3,5 AP 11. 4,5 AP
3. 2,3 AP 6. 3 AP 9. 5 AP
Exercises
1. 2,3,4 AP 4. 2,3 AP 7. 3 AP 10. 3,5 AP 13. 6 AP
2. 2,6 AP 5. 3 AP 8. 3,5 AP 11. 5 AP 14. 6 AP
3. 2,3 AP 6. 3 AP 9. 3,5 AP 12. 5 AN 15. 6 AP
Problems
1. 3,4 AP 4. 3,5 AP 7. 3 AP 10. 3,5 AP 13. 5,6 AP
2. 3 AP 5. 3 AP 8. 3,5 AP 11. 2,3 AP 14. 6, AP
3. 3 AP 6. 3,4 AP 9. 3,5 AP 12. 2,3 AP 15. 3,4,5,6 AP

Solutions Manual C.2 Chapter 3

Legend: The following abbreviations will appear throughout the solutions

manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
S Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
Diversity Diversity
Reflec. Thinking Reflective Thinking
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation

Solutions Manual C.3 Chapter 3

ASSIGNMENT CLASSIFICATION TABLE

Brief
Topics Exercises Exercises Problems

1. Transaction identification, accounting 1, 2, 3 1 12

equation and recording process

2. Trial balance and financial statements 2, 3 ,7 4, 5, 15

3. Adjusting entries and error corrections 4, 5, 6, 7, 8 3, 4, 5, 6, 7, 2, 3, 4, 7, 8,

8, 9, 10 9, 10, 11, 12

4. Comprehensive accounting cycle 1, 6

5. Inventory and cost of goods sold 9 12 9, 10

6. Alternative treatment & adjustments 4, 5 4

7. Closing 10 9, 11 4, 8, 13, 15

8. Reversing entries 8 8, 9, 10 9, 10

9. Ownership structure effect on financial 6, 14

statements

10. Work sheets 2, 16, 17, 13, 14, 15

Solutions Manual C.4 Chapter 3

ASSIGNMENT CHARACTERISTICS TABLE

Level of Time
Item Description Difficulty (minutes)

EC.1 Transaction analysis–service company. Simple 15-20

EC.2 Unadjusted to adjusted trial balance. Simple 15-20
Transactions of a corporation including Moderate 20-25
EC.3
investment and dividend.
EC.4 Alternative treatment of prepayments. Moderate 20-25
EC.5 Adjusting entries. Simple 5-10
EC.6 Adjusting entries. Moderate 15-20
EC.7 Adjusting entries. Moderate 25-30
EC.8 Prepare adjusting and reversing entries. Moderate 15-20
EC.9 Closing and reversing entries. Simple 15-20
EC.10 Adjusting and reversing entries. Moderate 15-20
EC.11 Closing entries. Moderate 10-15
EC.12 Find missing amounts–periodic. Moderate 20-25
EC.16 Completing work sheet. Simple 10-15
EC.17 Work sheet preparation. Moderate 15-20
Work sheet and statement of financial Moderate 20-25
EC.18
position presentation.
PC.1 Transactions, financial statements– Moderate 35-40
service company.
PC.2 Adjusting entries and financial Moderate 35-40
statements.
PC.3 Prepare adjusting entries. Moderate 15-20
PC.4 Financial statements, adjusting and Moderate 40-50
closing entries.
PC.5 Adjusting entries. Moderate 15-20
PC.6 Adjusting entries, adjusted trial balance Moderate 40-50
and financial statements.
PC.7 Adjusting entries. Moderate 25-30
PC.8 Adjusting and closing. Moderate 40-50
PC.9 Adjusting and reversing entries. Complex 30-35
PC.10 Adjusting and reversing entries. Moderate 30-35
PC.11 Correction of errors and trial balance. Moderate 30-35
PC.12 Alternative treatment recording Moderate 15-20
prepayments.
PC.13 Prepare financial statements and closing Moderate 35-40
entries.
PC.14 Worksheet and financial statements Moderate 40-50
PC.15 Worksheet and financial statements and Moderate 40-50
closing entries.

Solutions Manual C.5 Chapter 3

SOLUTIONS TO BRIEF EXERCISES

BRIEF EXERCISE C.1

1. (a) Temporary, (b) Revenue

2. (a) Temporary, (b) Gain or Loss
3. (a) Temporary, (b) Shareholders’ equity
4. (a) Permanent, (b) Liability
5. (a) Permanent, (b) Asset
6. (a) Temporary, (b) Expense
7. (a) Permanent, (b) Shareholders’ equity
8. (a) Permanent, (b) Contra-asset
9. (a) Permanent, (b) Asset
10. (a) Permanent, (b) Shareholders’ equity
11. (a) Permanent, (b) Asset
12. (a) Temporary, (b) Gain or Loss
LO 1 BT: K Difficulty: S Time: 10 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.6 Chapter 3

BRIEF EXERCISE C.2

1. (a) Assets decrease by $200, Liabilities decrease by $200

(b) Assets decrease by $200, Liabilities decrease by $200
2. (a) Assets increase by $250, Shareholders’ equity
increases by $250
(b) Assets increase by $250, Gains increase by $250
3. (a) Assets increase by $100, Shareholders’ equity
increases by $100
(b) Assets increase by $100, Revenues increase by $100
4. (a) Assets increase by $1,000 (+$1,500-$500), Liabilities
increase by $1,000
(b) Assets increase by $1,000 (+$1,500-$500), Liabilities
increase by $1,000
5. (a) Assets increase by $150, Shareholders’ equity
increases by $150
(b) Assets increase by $150, Other Comprehensive
Income increases by $150
6. (a) Assets decrease by $2,000, Liabilities decrease by
$2,000
(b) Assets decrease by $2,000, Liabilities decrease by
$2,000
LO 1 BT: AP Difficulty: S Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.7 Chapter 3

BRIEF EXERCISE C.3

Aug. 2 Cash................................................... 12,000

Equipment.......................................... 2,500
Common Shares........................ 14,500

7 Supplies............................................. 600
Accounts Payable...................... 600

12 Cash................................................... 1,300
Accounts Receivable........................ 670
Service Revenue........................ 1,970

15 Rent Expense.................................... 600

Cash............................................ 600

19 Supplies Expense1............................ 330

Supplies...................................... 330
1
($600 - $270)
LO 2,3 BT: AP Difficulty: S Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.8 Chapter 3

BRIEF EXERCISE C.4

(a) Treat expenditure as asset:

Aug. 1 Prepaid Insurance............................ 12,600
Cash........................................... 12,600

Dec. 31 Insurance Expense1......................... 2,625

Prepaid Insurance.................... 2,625
1
($12,600 x 5/24)

(b) Treat expenditure as expense:

Aug. 1 Insurance Expense.......................... 12,600
Cash........................................... 12,600

Dec. 31 Prepaid Insurance2........................... 9,975

Insurance Expense................... 9,975
2
($12,600 x 19/24)
LO 2,3 BT: AP Difficulty: M Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.9 Chapter 3

BRIEF EXERCISE C.5

(a) Treat cash receipt as liability:

Sept. 1 Cash.................................................. 12,000
Unearned Rent Revenue.......... 12,000

Dec. 31 Unearned Rent Revenue................. 8,000

Rent Revenue1.......................... 8,000
1
($12,000 x 4/6)

(b) Treat cash receipt as revenue:

Sept. 1 Cash.................................................. 12,000
Rent Revenue........................... 12,000

Dec. 31 Rent Revenue................................... 4,000

Unearned Rent Revenue2......... 4,000
2
($12,000 x 2/6)
LO 2,3 BT: AP Difficulty: M Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.10 Chapter 3

BRIEF EXERCISE C.6

Dec. 31 Interest Expense1............................. 600

Interest Payable........................ 600
1
($20,000 X 12% X 3/12)

June 1 Notes Payable.................................. 20,000

Interest Payable............................... 600
Interest Expense2............................. 1,000
Cash .......................................... 21,600
2
($20,000 x 12% x 5/12)
LO 3 BT: AP Difficulty: S Time: 10 min. AACSB: None CPA: cpa-t001 CM: Reporting

BRIEF EXERCISE C.7

The formula to calculate the amount of depreciation for the

year using straight-line depreciation is:

(Cost less residual value) divided by useful life X pro-rated

period used in the fiscal year. Note that the monthly salary of
the groundskeeper and the estimated annual fuel cost are
irrelevant for the calculation of depreciation as they are
expenses and not considered part of the asset.

= Cost of mower and accessories - zero X 6

Useful life 12

= $ 9,600 X 6
8 12
= $ 600

LO 3 BT: AP Difficulty: S Time: 10 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.11 Chapter 3

BRIEF EXERCISE C.8

(a) Salaries and Wages Payable................... 2,700

Salaries and Wages Expense.......... 2,700

(b) Salaries and Wages Expense.................. 5,000

Cash................................................... 5,000

(c) Salaries and Wages Payable................... 2,700

Salaries and Wages Expense.................. 2,300
Cash................................................... 5,000
LO 3,5 BT: AP Difficulty: M Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

BRIEF EXERCISE C.9

Beginning inventory $ 76,000

Purchases $486,000
Less: Purchase returns and
Allowances $5,800
Purchase discounts 5,000 10,800
Net purchases 475,200
Add: Freight in 16,200
Cost of goods purchased 491,400
Cost of goods available for sale 567,400
Ending inventory 69,500
Cost of goods sold $497,900

LO 5 BT: AP Difficulty: S Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.12 Chapter 3

BRIEF EXERCISE C.10

Sales Revenue ................................................. 928,900

Interest Income................................................. 17,500
Income Summary...................................... 946,400
To close revenue accounts

Income Summary............................................. 590,300

Cost of Goods Sold.................................. 406,200
Operating Expenses................................. 129,000
Income Tax Expense................................ 55,100
To close expense accounts

Income Summary............................................. 356,100

Retained Earnings.................................... 356,100
To close Income Summary

Retained Earnings............................................ 15,900

Dividends................................................... 15,900
To close Dividends
LO 5 BT: AP Difficulty: S Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.13 Chapter 3

BRIEF EXERCISE C.11

Service Revenue ............................................. 426,500

Income Summary...................................... 426,500
To close revenue accounts

Income Summary............................................. 326,000

Salaries and Wages Expense.................. 219,000
Rent Expense............................................ 74,000
Utilities Expense....................................... 33,000
To close expense accounts

Income Summary............................................. 100,500

Owner’s Capital......................................... 100,500
To close Income Summary

Owner’s Capital................................................ 65,000

Owner’s Drawings.................................... 65,000
To close Drawings
LO 4,5 BT: AP Difficulty: S Time: 15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.14 Chapter 3

SOLUTIONS TO EXERCISES

EXERCISE C.1

Apr. 2 Cash.................................................. 15,000

Equipment........................................ 10,000
R. Rosenberg, Capital.............. 25,000
To record investment by owner

