TUTORIAL 11: TRAVELLING THAI LTD.
The purpose of this case is to give you more practice dealing with transactions related to bonds payable.
Your job in this case is to do the following:
Record all opening balances, transactions, and ad
NOTES TO ASSIGNMENT SCHEDULE
Text: Financial Accounting: Tools for Business Decision-Making, 5th Canadian ed., 2012, Kimmel,
Weygandt, Kieso, Trenholm, Irvine. Throughout thi
Business 2257: Accounting and Business Analysis
This course presumes no prior knowledge of business administration. It is required by other faculties for some of
their programs and is the only university prerequisite for e
6) Specific identification, FIFO, and average?
FIFO: Cost of the oldest goods on hand is allocated to the cost of goods sold. This
means that the cost of the most recent purchases is assumed to remain in ending
9) Factors to consider when choosing a depreciation method? When revising a
Cost: purchase price plus all costs necessary to get asset ready for use
Useful life: period of time expected to be available, or number of units of
7. Basic ownership rights of common shareholders compared to preferred shareholders?
Preferred have priority over common for distribution of dividends, and distribution of
assets in the event of liquidation. Preferred do not have voting right.
12. Similarities and differences between bonds payable, instalment notes payable, and
13. La Mi believes that the issue price depends only on the amount of the principal
payment at the end of the term of a bond. Is she right? Wro
1. What are the reasons why corporations invest in debt and equity securities?
Non-strategic investment to generate investment income, or as a strategic investment to
influence or control the operations of another company in some way
ACCOUNTING FOR SALES DISCOUNTS
AND RETURNS & ALLOWANCES
Accounting for Sales Discounts
and Returns & Allowances
Accounting for discounts, returns and
allowances can be very complicated because the
entry required depends on your role in the
The Bank Reconciliation Process
Bank Reconciliation Topic Slides
Bank Reconciliation Objectives:
Verify that the company and bank records are
correct and in agreement.
Determine the proper cash bala
16) Explain possible causes for lack of agreement between cash balance per books and
balance per bank.
The two balances are seldom the same because many transactions are not recorded at
the same time on both records
Time Lags that prevent one of
6. Purpose of ADA? How can it sometimes have a debit balance?
Estimate those A/R which wont be received
Match expense with revenues for the same period
Can have a debit balance if write off more A/R (more bad debts expense) than was in
2) What is operating cycle? Why is operating cycle of merchandising company longer
than service company?
Operating cycle is the time it takes to go from cash to cash in producing revenue
In service company, company performs services for cash or
1) Why are adjusting entries needed? Include in your explanation a description of the
recognition criteria that relate to adjusting the accounts.
Adjusting entries make it possible to produce relevant financial information at the end of
Internal users of accounting plan, organize, and run companies. These include finance
directors, marketing managers, human resource personnel, production supervisors, and
External users of accounting are investors, lenders, and
2257 Feasibility Report
Feb. 12th, 2014
Section 005: Erica Furgiuele
Group Number 4
Word Count: 6481
Sam Calamai: 250684121
Jai Chaggar: 250679767
Hannah Chan Smyth: 250684002
Jennifer Kang: 250680618
TABLE OF CONTENTS
1. Executive Summary
a. Company Description
b. Missions, Goals and Objectives
a. External Analysis
b. Internal Analysis
TUTORIAL 10: FAIRMONT PROPERTIES LIMITED (B)
The purpose of this case is to give you more practice dealing with equity transactions. Your job in this case
is to do the following:
1. Record the necessary transactions, adjusting and clos
Description of Trading Investments
When a company has excess cash on hand, it may choose to
invest in a corporate/government bonds or
common/preferred stock to earn a higher rate of return
Listed as an asset on the statement
THE CUSTOMIZABLE CHOCOLATE BAR STORE
John Glynn 250561901 | Jason Grossman 250568238 | Katrina Lat 250587616
Amber Patrick 250561409 | Tyler Rochwerg 250569626
Kyah Schumacher 250572043 | Scott Walters 250569790
Word Count: 6,015
Prof. Vicki Sweeney
BUSINESS 2257 NUMBER
Business 2257 Number Rounding
Whenever possible, perform the entire
calculation in your calculator to avoid rounding
For example: When using average cost method
to calculate E/B in Inven
FORMS OF BUSINESS
Forms of Business Ownership
The chart below outlines the differences between sole
proprietorships/partnerships and corporations.
Forms of Business Ownership
Advantages and Disadvantages of
Typical Organization Structure of a
Stocks Topic Slides
How are Corporations Organized?
Have purchased ownership of a company in the
form of shares
Share in earned income (dividends)
Accounting For Manufacturing
There are three different inventory accounts to account
for when dealing with manufacturing activities. They are
Raw Materials, Work-in-Process (WIP) and Finished
& ACCOUNTS PAYABLE
Evaluating Cases When Given Cash
Receipts & Disbursements
1. Read the case.
2. Post opening balances to T-accountsuse last
years balance sheet.
3. Post cash disbursements to appropriate Taccounts.
COURSE CONTENT &
The prerequisite for Business 2257 is five
credits. If you have fewer than five credits, you
must apply for special permission. Please see
Carol Fuller, Room 2315, Somerville House. She
will assist you with your a
THE FEASIBILITY STUDY
The Feasibility Study is a group project that
provides you with the opportunity to research and
analyze the feasibility of launching a new
A feasible business idea meets the quantitative and