2 No entry—not a transaction.

3 Supplies............................................ 1,200
Accounts Payable..................... 1,200

7 Rent Expense................................... 750

Cash........................................... 750

11 Accounts Receivable....................... 1,500

Service Revenue....................... 1,500

12 Cash.................................................. 4,200
Unearned Revenue................... 4,200

17 Cash.................................................. 2,900
Service Revenue....................... 2,900

21 Insurance Expense.......................... 180

Cash........................................... 180

30 Salaries and Wages Expense.......... 1,920

Cash........................................... 1,920
Payment of salary to assistant

30 Supplies Expense............................ 220

Supplies..................................... 220
To record supplies used

Solutions Manual C.15 Chapter 3

EXERCISE C.1 (CONTINUED)

Apr. 30 Equipment........................................ 4,100

R. Rosenberg, Capital.............. 4,100
To record purchase of computer
for business by owner.

LO 2,3,4 BT: AP Difficulty: S Time: 20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.16 Chapter 3

EXERCISE C.2
Mis-Match Inc.
Work Sheet
July 31, 2023
Adjusted Trial
Trial Balance Adjustments Balance
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash $2,870 $1,320 $2,125 $2,065
Accounts Receivable 3,231 3,890 1,320 5,801
Supplies 800 400 725 475
Equipment 3,800 500 4,300
Accounts Payable $2,666 2,125 400 500 1,160 $2,601
Salaries and Wages Payable 670 670
Dividends Payable 575 575
Unearned Revenue 1,200 825 375
Common Shares 6,000 6,000
Retained Earnings 2,795 2,795
Dividends 575 575
Service Revenue 2,380 825 3,890 7,095
Salaries and Wages Expense 3,400 670 4,070
Office Expense 940 1,160 2,100
Supplies Expense 725 725
Totals $15,041 $ 15,041 $12,190 $12,190 $20,111 $20,111

Solutions Manual C.17 Chapter 3

EXERCISE C.2 (Continued)

A step-by-step solution for this section of the problem can be found in the student
resources section of the online course.
LO 2,6 BT: AP Difficulty: S Time: 20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.18 Chapter 3

EXERCISE C.3

a.
Mar. 1 Cash....................................................... 80,000
Common Shares............................... 80,000

3 Prepaid Rent.......................................... 2,500

Land....................................................... 20,000
Buildings................................................ 32,000
Equipment............................................. 16,000
Cash................................................... 70,500

5 Advertising Expense............................ 6,800

Cash................................................... 6,800

6 Prepaid Insurance................................. 2,400

Cash................................................... 2,400

10 Equipment............................................. 5,500
Accounts Payable............................ 5,500

18 Accounts Receivable............................ 3,700

Service Revenue............................... 3,700

25 Dividends............................................... 1,500
Cash................................................... 1,500
28 Salaries and Wages Expense............... 1,900
Cash................................................... 1,900
30 Prepaid Rent.......................................... 2,500
...................................................Cash 2,500
31 Cash....................................................... 750
Unearned Revenue........................... 750

Solutions Manual C.19 Chapter 3

EXERCISE C.3 (CONTINUED)

b. Woods should record the following adjusting entries before
preparing financial statements for the month of March:

1. Depreciation expense related to the buildings, and equipment.

2. Insurance expense related to the one-year insurance policy paid
for on March 6.
3. Bad debt expense related to the accounts receivable.
4. Rent expense for the month of March.
5. Salaries and wages owing for March since the last payroll.
LO 2,3 BT: AP Difficulty: M Time: 25 min. AACSB: None CPA: cpa-t001 CM: Reporting

EXERCISE C.4

a. Jan. 2 Cash................................................. 11,100

Service Revenue...................... 11,100

2 Insurance Expense......................... 3,600

Cash.......................................... 3,600

10 Supplies Expense........................... 5,700

Cash.......................................... 5,700

b. Jan. 31 Prepaid Insurance........................... 3,300

Insurance Expense1................. 3,300
1
($3,600 X 11/12 months)

31 Supplies .......................................... 2,800

Supplies Expense.................... 2,800

31 Service Revenue2............................ 7,600

Unearned Revenue.................. 7,600
2
($11,100 - $3,500)

Solutions Manual C.20 Chapter 3

EXERCISE C.4 (CONTINUED)

a., b. and c.

Insurance Expense Supplies Expense

Jan. 2 3,600 Jan. 31 3,300 Jan. 10 5,700 Jan. 31 2,800

Bal. 300 Bal. 2,900

Cash Service Revenue

Jan.2 11,100 Jan. 2 3,600 Jan. 31 7,600 Jan. 2 11,100
Jan. 10 5,700
Bal. 1,800 Bal. 3,500

Prepaid Insurance Supplies

Jan.31 3,300 Jan. 31 2,800

Unearned Revenue
Jan.31 7,600

d. Sugarland’s January 31 financial statements would be the same if

Sugarland records prepayments by debiting an asset and
crediting a liability when amounts are paid or received in cash.
This is because, under both methods, prior to preparation of
financial statements, adjusting entries would be recorded to
adjust accounts to their correct balance on January 31.
LO 2,3 BT: AP Difficulty: M Time: 25 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.21 Chapter 3

EXERCISE C.5

Aug. 31 Salaries and Wages Expense............... 1,900

Salaries and Wages Payable........... 1,900

31 Utilities Expense................................... 600

Accounts Payable............................ 600

31 Interest Expense1.................................. 200

Interest Payable................................ 200
1
($30,000 X 8% X 1/12)

31 Telephone Expense.............................. 117

Accounts Payable............................ 117
LO 3 BT: AP Difficulty: S Time:10 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.22 Chapter 3

EXERCISE C.6

a.
1. Depreciation Expense1............................... 1,050
Accumulated Depreciation–
Equipment...................................... 1,050
1
($350 X 3)

2. Unearned Rent Revenue............................ 4,650

Rent Revenue2..................................... 4,650
2
($9,300 / 2)

3. Interest Expense......................................... 300

Interest Payable................................... 300

4. Supplies Expense3...................................... 1,850

Supplies............................................... 1,850
3
($2,800 – $950)

5. Insurance Expense4.................................... 900

Prepaid Insurance............................... 900
4
($300 X 3)

6. FV-OCI Investments.................................... 20,000

Unrealized Gain or Loss – OCI5.......... 20,000
5
($170,000 - $150,000)

b. Based on interest expense of $300 for the quarter ended March

31, interest is $100 per month or 0.5% of the notes payable. 0.5%
X 12 months = 6% interest per year.
LO 3 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.23 Chapter 3

EXERCISE C.7

a. 1. Insurance Expense ($3,500 x 3/4)........... 2,625

Prepaid Insurance............................. 2,625
(To allocate prepaid insurance, 3 months
expired, 1 remains prepaid at 8/31)

2. Supplies Expense ($1,800 – $650).......... 1,150

Supplies............................................. 1,150

3. Depreciation Expense1 ............................ 1,278

Accumulated Depreciation—
Buildings ....................................... 1,278
1
($142,000 – $14,200 = $127,800;
$127,800 / 25 = $5,112 per
year; $5,112 x 3/12 = $1,278)
To record depreciation on buildings
Depreciation Expense2 ........................... 360
Accumulated Depreciation—
Equipment ..................................... 360
2
($16,000 – $1,600 = $14,400;
$14,400 / 10 = $1,440;
$1,440 x 3/12 = $360)
To record depreciation on equipment
.4.(i) 4.4.(i) Rent Revenue............................................ 8,000
Unearned Rent Revenue................... 8,000
To adjust for rent revenue received

(ii) Unearned Rent Revenue.......................... 2,300

Rent Revenue.................................... 2,300
To accrue rent revenue

5. Salaries and Wages Expense.................. 375

Salaries and Wages Payable............ 375

6. Accounts Receivable............................... 800

Rent Revenue.................................... 800

Solutions Manual C.24 Chapter 3

EXERCISE C.7 (CONTINUED)

a. (Continued)

7. Interest Expense3...................................... 1,540

Interest Payable................................. 1,540
3
[($77,000 x 8%) x 3/12]

Solutions Manual C.25 Chapter 3

EXERCISE C.7 (CONTINUED)

b.
HANNA RESORT LIMITED
Adjusted Trial Balance
August 31, 2023

Debit Credit
Cash $ 6,700
Accounts Receivable 800
Prepaid Insurance ($3,500 – $2,625) 875
Supplies ($1,800 – $1,150) 650
Land 20,000
Buildings 142,000
Accumulated Depreciation—Buildings
($20,448 + $1,278) $ 21,726
Equipment 16,000
Accumulated Depreciation—Equipment
($4,320 + $360) 4,680
Accounts Payable 4,800
Unearned Rent Revenue ($4,600 + $8,000 – 10,300
$2,300)
Salaries and Wages Payable 375
Interest Payable 1,540
Notes Payable 77,000
Common Shares 81,000
Retained Earnings 4,680
Dividends 5,000
Rent Revenue ($68,002 - $8,000 + $2,300 + 63,102
$800)
Salaries and Wages Expense ($43,200 + $375) 43,575
Utilities Expense 7,720
Insurance Expense ($12,250 + $2,625) 14,875
Repairs and Maintenance Expense 3,600
Supplies Expense 1,150
Depreciation Expense ($1,278 + $360) 1,638
Interest Expense ($3,080 + $1,540) 4,620 ________
$269,203 $269,203
LO 3 BT: AP Difficulty: M Time:30 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.26 Chapter 3

EXERCISE C.8

a. 1. Depreciation Expense............................. 3,400

Accumulated Depreciation—
Equipment................................. 3,400

2. Property Tax Expense............................. 2,525

Property Tax Payable....................... 2,525

3. Salaries and Wages Expense................. 3,900

Salaries and Wages Payable........... 3,900

4. Service Revenue...................................... 5,500

Unearned Revenue........................... 5,500

5. Interest Expense...................................... 200

Interest Payable................................ 200

b. Property Tax Payable.................................... 2,525

Property Tax Expense............................ 2,525

Salaries and Wages Payable......................... 3,900

Salaries and Wages Expense................ 3,900

Unearned Revenue........................................ 5,500

Service Revenue.................................... 5,500

Interest Payable............................................. 200

Interest Expense..................................... 200
LO 3,5 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.27 Chapter 3

EXERCISE C.9

a. Dec. 31 Service Revenue......................... 110,000

Income Summary................. 110,000
To close revenue account

31 Income Summary........................ 12,800

Interest Expense.................. 12,800
To close expense account

b. Jan. 1 Service Revenue......................... 9,700

Accounts Receivable........... 9,700
To reverse revenue accrual

1 Interest Payable........................... 6,400

Interest Expense.................. 6,400
To reverse interest expense accrual
c. & e.
Accounts Receivable
Dec. 31 Balance 9,700 Jan. 1 Reversing 9,700

Service Revenue
Dec. 31 Closing 110,000 Dec. 31 Balance 110,000
Jan. 1 Reversing 9,700 Jan. 10 9,700

Interest Payable
Jan. 1 Reversing 6,400 Dec. 31 Balance 6,400

Interest Expense
Dec. 31 Balance 12,800 Dec. 31 Closing 12,800
Jan. 15 6,400 Jan. 1 Reversing 6,400

Solutions Manual C.28 Chapter 3

EXERCISE C.9 (CONTINUED)

d. (1) Jan. 10 Cash........................................ 9,700

Service Revenue............ 9,700
(2) Jan. 15 Interest Expense.................... 6,400
Cash................................ 6,400

LO 3,5 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.29 Chapter 3

EXERCISE C.10

a. Adjusting Entries:
1. Rent Expense1........................................ 1,800
Prepaid Rent................................... 1,800
1
($7,200 / 12 X 3)

2. Services Revenue.................................. 2,400

Unearned Revenue......................... 2,400

3. Prepaid Insurance2................................. 4,250

Insurance Expense......................... 4,250
2
($6,000 / 24 X 17)

4. Interest Expense.................................... 1,270

Interest Payable.............................. 1,270

b. Reversing Entries:
1. No reversing entry required.

2. Unearned Revenue................................ 2,400

Services Revenue........................... 2,400

3. Insurance Expense................................ 4,250

Prepaid Insurance.......................... 4,250

4. Interest Payable..................................... 1,270

Interest Expense............................. 1,270

LO 3,5 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.30 Chapter 3

EXERCISE C.11

a.
Sales Revenue.......................................... 390,000
Investment Income ……………………….. 3,000
Cost of Goods Sold.......................... 222,700
Sales Returns and Allowances........ 2,000
Sales Discounts................................ 5,000
Administrative Expenses................. 31,000
Income Tax Expense........................ 30,000
Income Summary.............................. 102,300
(or)
Sales Revenue.......................................... 390,000
Investment Income ……………………….. 3,000
Income Summary.............................. 393,000
To close revenue accounts

Income Summary..................................... 290,700

Cost of Goods Sold.......................... 222,700
Sales Returns and Allowances........ 2,000
Sales Discounts................................ 5,000
Administrative Expenses................. 31,000
Income Tax Expense........................ 30,000
To close expense accounts

Income Summary..................................... 102,300

Retained Earnings............................ 102,300
To close Income Summary

Retained Earnings.................................... 18,000

Dividends........................................... 18,000
To close Dividends

Solutions Manual C.31 Chapter 3

EXERCISE C.11 (CONTINUED)

b.
Sales Revenue.......................................... 390,000
Cost of Goods Sold.......................... 222,700
Sales Returns and Allowances........ 2,000
Sales Discounts................................ 5,000
Administrative Expenses................. 31,000
Income Tax Expense........................ 30,000
Income Summary.............................. 99,300
(or)
Sales Revenue.......................................... 390,000
Income Summary.............................. 390,000
To close revenue accounts

Income Summary..................................... 290,700

Income Summary..................................... 99,300

Retained Earnings............................ 99,300
To close Income Summary

Retained Earnings.................................... 18,000

Dividends........................................... 18,000
To close Dividends

Unrealized Gain or Loss-OCI................... 3,000

Accumulated Other
Comprehensive Income............... 3,000
To close Unrealized Gain or Loss-OCI
LO 5 BT: AP Difficulty: M Time:30 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.32 Chapter 3

EXERCISE C.12

a. Sales revenue $98,000

*Sales returns and allowances (24,000)
Net sales $74,000

b. Beginning inventory $21,000

Purchases 63,000
Purchase returns and allowances (6,000)
Cost of goods available for sale 78,000
*Ending inventory (14,000)
Cost of goods sold $64,000

c. *Sales revenue $106,000

Sales returns and allowances (5,000)
Net sales revenue $101,000

d. *Beginning inventory $ 25,000

Purchases 105,000
Purchase returns and allowances (10,000)
Cost of goods available for sale 120,000
Ending inventory (48,000)
Cost of goods sold $ 72,000

e. Beginning inventory $ 44,000

*Purchases 108,000
Purchase returns and allowances (8,000)
Cost of goods available for sale 144,000
Ending inventory (30,000)
Cost of goods sold (from (f) below) $114,000

f. Net sales revenue $132,000

*Cost of goods sold (114,000)
Gross profit $ 18,000

Solutions Manual C.33 Chapter 3

EXERCISE C.12 (CONTINUED)

g. Sales revenue $120,000

Sales returns and allowances (9,000)
*Net sales revenue $111,000

h. Beginning inventory $ 24,000

Purchases 90,000
*Purchase returns and allowances (14,000)
Cost of goods available for sale 100,000
Ending inventory (28,000)
Cost of goods sold $ 72,000

i. Net sales revenue (from above) $111,000

Cost of goods sold (from above) (72,000)
*Gross profit $39,000

LO 5 BT: AN Difficulty: M Time:25 min. AACSB: Analytic CPA: cpa-t001 CM: Reporting

Solutions Manual C.34 Chapter 3

EXERCISE C.13

Adjusted Trial Statement of

Accounts Balance Income Statement Financial Position
Dr. Cr. Dr. Cr. Dr. Cr.
Cash 9,000 9,000
Inventory 80,000 80,000
Accounts Payable 26,000 26,000
Sales Revenue 480,000 480,000
Sales Returns and
Allowances 10,000 10,000
Sales Discounts 5,000 5,000
Cost of Goods Sold 290,000 290,000
Salaries and Wages
Expense 62,000 62,000
Interest Income 12,000 12,000

LO 6 BT: AP Difficulty: M Time:15 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.35 Chapter 3

EXERCISE C.14
AIRBOURNE TRAVEL INC.
Work Sheet
For the Month Ended March 31, 2023
Account Titles Trial Balance Adjustments Adj. Trial Balance Income Stat. SFP
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 1,800 1,800 1,800
Accounts Receivable 2,600 2,600 2,600
Supplies 600
(a) 80 520 520
Equipment 6,000 6,000 6,000
Accumulated Depr. -
Equipment 400 (b) 100 500 500
Accounts Payable 1,100 1,100 1,100
Unearned Revenue 500 (c) 400 100 100
Common Shares 6,400 6,400 6,400
Retained Earnings 600 600 600
Sales Revenue 2,600 (c) 400 3,000 3,000
Salaries and Wages
Expense 500 (d) 850 1,350 1,350
Miscellaneous Exp. 100 100 100
Totals 11,600 11,600
Supplies Expense (a) 80 80 80
Depreciation Expense (b) 100 100 100
Salaries and Wages
Payable (d) 850 850 850
Totals 1,430 1,430 12,550 12,550 1,630 3,000 10,920 9,550
Net Income 1,370 1,370
Totals 3,000 3,000 10,920 10,920
Key: (a) Record supplies expense (c) Record ticket revenue earned
(b) Record depreciation expense (d) Accrue salaries
LO 6 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.36 Chapter 3

EXERCISE C.15
NORTH BAY CORPORATION
Work Sheet (Partial)
For the Year Ended December 31, 2023

Adjusted Trial Statement of Statement of

Balance Comprehensive Financial Position
Income
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 117,600 117,600
FV-NI Investments 42,150 42,150
Accounts
receivable 56,720 56,720
Prepaid rent 11,000 11,000
FV-OCI Investments 33,990 33,990
Equipment 219,000 219,000
Accumulated 81,00
depreciation - 0 81,000
equipment
Accounts payable 54,470 54,470
Interest payable 4,800 4,800
Notes payable 60,000 60,000
(current)
Common shares 100,000 100,000
Retained earnings 133,440 133,440
Service revenue 211,190 211,190
Salaries and Wages 73,090 73,090
expense
Rent expense 66,000 66,000
Depreciation 27, 27,
expense 000 000
Bad debt expense 5,250 5,250
Interest expense 5,100 5,100
Investment income 5,800 5,800
Unrealized gain or ______
loss-OCI _ 6,200 6,200
Totals 656,900 656,900 176,440 223,190 480,460 433,710
Net Income and
OCI 46,750 ______ ______ 46,750
Totals 223,190 223,190 480,460 480,460

Solutions Manual C.37 Chapter 3

EXERCISE C.15 (CONTINUED)

NORTH BAY CORPORATION

Statement of Financial Position
December 31, 2023

Assets
Current Assets
Cash $117,600
FV-NI investments 42,150
Accounts receivable 56,720
Prepaid rent 11,000
Total current assets 227,470
FV-OCI investments 33,990
Property, plant, and equipment
Equipment $219,000
Less: accumulated depreciation (81,000) 138,000
Total assets $399,460

Liabilities and Shareholders’ Equity

Current liabilities
Accounts payable $ 54,470
Interest payable 4,800
Notes payable 60,000
Total current liabilities 119,270
Shareholders’ equity
Common shares 100,000
Retained earnings1 173,990
Accumulated OCI 6,200
Total shareholders’ equity 280,190
Total liabilities and shareholders’ equity $399,460

1
Beg. Balance + Net Income = Ending Balance
$133,440 + $40,550 = $173,990
LO 6 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.38 Chapter 3

TIME AND PURPOSE OF PROBLEMS

Problem C.1

Purpose—to provide an opportunity for the student to post daily transactions to a

“T” account ledger, take a trial balance, prepare an income statement, a
statement of financial position and a statement of owner’s equity, close the
ledger, and take a post-closing trial balance. The problem deals with routine
transactions of a professional service firm and provides a good integration of the
accounting process.

Problem C.2

Purpose—the provide an opportunity for the student to derive adjusting journal

entries from an unadjusted and adjusted trial balance, followed by the
preparation of an income statement, a statement of retained earnings and a
statement of financial position .

Problem C.3

Purpose—to provide an opportunity for the student to prepare and discuss

adjusting entries. The adjusting entries are fairly complex in nature.

Problem C.4

Purpose—to provide the opportunity for the student to prepare a multiple-step

income statement, a statement of retained earnings, and a classified statement
of financial position. Also, adjusting and closing entries must be prepared.

Problem C.5

Purpose—to provide the student with an opportunity to determine what adjusting

entries need to be prepared for specific accounts listed in a partial trial balance.
The student is also required to determine the amounts of certain revenue and
expense items to be reported in the income statement.

Problem C.6

Purpose—to provide the student with an opportunity to prepare year-end

adjusting entries from a trial balance and related information presented. The
problem also requires the student to prepare an income statement, a statement
of financial position, and a statement of retained earnings. Following the
preparation of the statements, the student is required to explain any differences
that would appear had the business operated as a proprietorship.
Solutions Manual C.39 Chapter 3
Copyright © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Thirteenth Canadian Edition

TIME AND PURPOSE OF PROBLEMS (CONTINUED)

Problem C.7

Purpose—to provide an opportunity for the student to prepare adjusting entries.

Problem C.8

Purpose—to provide an opportunity for the student to prepare adjusting and

closing entries. The student is also required to post the entries to “T” account
ledger, and prepare a pre-closing adjusted trial balance. This problem presents
basic adjustments including a number of accruals and deferrals. It provides the
student with an integrated flow of the year-end accounting process.

Problem C.9

Purpose—to provide an opportunity for the student to determine what adjusting

entries need to be made to specific accounts listed in a trial balance. The student
is also required to determine which adjusting journal entries could be reversed.

Problem C.10

Purpose—to provide an opportunity for the student to determine what adjusting

entries need to be made to specific accounts listed in a trial balance. The student
is also required to determine which adjusting journal entries could be reversed.

Problem C.11

Purpose—to provide an opportunity for the student to analyze errors and prepare
the necessary correcting entries for several errors in the original recording of
transactions. The student must first document the incorrect entry that was made,
the entry that should have been made and conclude with the correcting entry.
The student is also required to arrive at a corrected trial balance.

Problem C.12

Purpose—to provide an opportunity for the student to deal with the alternative
method of recording prepayments when recording cash receipts and
disbursements. The student must adapt the adjustment process at the end of the
year to deal with this alternative method. This is a short question.

Solutions Manual C.40 Chapter 3

TIME AND PURPOSE OF PROBLEMS (CONTINUED)

Problem C.13

Purpose—to provide an opportunity for the student to prepare a statement of

comprehensive income, statement of changes in equity, and a statement of
financial position. In addition, closing entries must be made and a post-closing
trial balance prepared. Following the preparation of the statements, the student is
required to explain any differences that would appear had the business been 1)
following ASPE and 2) been operated as a partnership.

Problem C.14
Purpose—to provide an opportunity for the student to complete a work sheet and
then prepare a multi-step income statement, statement of retained earnings, and
a classified statement of financial position.

Problem C.15

Purpose—to provide an opportunity for the student to complete a work sheet,

then prepare a multi-step income statement, statement of retained earnings, and
a classified statement of financial position and closing entries.

Solutions Manual C.41 Chapter 3

SOLUTIONS TO PROBLEMS
PROBLEM C.1

a. (Explanations are omitted)

Cash Equipment
Sep. 1 32,000Sept. 4 1,300 Sep. 2 12,500
8 3,560 5 900 Bal 30 12,500
20 2,100 10 680
18 6,300 E. Cain, Capital
19 2,000 Sep. 1 32,000
30 1,400 Sep. 30 2,000 30 7,727
30 85 Bal. 30 37,727
30Bal 24,995

Accounts Receivable
Sep. 14 4,740Sep. 20 2,100
25 2,780 Accounts Payable
Bal. 30 5,420 Sep. 18 6,300Sep. 2 12,500
Bal. 30 6,200
Prepaid Rent
Sept. 4 1,300Sept. 30 650
Bal 30 650

Supplies Service Revenue

Sep. 5 900Sep. 30 330 Sep. 30 11,080Sep. 8 3,560
Bal. 30 570 14 4,740
25 2,780
Sep 30 11,080Bal, 11,080

Miscellaneous Expense Accumulated Depreciation - Equipment

Sep. 10 680 Sep. 30 208
30 85Sep. 30 765
Bal 30 765 765

Salaries and Wages Expense

Sep. 30 1,400Sep. 30 1,400

Supplies Expense
Sep. 30 330Sep. 30 330

Solutions Manual C.42 Chapter 3

PROBLEM C.1 (CONTINUED)

a. (continued)
Depreciation Expense Income Summary
Sep. 30 208 Sep. 30 208 Sep. 30 650 Sep. 30 11,080
30 765
30 1,400
30 330
30 208

Sept. 30 7,727 Bal. 7,727

Rent Expense
Sep. 30 650
Sep. 30 Bal 650Sep. 30 650

E. Cain, Drawings
Sep. 19 2,000 Sep. 30 2,000

b. EMILY CAIN, D.D.S.

Adjusted Trial Balance
September 30, 2023

Debit Credit
Cash $24,995
Accounts Receivable 5,420
Supplies 570
Prepaid Rent 650
Equipment 12,500
Accumulated Depreciation – Equipment $208
Accounts Payable 6,200
E. Cain, Capital 32,000
E. Cain, Drawings 2,000
Service Revenue 11,080
Rent Expense 650
Miscellaneous Expense 765
Salaries and Wages Expense 1,400
Supplies Expense 330
Depreciation Expense 208 _____
$49,488 $49,488
PROBLEM C.1 (CONTINUED)
Solutions Manual C.43 Chapter 3
Copyright © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Thirteenth Canadian Edition

c. EMILY CAIN, D.D.S.

Income Statement
For the Month of September 30, 2023
Service revenue $11,080
Expenses:
Rent expense $ 650
Supplies expense 330
Salaries and Wages expense 1,400
Depreciation expense 208
Miscellaneous expense 765
Total expenses 3,353
Net income $7,727

EMILY CAIN, D.D.S.

Statement of Financial Position
As of September 30, 2023
Assets Liabilities
Cash $24,995 Accounts payable $6,200
Accounts receivable 5,420
Supplies 570
Prepaid rent 650 Owner’s Equity
Equipment 12,500 E. Cain, Capital 37,727
Accumulated Depreciation
- Equipment (208) Total liabilities and
Total assets $43,927 owner’s equity $43,927

EMILY CAIN, D.D.S.

Statement of Owner’s Equity
For the Month of September 30, 2023
E. Cain, Capital September 1 $ 0
Add: Investment by owner 32,000
Net income for September 7,727
39,727
Deduct: Withdrawal by owner 2,000
E. Cain, Capital September 30 $37,727

Solutions Manual C.44 Chapter 3

PROBLEM C.1 (CONTINUED)

d. EMILY CAIN, D.D.S.

Post-closing Trial Balance
September 30, 2023

LO 3,4 BT: AP Difficulty: M Time:40 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.45 Chapter 3

PROBLEM C.2

a. Dec. 31 Accounts Receivable...........................................................................

3,500
Service Revenue..........................................................................
3,500
To accrue revenue earned

31 Unearned Revenue.............................................................................
1,400
Service Revenue..........................................................................
1,400
To record revenue previously collected

31 Supplies Expense................................................................................
5,400
Supplies.......................................................................................
5,400
To adjust for supplies used

31 Depreciation Expense.........................................................................
5,000
Accumulated Depreciation—
Equipment.................................................................................
5,000
To record depreciation expense

31 Interest Expense.................................................................................
150
Interest Payable...........................................................................
150
To accrue interest expense

31 Insurance Expense..............................................................................
850
Prepaid Insurance........................................................................
850
To record expired insurance

31 Salaries and Wages Expense.............................................................

1,300
Salaries and Wages Payable.......................................................
1,300
To accrue salaries owing to employees

Solutions Manual C.46 Chapter 3

PROBLEM C.2 (CONTINUED)

b. MASON ADVERTISING AGENCY INC.

Income Statement
For the Year Ended December 31, 2023
Revenues
Service revenue............................................................. $63,500
Expenses
Salaries and wages expense.........................................
$11,300
Insurance expense.........................................................
850
Interest expense.............................................................
500
Depreciation expense....................................................
5,000
Supplies expense...........................................................
5,400
Rent expense.................................................................
4,000
Total expenses.........................................................27,050
Net income...........................................................................
$36,450

MASON ADVERTISING AGENCY INC.

Statement of Retained Earnings
For the Year Ended December 31, 2023
Retained earnings, January 1........................ $ 3,500
Add: Net income............................................ 36,450
Retained earnings, December 31................... $39,950

Solutions Manual C.47 Chapter 3

PROBLEM C.2 (CONTINUED)

b. (continued)
MASON ADVERTISING AGENCY INC.
Statement of Financial Position
December 31, 2023
Assets
Cash................................................................................$11,000
Accounts receivable........................................................ 23,500
Supplies.......................................................................... 3,000
Prepaid insurance........................................................... 2,500
Equipment.......................................................................
$60,000
Less: Accumulated depreciation—
equipment.......................................................................
33,000 27,000
Total assets..............................................................$67,000

Liabilities and Shareholders’ Equity

Liabilities
Notes payable.................................................................
$ 5,000
Accounts payable............................................................
5,000
Unearned revenue..........................................................
5,600
Salaries and wages payable........................................... 1,300
Interest payable...............................................................
150
Total liabilities............................................................$17,050
Shareholders’ equity
Common shares..............................................................
$10,000
Retained earnings...........................................................
39,950 49,950
Total liabilities and shareholders’ equity $67,000

c. 1. Interest expense for three months was $150 the Note

payable balance is $5,000. Therefore, interest per month is
1% ($50 ÷ $5,000). 1% X 12 = 12% interest per year.
2. Salaries and Wages Expense, $11,300 less Salaries and
Wages Payable 12/31/23 $1,300 = $10,000. Total Payments,
$12,500 – $10,000 = $2,500 Salaries and Wages Payable
12/31/22.
LO 3 BT: AP Difficulty: M Time:40 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.48 Chapter 3

PROBLEM C.3

1. Dec. 31 Salaries and Wages Expense1......... 3,360

Salaries and Wages Payable. . . 3,360
1
(5 X $1,200 X 2/5) = $2,400
(3 X $800 X 2/5) = 960
Total accrued salaries $3,360

2. 31 Unearned Rent Revenue................. 82,200

Rent Revenue2......................... 82,200
2
(5 X $4,100 X 2) = $41,000
(4 X $10,300 X 1) = 41,200
Total rent earned $82,200

3. 31 Insurance Expense3......................... 5,925

Prepaid Insurance.................... 5,925
3
(A650 – $600 per month
for 8 months) = $4,800
(B974 – $375 per month
for 3 months) = 1,125
Total expense $5,925

4. 31 Interest Expense4............................. 4,200

Interest Payable....................... 4,200
4
($80,000 X 9% X 7/12)

b. Excluding the effects of the adjusting entries, net income is

understated by $68,715 ($82,200 – $3,360 – $5,925 – $4,200). In
addition, without the adjustments, Rolling Resort’s current assets
and current liabilities are overstated. Potential investors should be
willing to wait for financial statements that include year-end
adjusting entries in order to base their investment decision on
more relevant and faithfully representative financial statements.

LO 3 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.49 Chapter 3

PROBLEM C.4

a. SECOND HAND ALMOST NEW DEPARTMENT STORE INC.

Income Statement
For the Year Ended December 31, 2023

Sales revenue
Sales revenue.......................................... $718,000
Less: Sales returns and allowances......... 8,000
Net sales revenue.......................................... 710,000
Cost of goods sold......................................... 412,700
Gross profit.................................................... 297,300
Operating expenses
Selling expenses
Sales salaries and wages expense..... $76,000
Sales commission expense................ 14,500
Depreciation expense—equipment..... 13,300
Utilities expense1................................ 6,600
Insurance expense2............................ 4,320

Total selling expenses................ $114,720

Administrative expenses
Office salaries and wages expense.... 32,000
Depreciation expense—buildings....... 10,400
Property tax expense.......................... 4,800
Utilities expense3................................ 4,400
Insurance expense4............................ 2,880
Total administrative expenses.... 54,480
Total operating expenses 169,200
Income from operations................................. 128,100
Other revenues and gains
Interest income................................... 4,000
Other expenses and losses
Interest expense................................. (11,000) (7,000)
Net income.................................................... $121,100
1
($11,000 x 60%)
2
($7,200 x 60%)
3
($11,000 x 40%)
4
($7,200 x 40%)

Solutions Manual C.50 Chapter 3

PROBLEM C.4 (CONTINUED)

a. (continued)

SECOND HAND ALMOST NEW DEPARTMENT STORE INC.

Statement of Retained Earnings
For the Year Ended December 31, 2023

Retained Earnings, January 1............................. $16,600

Add: Net income.................................................. 121,100
137,700
Less: Dividends................................................... 28,000
Retained Earnings, December 31........................ $109,700

SECOND HAND ALMOST NEW DEPARTMENT STORE INC.

Statement of Financial Position
December 31, 2023

Assets
Current assets
Cash............................................. $ 68,000
Accounts receivable..................... 95,300
Inventory....................................... 75,000
Prepaid insurance......................... 2,400
Total current assets............... 240,700
Property, plant, and equipment
Buildings....................................... $190,000
Less: Accumulated depreciation
—buildings 52,500 $137,500
Equipment.................................... 110,000
Less: Accumulated
depreciation—equipment. . . 42,900 67,100 204,600
Total assets....... $445,300

Solutions Manual C.51 Chapter 3

PROBLEM C.4 (CONTINUED)

a. (continued)

SECOND HAND ALMOST NEW DEPARTMENT STORE INC.

Statement of Financial Position (CONTINUED)
December 31, 2023

Liabilities and Shareholders’ Equity

Current liabilities
Accounts payable......................................................$ 79,300
Mortgage payable due next year............................... 20,000
Property tax payable.................................................. 4,800
Sales commissions payable...................................... 3,500
Interest payable.......................................................... 8,000
Total current liabilities....................................... 115,600
Long-term liabilities
Mortgage payable...................................................... 60,000
Total liabilities................................................... 175,600
Shareholders’ equity
Common Shares........................................................
$160,000
Retained Earnings.....................................................
109,700 269,700
Total liabilities and $445,30
shareholders’ equity.................................. 0

Solutions Manual C.52 Chapter 3

PROBLEM C.4 (CONTINUED)

b. Depreciation Expense............................... 10,400

Accumulated Depreciation—
Buildings........................................ 10,400
To record depreciation on buildings

Depreciation Expense............................... 13,300

Accumulated Depreciation—
Equipment..................................... 13,300
To record depreciation on equipment

Insurance Expense................................... 7,200

Prepaid Insurance............................. 7,200
To record expired insurance

Interest Expense....................................... 8,000

Interest Payable................................. 8,000
To accrue interest expense

Property Tax Expense.............................. 4,800

Property Tax Payable........................ 4,800
To accrue property tax expense

Sales Commission Expense..................... 3,500

Sales Commissions Payable............. 3,500
To accrue sales commission expense

Solutions Manual C.53 Chapter 3

PROBLEM C.4 (CONTINUED)

c. Sales Revenue.......................................... 718,000

Interest Income......................................... 4,000
Income Summary.............................. 722,000
To close revenue accounts

Income Summary...................................... 600,900

Sales Returns and Allowances.......... 8,000
Cost of Goods Sold........................... 412,700
Salaries and Wages Expense........... 108,000
Sales Commission Expense.............. 14,500
Property Tax Expense....................... 4,800
Utilities Expense................................ 11,000
Depreciation Expense....................... 23,700
Insurance Expense............................ 7,200
Interest Expense................................ 11,000
To close expense accounts

Income Summary...................................... 121,100

Retained Earnings............................. 121,100
To close Income Summary

Retained Earnings.................................... 28,000

Dividends........................................... 28,000
To close dividends
LO 3,5 BT: AP Difficulty: M Time:50 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.54 Chapter 3

PROBLEM C.5

a. -1-
1
Depreciation Expense ................................. 57,500
Accumulated Depreciation – 57,5
Equipment......................................... 00
1
(($960,000–$40,000) X 1/16)

-2-
2
Interest Expense .......................................... 3,669
Interest Payable.................................... 3,669
2
($186,000 X 10% X 72/365)

-3-
Sales Revenue............................................. 50,000
Unearned Revenue............................... 50,000

-4-
Prepaid Rent................................................. 1,100
Rent Expense........................................ 1,100

-5-
Salaries and Wages Expense....................... 11,800
Salaries and Wages Payable................ 11,800

b. 1. Interest expense, $12,669 ($9,000 + $3,669).

2. Sales revenue, $700,000 ($750,000 – $50,000).
3. Rent expense, $60,900 ($62,000 – $1,100).
4. Salaries and wages expense, $91,800 ($80,000 +
$11,800).
LO 3 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.55 Chapter 3

PROBLEM C.6

a. -1-
Service Revenue...................................................................................
6,900
Unearned Revenue........................................................................
6,900

-2-
Accounts Receivable.............................................................................
7,300
Service Revenue............................................................................
7,300

-3-
Bad Debt Expense................................................................................
6,300
Allowance for Doubtful Accounts...................................................
6,300

-4-
Prepaid Insurance.................................................................................
6,000
Insurance Expense........................................................................
6,000

-5-
1
Depreciation Expense ..........................................................................
7,000
Accumulated Depreciation —Equipment....................................... 7,000
1
($85,000-15,000)/10
-6-
2
Interest Expense ..................................................................................
71
Interest Payable.............................................................................
71
2
($7,200 X 12% X 30/365)

-7-
Prepaid Rent.........................................................................................
750
Rent Expense................................................................................
750

-8-
Salaries and Wages Expense......................... 2,598
Salaries and Wages Payable................... 2,598

-9-
Dividends........................................................ 80,000
Dividends Payable.................................. 80,000

Solutions Manual C.56 Chapter 3

PROBLEM C.6 (CONTINUED)

b. MUSTANG ROVERS CONSULTING LIMITED

Adjusted Trial Balance
December 31, 2023

Dr. Cr.
Cash...........................................................................
$83,700
Accounts receivable................................................... 88,400
Allowance for doubtful accounts................................ $7,050
Supplies......................................................................
1,960
Prepaid insurance...................................................... 6,000
Prepaid rent................................................................. 750
Equipment ..................................................................
85,000
Accumulated depreciation—equipment 13,250
Unearned revenue ..................................................... 6,900
Interest payable........................................................... 71
Salaries and wages payable...................................... 2,598
Dividends payable...................................................... 80,000
Notes payable ............................................................ 7,200
Common shares......................................................... 35,010
Retained earnings...................................................... 161,100
Dividends....................................................................
80,000
Service revenue.......................................................... 100,400
Salaries and wages expense..................................... 31,098
Utilities expense......................................................... 1,080
Rent expense............................................................. 9,000
Insurance expense..................................................... 12,500
Bad debt expense...................................................... 6,300
Depreciation expense................................................ 7,000
Miscellaneous expense..............................................720
Interest expense......................................................... 71 _______
$413,579 $413,579

Solutions Manual C.57 Chapter 3

PROBLEM C.6 (CONTINUED)

c. MUSTANG ROVERS CONSULTING LIMITED

Income Statement
For the Year Ended December 31, 2023

Service Revenue................................................................ $100,400

Expenses:
Salaries and wages expense.....................................
$31,098
Utilities expense........................................................
1,080
Rent expense............................................................
9,000
Insurance expense....................................................
12,500
Bad debt expense......................................................
6,300
Depreciation expense................................................
7,000
Miscellaneous expense............................................. 720
Interest expense........................................................
71
Total expenses.................................................. 67,769
Net income $32,631

Solutions Manual C.58 Chapter 3

PROBLEM C.6 (CONTINUED)

c. (continued)

MUSTANG ROVERS CONSULTING LIMITED

Statement of Financial Position
December 31, 2023

Assets
Current assets
Cash............................................................................ $83,700

Accounts receivable.....................................................
$88,400
Less: Allowance for
doubtful accounts...........................................(7,050) 81,350
Supplies....................................................................... 1,960
Prepaid insurance........................................................ 6,000
Prepaid rent................................................................. 750
Total current assets............................................... 173,760
Equipment....................................................................
85,000
Less: Accumulated depreciation.................................. (13,250) 71,750
Total assets $245,510

Liabilities and Shareholders’ Equity

Current liabilities
Unearned revenue...................................................... $ 6,900
Interest payable.......................................................... 71
Salaries and wages payable....................................... 2,598
Dividends payable....................................................... 80,000
Notes payable............................................................. 7,200
Total liabilities....................................................... 96,769
Shareholders’ equity
Common shares.............................................................. 35,010
Retained earnings............................................................ 113,731
Total liabilities and shareholders’ equity $245,510

Solutions Manual C.59 Chapter 3

PROBLEM C.6 (CONTINUED)

c. (continued)

MUSTANG ROVERS CONSULTING LIMITED

Statement of Retained Earnings
For the Year Ended December 31, 2023

Retained Earnings, January 1 $161,100

Add: Net income 32,631
193,731
Less: Dividends 80,000
Retained Earnings, December 31 $113,731

d. The major differences in the financial statements of the

proprietorship and a corporation have to do with the equity
accounts. In the case of corporations, there is a minimum of two
shareholders’ equity accounts for the statement of financial
position: Common Shares and Retained Earnings. In the case of
a proprietorship the equity of the business would be in a single
account using the owner’s name followed by the word Capital.
Another significant difference has to do with income taxes.
Proprietorships do not have income tax expense. The income of
the business is taxed in the hands of the owner, the proprietor.
Corporations distribute earnings to the shareholders in the form
of dividends. These dividends reduce the amount of retained
earnings. Owners of a proprietorship reduce their investment in
the business with Drawings. The account name would be the
name of the owner, followed the word Drawings.
Instead of presenting a Statement of Retained Earnings, the
corresponding statement in a proprietorship would be titled
Statement of Owner’s Equity.

LO 3,4 BT: AP Difficulty: M Time:50 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.60 Chapter 3

PROBLEM C.7

-1-
Prepaid Rent........................................... 335
Rent Expense.................................. 335

-2-
1
Interest Expense .................................... 250
Interest Payable.............................. 250
1
($15,000 X 10% X 2/12)

-3-
Salaries and Wages Expense................. 2,480
Salaries and Wages Payable.......... 2,480

-4-
Interest Receivable................................. 500
Interest Income................................ 500

-5-
Bad Debt Expense.................................. 1,560
Allowance for Doubtful Accounts..... 1,560

-6-
Supplies.................................................. 110
Office Expense................................ 110

-7-
Rent Expense......................................... 1,000
Rent Payable................................... 1,000

-8-
2
Insurance Expense ................................ 195
Prepaid Insurance........................... 195
2
($1,170 X 2/12)

Solutions Manual C.61 Chapter 3

PROBLEM C.7 (CONTINUED)

-9-
Property Tax Expense................................ 1,670
Property Tax Payable......................... 1,670

-10-
Interest Receivable.................................... 75
Interest Income3.................................. 75
3
($6,000 X 15% X 1/12)

-11-
Unearned Rent Revenue........................... 860
Rent Revenue4.................................... 860
4
($2,580 X 2/6)

-12-
5
Rent Expense ........................................... 5,533
Prepaid Rent ...................................... 5,533
5
($8,300 X 4/6)

-13.
Utilities Expense......................................... 510
Utilities Payable.................................. 510

-14-
Depreciation Expense................................ 1,400
Accumulated Depreciation—
Equipment.................................... 1,400

LO 3 BT: AP Difficulty: M Time:30 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.62 Chapter 3

PROBLEM C.8

a., b., d.
Cash Rent Receivable
Bal. 115,000 Adj. 4,000

Accounts Receivable Prepaid Insurance

Bal. 63,000 Bal. 12,000 Adj. 5,300
Bal. 6,700

Allowance for Doubtful Accounts Land

Bal. 9,000 Bal. 350,000
Adj. 6,120
Bal. 15,120

Buildings Equipment
Bal. 600,000 Bal. 300,000

Accum. Depreciation - Buildings Accum. Depreciation - Equipment

Bal. 40,000 Bal. 120,000
Adj. 20,000 Adj. 18,000
Bal. 60,000 Bal. 138,000

Unearned Revenue Salaries and Wages Payable

Adj. 9,900 Adj. 3,600

Common Shares Retained Earnings

Bal. 880,000 Bal. 152,000
Cl. 180,080
Bal. 332,080

Sales Revenue
Adj. 9,900 Bal. 413,000
Close 403,100 ______
413,000 413,000

Rent Revenue
Close 48,000 Bal. 44,000
_____ Adj. 4,000
48,000 48,000

Solutions Manual C.63 Chapter 3

Solutions Manual C.64 Chapter 3

PROBLEM C.8 (CONTINUED)

a., b., d. (continued)

Bad Debt Expense Utilities Expense

Adj. 6,120 Close 6,120 Bal. 74,000 Close 74,000

Repairs and Maintenance Expense Insurance Expense

Bal. 54,000 Close 54,000 Adj. 5,300 Close 5,300

Salaries and Wages Expense

Bal. 90,000 Close 93,600
Adj. 3,600 _____
93,600 93,600

Depreciation Expense
Adj. 20,000 Close 38,000
Adj. 18,000
38,000

Income Summary
Exp. 271,020 Rev. 451,100
Cl. 180,080 ______
451,100 451,100

Solutions Manual C.65 Chapter 3

PROBLEM C.8 (CONTINUED)

b. -1-
1
Depreciation Expense ............................. 20,000
Accumulated Depreciation— 20,0
Buildings.......................................... 00
1
(1/30 X $600,000)

-2-
2
Depreciation Expense ............................. 18,000
Accumulated Depreciation— 18,00
Equipment........................................ 0
2
10% X ($300,000-$120,000)

-3-
Insurance Expense.................................. 5,300
Prepaid Insurance............................ 5,300

-4-
Rent Receivable...................................... 4,000
Rent Revenue3................................. 4,000
3
(1/11 X $44,000)

-5-
4
Bad Debt Expense .................................. 6,120
Allowance for Doubtful Accounts...... 6,120
4
(24% X $63,000 = $15,120, less
existing balance of $9,000)

-6-
Salaries and Wages Expense.................. 3,600
Salaries and Wages Payable........... 3,600

-7-
Sales Revenue ....................................... 9,900
Unearned Revenue.......................... 9,900

Solutions Manual C.66 Chapter 3

PROBLEM C.8 (CONTINUED)

c. MASTERS GOLF CLUB, INC.

Adjusted Trial Balance
December 31

Dr. Cr.
Cash............................................................................
$115,000
Accounts Receivable................................................... 63,000
Allowance for Doubtful Accounts................................ $15,120
Rent Receivable..........................................................4,000
Prepaid Insurance.......................................................6,700
Land............................................................................
350,000
Buildings......................................................................
600,000
Accumulated Depreciation—Buildings........................ 60,000
Equipment...................................................................
300,000
Accumulated Depreciation—Equipment..................... 138,000
Salaries and Wages Payable...................................... 3,600
Unearned Revenue..................................................... 9,900
Common Shares......................................................... 880,000
Retained Earnings....................................................... 152,000
Sales Revenue ........................................................... 403,100
Rent Revenue............................................................. 48,000
Utilities Expense.......................................................... 74,000
Bad Debt Expense......................................................6,120
Salaries and Wages Expense..................................... 93,600
Repairs and Maintenance Expense............................ 54,000
Depreciation Expense................................................. 38,000
Insurance Expense.....................................................5,300
$1,709,720 $1,709,720

Solutions Manual C.67 Chapter 3

PROBLEM C.8 (CONTINUED)

d. -Dec. 31-
Sales Revenue............................................ 403,100
Rent Revenue............................................. 48,000
Income Summary................................. 451,100
To close revenue accounts

-31-
Income Summary........................................ 271,020
Utilities Expense.................................. 74,000
Bad Debt Expense............................... 6,120
Salaries and Wages Expense.............. 93,600
Repairs and Maintenance Expense..... 54,000
Depreciation Expense.......................... 38,000
Insurance Expense.............................. 5,300
To close expense accounts

-31-
Income Summary........................................ 180,080
Retained Earnings............................... 180,080
To close Income Summary
LO 3,5 BT: AP Difficulty: M Time:50 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.68 Chapter 3

PROBLEM C.9

a.
1. Prepaid Rent1................................................ 4,500
Rent Expense........................................ 4,500
1
($1,500 X 3)

2. Depreciation Expense2................................. 6,200

Accumulated Depreciation
– Buildings.......................................... 6,200
2
(($154,000 - $30,000) / 20 years)

3. Insurance Expense3...................................... 2,200

Prepaid Insurance................................... 2,200
3
($2,640 X 9/12) + ($1,980 / 3 X 4/12)

4. Rent Revenue.............................................. 3,600

Unearned Rent Revenue4....................... 3,600
4
($7,200 X 6/12)

5. Allowance for Doubtful Accounts.................. 2,700

Accounts Receivable.............................. 2,700
To record write-off of uncollectible accounts
receivable

Bad Debts Expense5..................................... 3,212

Allowance for Doubtful Accounts............ 3,212
5
[4% X ($103,000 - $2,700)] – ($3,500
– $2,700)
To record bad debts expense

6. Advances to Employees............................... 600

Salaries and Wages Expense................. 600

7. Interest Expense6.......................................... 2,100

Interest Payable.................................... 2,100
6
($180,000 X 7% X 2/12)

Solutions Manual C.69 Chapter 3

PROBLEM C.9 (CONTINUED)

a. (continued)
8. Depreciation Expense7................................. 2,800
Accumulated Depreciation–Equipment.. 2,800
7
($33,600 / 12 years)

9. Interest Receivable....................................... 1,500

Interest Income8.................................... 1,500
8
($40,000 X 9% X 5/12)

10. Cost of Goods Sold....................................... 67,100

Inventory (ending)......................................... 90,000
Purchase Discounts...................................... 900
Purchases............................................. 98,000
Inventory (beginning)............................ 60,000

b. Reverse entries: 7 and 9 (Note: While reversing entries are

used most often for accrued revenues and accrued expenses,
companies could also choose to use reversing entries for
prepayment items 1 and 4 above).
LO 3,5 BT: AP Difficulty: C Time:35 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.70 Chapter 3

PROBLEM C.10

a.
1. Rent Revenue.............................................. 8,500
Unearned Rent Revenue1...................... 8,500
1
($10,200 X 10/12)

2. Sales Revenue............................................ 1,000

Accounts Receivable............................. 1,000
To record correction of collection on account
Bad Debt Expense2..................................... 3,135
Allowance for Doubtful Accounts........... 3,135
2
7% X ($56,500 - $1,000) – $750
To record bad debt expense

3. Cost of Goods Sold..................................... 152,100

Inventory (ending)........................................ 77,000
Purchase Discounts..................................... 2,400
Purchases............................................ 170,000
Freight In............................................. 3,500
Inventory (beginning)........................... 58,000

4. Insurance Expense3..................................... 675

Prepaid Insurance............................... 675
3
[($1,320 X 9/24) + ($1,620 X 4/36)]

5. Depreciation Expense4 ............................... 9,700

Accumulated Depreciation -
Equipment .......................................... 9,700
4
($90,000 X 10%) + ($14,000 X 5%)

6. Interest Expense5........................................ 1,375

Interest Payable................................... 1,375
5
($50,000 X 11% X 3/12)

7. Interest Receivable...................................... 900

Interest Income 6.................................. 900
6
($18,000 X 12% X 5/12)

Solutions Manual C.71 Chapter 3

PROBLEM C.10 (CONTINUED)

a. (continued)

8. Rent Expense7.............................................. 7,700

Prepaid Rent......................................... 7,700
7
($13,200 X 7/12)

9. FV-NI Investments........................................ 800

Investment Income8.............................. 800
8
($9,400 – $8,600)

10. Unrealized Gain or Loss-OCI9...................... 1,500

FV-OCI Investments.............................. 1,500
9
$14,000 - ($25 X 500)

b. Reverse entries: 1, 6, and 7

LO 3,5 BT: AP Difficulty: M Time:35 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.72 Chapter 3

PROBLEM C.11

a. (1) Incorrect entry:

1. Cash............................................................ 570
Accounts Receivable............................. 570

2. Supplies ...................................................... 900

Accounts Payable.................................. 900

3. Utilities Expense.......................................... 30
Cash...................................................... 30

4. Salaries and Wages Expense..................... 1,800

Cash...................................................... 1,800

5. Equipment................................................... 90
Cash...................................................... 90

(2) Correct entry:

1. Cash............................................................ 750
Accounts Receivable............................. 750

2. Equipment................................................... 900
Accounts Payable.................................. 900

3. Advertising Expense.................................... 30
Cash...................................................... 30

4. Salaries and Wages Expense..................... 1,200

Salaries and Wages Payable...................... 600
Cash...................................................... 1,800

5. Repairs and Maintenance Expense............. 90

Cash...................................................... 90

Solutions Manual C.73 Chapter 3

PROBLEM C.11 (CONTINUED)

a. (continued)

(3) Correcting entry:

1. Cash............................................................ 180
Accounts Receivable............................ 180

2. Equipment................................................... 900
Supplies................................................. 900
3. Advertising Expense.................................... 30
Utilities Expense.................................... 30
4. Salaries and Wages Payable...................... 600
Salaries and Wages Expense............... 600
5. Repairs and Maintenance Expense............. 90
Equipment............................................. 90

Solutions Manual C.74 Chapter 3

PROBLEM C.11 (CONTINUED)

An alternate presentation of part (a) showing the incorrect entry, the
correct entry, and the correcting entry follows:
a.
1.1 Cash.................................................................. 570
Accounts Receivable................................... 570
1.2 Cash ................................................................. 750
Accounts Receivable................................... 750
1.3 Cash.................................................................. 180
Accounts Receivable................................... 180

2.1 Supplies............................................................. 900

Accounts Payable....................................... 900
2.2 Equipment......................................................... 900
Accounts Payable....................................... 900
2.3 Equipment......................................................... 900
Supplies...................................................... 900

3.1 Utilities Expense................................................ 30

............................................................Cash
30
3.2 Advertising Expense.......................................... 30
Cash............................................................ 30
3.3 Advertising Expense.......................................... 30
Utilities Expense.......................................... 30

4.1 Salaries and Wages Expense........................... 1,800

Cash............................................................ 1,800
4.2 Salaries and Wages Expense........................... 1,200
Salaries and Wages Payable............................ 600
Cash............................................................ 1,800
4.3 Salaries and Wages Payable............................ 600
Salaries and Wages Expense..................... 600

5.1 Equipment......................................................... 90
Cash............................................................ 90
5.2 Repairs and Maintenance Expense................... 90
Cash............................................................ 90
5.3 Repairs and Maintenance Expense................... 90
Solutions Manual C.75 Chapter 3
Copyright © 2022 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Thirteenth Canadian Edition

Equipment................................................... 90

Solutions Manual C.76 Chapter 3

PROBLEM C.11 (CONTINUED)

b. DOWNTOWN TV REPAIR LTD.

Trial Balance
March 31, 2023
Debit Credit
Cash ($7,200 + $180) $ 7,380
Accounts Receivable ($3,500 - $180) 3,320
Supplies ($900 - $900) 0
Equipment ($15,000 + $900 – $90) 15,810
Accumulated Depreciation—Equipment $3,000
Accounts Payable 5,950
Salaries and Wages Payable ($600 - $600) 0
Unearned Revenue 1,500
Common Shares 10,000
Retained Earnings 4,160
Service Revenue 8,000
Salaries and Wages Expense ($3,600 - $600) 3,000
Advertising Expense ($800 + $30) 830
Utilities Expense ($310 - $30) 280
Depreciation Expense 700
Repairs and Maintenance Expense
($1,200 + $90) 1,290 ______
$32,610 $32,610
LO 2,3 BT: AP Difficulty: M Time:35 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.77 Chapter 3

PROBLEM C.12

a.
1. Jan. 1 Supplies..............................................................................................
4,100
Cash............................................................................................
4,100

Dec. 31 Supplies Expense...............................................................................

2,200
Supplies......................................................................................
2,200

2. Aug. 1 Prepaid Insurance..............................................................................

6,000
Cash............................................................................................
6,000

Dec. 31 Insurance Expense1...........................................................................

2,500
Prepaid Insurance.......................................................................
2,500
1
($6,000 X 5/12 = $2,500)

3. Nov.15 Cash...................................................................................................
1,200
Service Revenue.........................................................................
1,200

Dec. 31 Service Revenue................................................................................

400
2
Unearned Revenue ....................................................................
400
2
($1,200 X 1/3 = $400)

4. Dec. 1 Cash...................................................................................................
1,100
Rent Revenue.............................................................................
1,100

Dec. 31 Rent Revenue....................................................................................

550
3
Unearned Rent Revenue ...........................................................
550
3
($1,100 / 2 = $550)

Solutions Manual C.78 Chapter 3

PROBLEM C.12 (CONTINUED)

b. It is possible to initially record prepayments as assets in some

divisions or departments of a business, while recording them as
expenses in others. Management could do this intentionally.
This might also be done as a result of management’s decision
to allow staff to continue the practices under which they were
originally trained. For example, recording of prepayments might
be different among divisions or departments of a business in
order to accommodate certain corporate cultures following
mergers, or simply to avoid staff errors from changes in
practices. The adjustment process at the end of the accounting
period accommodates for the differences in practices and
ensures the proper reporting of balances at the end of each of
the accounting periods, irrespective of the differences in the
original recording entries.

The GAAP foundational concept of comparability (consistency)

does not apply to methods of recording prepayments since the
same financial results are achieved on the company’s financial
statements. Comparability (consistency) is required for
accounting policies, but methods of accounting for prepayments
are not accounting policies.
LO 2,3 BT: AP Difficulty: M Time:20 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.79 Chapter 3

PROBLEM C.13

a. CANNED HEAT LIMITED

Statement of Comprehensive Income
For the Year Ended December 31, 2023

Revenues
Service revenue......................................................... $142,000
Expenses
Repairs and maintenance expense........................... $ 13,200
Depreciation expense................................................28,800
Insurance expense....................................................
18,800
Salaries and wages expense..................................... 106,600
Utilities expense........................................................
3,500
Total expenses................................................... 170,900
Net loss............................................................................... $(28,900)
Other comprehensive income
Unrealized gain - OCI 6,800
Comprehensive income (loss) $(22,100)

CANNED HEAT LIMITED

Statement of Changes in Equity
For the Year Ended December 31, 2023

Total Common Retained AOCI

Shares Earnings
Beginning, Jan. 1, 2023 $116,000 $56,000 $60,000 $0
Common shares issued 24,000 24,000
Net income (loss) (28,900) (28,900)
OCI 6,800 6,800
Ending, Dec. 31, 2023 $117,900 $80,000 $31,100 $6,800

Solutions Manual C.80 Chapter 3

PROBLEM C.13 (CONTINUED)

a. (continued)
CANNED HEAT LIMITED
Statement of Financial Position
December 31, 2023

Assets
Current assets
Cash.......................................................................... $ 18,000
Accounts receivable.................................................. 42,000
Prepaid insurance...................................................... 1,800
Total current assets........................................... 61,800
FV-OCI Investments 25,500
Property, plant, and equipment
Equipment.................................................................
$98,000
Less: Accumulated depreciation................................ 28,600 69,400
Total assets....................................................... $156,700

Liabilities and Shareholders’ Equity

Current liabilities
Accounts payable...................................................... $31,600
Salaries and wages payable...................................... 7,200
Total current liabilities........................................ 38,800
Shareholders’ equity
Common shares........................................................
$80,000
Retained earnings.....................................................
31,100
Accumulated other comprehensive
income ......................................................................
6,800 117,900
Total liabilities and shareholders’ equity $156,700

Solutions Manual C.81 Chapter 3

PROBLEM C.13 (CONTINUED)

b. General Journal
Date Account Titles and Explanation Ref. Debit Credit

Dec. 31 Service Revenue 400 142,000

Income Summary 350 142,000
To close revenue account

31 Income Summary 350 170,900

Repairs and
Maintenance Expense 622 13,200
Depreciation Expense 711 28,800
Insurance Expense 722 18,800
Salaries and Wages
Expense 726 106,600
Utilities Expense 732 3,500
To close expense accounts

31 Retained Earnings 306 28,900

Income Summary 350 28,900
To close Income Summary

31 Unrealized Gain or Loss-OCI 801 6,800

Accumulated other
Comprehensive Income 310 6,800
To close Unrealized Gain or Loss-OCI

Solutions Manual C.82 Chapter 3

PROBLEM C.13 (CONTINUED)

b. (continued)
CANNED HEAT LIMITED
Post-Closing Trial Balance
December 31, 2023

Debit Credit
Cash $ 18,000
Accounts Receivable 42,000
Prepaid Insurance 1,800
FV-OCI Investments 25,500
Equipment 98,000
Accumulated Depreciation -
Equipment $ 28,600
Accounts Payable 31,600
Salaries and Wages Payable 7,200
Common Shares 80,000
Retained Earnings 31,100
Accumulated Other Comprehensive
Income _______ ___6,800
$185,300 $185,300

c. Had Canned Heat been following ASPE, there would be some

changes to the financial statements outlined in part (a). ASPE
does not include Other Comprehensive Income related
accounts. There would be no FV-OCI Investments, no
Unrealized Gain or Loss-OCI and no Accumulated Other
Comprehensive Income accounts. Consequently, there would
be an Income Statement, rather than a Statement of
Comprehensive Income. In addition, there likely would be a
Statement of Retained Earnings rather than a Statement of
Changes in Equity, although companies reporting under ASPE
can use a Statement of Changes in Equity.

Solutions Manual C.83 Chapter 3

PROBLEM C.13 (CONTINUED)

d. In addition to the changes described in (c) above, if Canned

Heat was operating as a partnership, there would be major
differences in the financial statements relating to the equity
accounts. In the case of corporations, there is a minimum of
two shareholders’ equity accounts for the statement of financial
position: Common Shares and Retained Earnings. In the case
of a partnership the equity of the business would be maintained
via an equity account for each partner, using the partner’s
name followed by the word Capital.

Another major difference has to do with income taxes.

Partnerships do not have income tax expense at the
partnership-level. Instead, the income of the partnership is
taxed in the hands of the owners, the partners.

Corporations distribute earnings to the shareholders in the form

of dividends. These dividends reduce the amount of retained
earnings. Owners of a partnership reduce their investment in
the business with Drawings. The account name would be the
name of the partner, followed by the word Drawings.

Instead of presenting a Statement of Retained Earnings

(ASPE), the corresponding statement in a partnership would be
titled Statement of Partners’ Equity.
LO 5,6 BT: AP Difficulty: M Time:40 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.84 Chapter 3

PROBLEM C.14
a.
SLUM DOG FASHION CENTRE INC.
Work Sheet
For the Year Ended November 30, 2023
Adjusted Trial Statement of
Account Titles Trial Balance Adjustments Balance Income Statement Financial Position
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 29,200 29,200 29,200
Accounts Receivable 82,000 82,000 82,000
Inventory 105,000 105,000 105,000
Supplies 8,600 (1) 5,500 3,100 3,100
Equipment 225,000 225,000 225,000
Accumulated Depr.-
Equipment 86,000 (2a) 40,000 126,000 126,000
Vehicles 128,000 128,000 128,000
Accumulated Depr.
Vehicles 39,000 (2b) 30,000 69,000 69,000
Notes Payable 85,000 85,000 85,000
Accounts Payable 78,500 78,500 78,500
Common Shares 300,000 300,000 300,000
Retained Earnings 38,000 38,000 38,000
Sales Revenue 950,200 950,200 950,200
Sales Returns and
Allowances 24,200 24,200 24,200
Cost of Goods Sold 611,500 611,500 611,500

Solutions Manual C.85 Chapter 3

PROBLEM C.14 (CONTINUED)

a. (continued)

Statement of
Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Financial Position
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Salaries and Wages
Expense 150,000 150,000 150,000
Advertising Expense 46,400 46,400 46,400
Utilities Expense 24,000 24,000 24,000
Repairs and Maint.
Expense 32,100 32,100 32,100
Advertising Expense 46,700 46,700 46,700
Rent Expense 64,000 64,000 64,000
Totals 1,576,700 1,576,700
Supplies Expense (1) 5,500 5,500 5,500
Depreciation Expense (2a) 40,000 40,000 40,000
(2b) 30,000 30,000 30,000
Interest Expense (3) 9,000 9,000 9,000
Interest Payable (3) 9,000 9,000 9,000
Totals 84,500 84,500 1,655,700 1,655,7001,083,400 950,200 572,300 705,500
Net Loss 133,200 133,200
Totals 1,083,4001,083,400 705,500 705,500
Key:

1) Store supplies used (2b) Depreciation expense for vehicles

(2a) Depreciation expense for equipment (3) Accrued interest payable

Solutions Manual C.86 Chapter 3

PROBLEM C.14 (CONTINUED)

b. SLUM DOG FASHION CENTRE INC.

Income Statement
For the Year Ended November 30, 2023
Sales revenue
Sales revenue......................................................................... $950,200
Less: Sales returns and allowances........................................ 24,200
Net sales revenue ............................................................................. 926,000
Cost of goods sold............................................................................. 611,500
Gross profit........................................................................................ 314,500
Operating expenses
Selling expenses
Salaries and wages expense1.......................................
$90,000
Advertising expense.....................................................
46,400
Rent expense2..............................................................
57,600
Travel expense.............................................................
46,700
Utilities expense3..........................................................
21,600
Depreciation expense...................................................
70,000
Supplies expense.........................................................
5,500
Total selling expenses.......................................... $337,800
Administrative expenses
Salaries and wages expense4.......................................
60,000
Repairs and maintenance
expense …………………..............................................
32,100
5
Rent expense ..............................................................
6,400
Utilities expense6..........................................................
2,400
Total admin. expenses......................................... 100,90
0
Total operating expenses................................................................... 438,700
Loss from operations.......................................................................... 124,200
Other expenses and losses
Interest expense...................................................................... 9,000
Net loss7 $133,200
...........................................................................................................

1 4
($150,000 x 60%) ($150,000 x 40%)
2 5
($64,000 x 90%) ($64,000 x 10%)
3 6
($24,000 x 90%) ($24,000 x 10%)
7
No taxes are payable as the company is in a loss position. Taxes recoverable
(and/or a deferred tax debit) are assumed to be zero. These topics are addressed
further in Chapter 18 (Volume 2).

Solutions Manual C.87 Chapter 3

PROBLEM C.14 (CONTINUED)

b. (continued)
SLUM DOG FASHION CENTRE INC.
Statement of Retained Earnings (Deficit)
For the Year Ended November 30, 2023

Retained Earnings, December 1, 2022.................. $38,000

Less: Net loss........................................................ 133,200
Deficit, November 30, 2023................................... ($95,200)

Solutions Manual C.88 Chapter 3

PROBLEM C.14 (CONTINUED)

SLUM DOG FASHION CENTRE INC.
Statement of Financial Position
November 30, 2023
Assets
Current assets
Cash ................................................. $ 29,200
Accounts receivable............................ 82,000
Inventory............................................. 105,000
Supplies.............................................. 3,100
Total current assets................. 219,300
Property, plant, and equipment
Equipment........................................... $225,000
Accumulated depreciation— 126,00 $99,00
equipment................................ 0 0
Vehicles.............................................. 128,000
Accumulated depreciation — vehicles 59,00
69,000 0 158,000
Total assets.............................. $377,300

Liabilities and Shareholders’ Equity

Current liabilities
Current portion of notes payable............................................. $ 35,000
Accounts payable.................................................................... 78,500
Interest payable....................................................................... 9,000
Total current liabilities................................................... 122,500
Long-term liabilities
Notes payable, net of current portion...................................... 50,000
Total liabilities............................................................... 172,500
Shareholders’ equity
Common Shares.....................................................................
$300,000
Deficit (95,200) 204,800
Total liabilities and shareholders’ equity.................................. $377,300

LO 6 BT: AP Difficulty: M Time:50 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.89 Chapter 3

PROBLEM C.15
a.
TUDOR SERVICES LTD.
Work Sheet
For the Year Ended August 31, 2023
Adjusted Trial Statement of
Account Titles Trial Balance Adjustments Balance Income Statement Financial Position
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 35,420 35,420 35,420
Supplies 6,000 (2) 4,000 2,000 2,000
Equipment 140,000 140,000 140,000
Accumulated Depr.-
Equipment 42,000 (1) 14,000 56,000 56,000
Vehicles 110,000 110,000 110,000
Accumulated Depr.
Vehicles 48,125 (1) 13,750 61,875 61,875
Accounts Payable 7,950 7,950 7,950
Notes Payable 60,000 60,000 60,000
Common Shares 20,000 20,000 20,000
Retained Earnings 55,750 55,750 55,750
Dividends 36,000 36,000 36,000
Service Revenue 200,525 200,525 200,525
Supplies Expense 28,038 (2) 4,000 32,038 32,038
Insurance Expense 9,500 9,500 9,500
Interest Expense 3,392 (4) 275 3,667 3,667
Rent Expense 21,000 21,000 21,000

Solutions Manual C.90 Chapter 3

PROBLEM C.15 (CONTINUED)

a. (continued)

Statement of
Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Financial Position
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Salaries and Wages
Expense 45,000 (3) 2,550 47,550 47,550
Totals 434,350 434,350
Depreciation Expense (1) 27,750 27,750 27,750
Salaries and Wages
Payable (4(3) 2,550 2,550 2,550
Interest Payable (4) 275 275 275
Totals 34,575 34,575 464,925 464,925 141,505 200,525 323,420 264,400
Net Income 59,020 59,020
Totals 200,525 200,525 323,420 323,420

Solutions Manual C.91 Chapter 3

PROBLEM C.15 (CONTINUED)

a. (continued)

(1) Depreciation Expense........................... 27,750

Accumulated Depreciation
—Equipment.................................... 14,000
($140,000 ÷ 10 years)
Accumulated Depreciation
—Vehicles........................................ 13,750
($110,000 ÷ 8 years)
To record depreciation expense.
(2) Supplies Expense1................................ 4,000
Supplies........................................... 4,000
1
($6,000 − $2,000)
To record supplies used.

(3) Salaries and Wages Expense............... 2,550

Salaries and Wages Payable........... 2,550
To record accrued salaries.

(4) Interest Expense2.................................. 275

Interest Payable............................... 275
2
($60,000 × 5.5% × 1/12)
To accrue interest expense.

Solutions Manual C.92 Chapter 3

PROBLEM C.15 (CONTINUED)

b.
TUDOR SERVICES LTD.
Income Statement
For the Year Ended August 31, 2023

Revenues
Service revenue............................................. $200,525
Expenses
Depreciation expense.................................... $27,750
Salaries and wages expense......................... 47,550
Insurance expense......................................... 9,500
Interest expense............................................. 3,667
Rent expense................................................. 21,000
Supplies expense........................................... 32,038 141,505
Net income.......................................................... $59,020

TUDOR SERVICES LTD.

Statement of Retained Earnings
For the Year Ended August 31, 2023
Retained earnings, September 1, 2022.......... $ 55,750
Add: Net income............................................ 59,020
114,770
Less: Dividends.............................................. 36,000
Retained earnings, August 31, 2023.............. $78,770

Solutions Manual C.93 Chapter 3

PROBLEM C.15 (CONTINUED)

b. (continued)
TUDOR SERVICES LTD.
Statement of Financial Position
August 31, 2023

Assets
Current assets
Cash............................................................................ $ 35,420
Supplies...................................................................... 2,000
Total current assets................................................ 37,420

Property, plant, and equipment

Equipment...................................... $140,000
Less: Accumulated depreciation.... 56,000 $84,000
Vehicles......................................... 110,000
Less: Accumulated depreciation.... 61,875 48,125 132,125
Total assets............................................................... $169,545

Liabilities and Owner's Equity

Current liabilities
Accounts payable........................................................ $ 7,950
Salaries and wages payable....................................... 2,550
Interest payable........................................................... 275
Current portion of notes payable................................. 10,000
Total current liabilities............................................. 20,775
Long-term liabilities
Notes payable............................................................. 50,000
Total liabilities......................................................... 70,775
Shareholders’ equity
Common shares.............................................................
$20,000
Retained earnings..........................................................
78,770 98,770
Total liabilities and shareholders’ equity..................... $169,545

Solutions Manual C.94 Chapter 3

PROBLEM C.15 (CONTINUED)

Oct. 31 Service Revenue.................................. 200,525

Income Summary............................. 200,525
To close revenue account.

31 Income Summary.................................. 141,505

Depreciation expense...................... 27,750
Supplies expense............................. 32,038
Insurance expense........................... 9,500
Interest expense............................... 3,667
Rent expense................................... 21,000
Salaries and wages expense........... 47,550
To close expense accounts.

31 Income Summary ................................. 59,020

Retained Earnings ........................... 59,020
To close Income Summary.

31 Retained Earnings................................ 36,000

Dividends ........................................ 36,000
To close dividends.

Solutions Manual C.95 Chapter 3

PROBLEM C.15 (CONTINUED)

d. The major differences in the financial statements of a proprietorship

and a corporation have to do with the equity accounts. In the case
of corporations, there is a minimum of two shareholders’ equity
accounts for the statement of financial position: Common Shares
and Retained Earnings. In the case of a proprietorship the equity of
the business would be in a single account using the owner’s name
followed by the word Capital.
Another significant difference has to do with income taxes.
Proprietorships do not have income tax expense at the proprietor-
level. The income of the business is taxed in the hands of the
owner, the proprietor (on their personal income tax return).
Corporations distribute earnings to the shareholders in the form of
dividends, as a reduction of Retained Earnings. Owners of a
proprietorship reduce their investment in the business with
Drawings. The account name would be the name of the owner,
followed the word Drawings.
Instead of presenting a Statement of Retained Earnings, the
corresponding statement in a proprietorship would be titled
Statement of Owner’s Equity.

LO 3,4,5,6 BT: AP Difficulty: M Time:50 min. AACSB: None CPA: cpa-t001 CM: Reporting

Solutions Manual C.96 Chapter 3

LEGAL NOTICE

The data contained in these files are protected by copyright. This manual is
furnished under licence and may be used only in accordance with the terms of such
licence.

The material provided herein may not be downloaded, reproduced, stored in a

retrieval system, modified, made available on a network, used to create derivative
works, or transmitted in any form or by any means, electronic, mechanical,
photocopying, recording, scanning, or otherwise without the prior written permission
of John Wiley & Sons Canada, Ltd.

MMXXI xii F1

Solutions Manual C.97 Chapter 3

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