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87. 1 E 102. 2 M 117. 2 M 132. 3 M 147. 3 H
88. 1 M 103. 2 M 118. 2 M 133. 3 M 148. 3 E
89. 1 M 104. 2 E 119. 2 E 134. 3 M 149. 3 E
90. 1 M 105. 2 E 120. 2 M 135. 3 E 150. 3 E
Exercises
151. 1 M 155. 1,2 M 159. 2 E 163. 2 M 167. 3 M
152. 1 E 156. 1,2 M 160. 2 M 164. 2 E 168. 3 E
153. 1 E 157. 2 H 161. 2 E 165. 2 E
154. 1 E 158. 2 H 162. 2 H 166. 3 E
Matching
169. 1–3
Short-Answer Essay
170. 1,2 E 172. 3 E 174. 3 E
171. 2 M 173. 3 E

Note: E = Easy M = Medium H = Hard

A Further Look at Financial Statements 2 - 3

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE

Note: TF = True-False Ma = Matching
MC = Multiple Choice Ex = Exercise SAE = Short-Answer Essay
Item Type Item Type Item Type Item Type Item Type Item Type Item Type
Study Objective 1
1. TF 8. TF 15. TF 82. MC 89. MC 96. MC 153. Ex
2. TF 9. TF 76. MC 83. MC 90. MC 97. MC 154. Ex
3. TF 10. TF 77. MC 84. MC 91. MC 98. MC 155. Ex
4. TF 11. TF 78. MC 85. MC 92. MC 99. MC 156. Ex
5. TF 12. TF 79. MC 86. MC 93. MC 100. MC 169. Ma
6. TF 13. TF 80. MC 87. MC 94. MC 151. Ex 170. SAE
7. TF 14. TF 81. MC 88. MC 95. MC 152. Ex
Study Objective 2
16. TF 26. TF 36. TF 107. MC 117. MC 127. MC 162. Ex
17. TF 27. TF 37. TF 108. MC 118. MC 128. MC 163. Ex
18. TF 28. TF 38. TF 109. MC 119. MC 129. MC 164. Ex
19. TF 29. TF 39. TF 110. MC 120. MC 155. Ex 165. Ex
20. TF 30. TF 101. MC 111. MC 121. MC 156. Ex 169. Ma
21. TF 31. TF 102. MC 112. MC 122. MC 157. Ex 170. SAE
22. TF 32. TF 103. MC 113. MC 123. MC 158. Ex 171. SAE
23. TF 34. TF 104. MC 114. MC 124. MC 159. Ex
24. TF 34. TF 105. MC 115. MC 125. MC 160. Ex
25. TF 35. TF 106. MC 116. MC 126. MC 161. Ex
Study Objective 3
40. TF 51. TF 62. TF 73. TF 138. MC 149. MC
41. TF 52. TF 63. TF 74. TF 139. MC 150. MC
42. TF 53. TF 64. TF 75. TF 140. MC 166. Ex
43. TF 54. TF 65. TF 130. MC 141. MC 167. Ex
44. TF 55. TF 66. TF 131. MC 142. MC 168. Ex
45. TF 56. TF 67. TF 132. MC 143. MC 169. Ma
46. TF 57. TF 68. TF 133. MC 144. MC 172. SAE
47. TF 58. TF 69. TF 134. MC 145. MC 173. SAE
48. TF 59. TF 70. TF 135. MC 146. MC 174. SAE
49. TF 60. TF 71. TF 136. MC 147. MC
50. TF 61. TF 72. TF 137. MC 148. MC

2 - 4 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

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CHAPTER STUDY OBJECTIVES

1. Identify the sections of a classified statement of financial position. In a classified
statement of financial position, assets are classified as current or non-current assets. In the
non-current asset category, they are further classified as investments; property, plant and
equipment; intangible assets and goodwill; or other assets. Liabilities are classified as either
current or non-current. There is also a shareholders’ equity section, which shows share
capital and retained earnings, among other equity items if any exist.

2. Identify and calculate ratios for analyzing a company’s liquidity, solvency, and
profitability. Liquidity ratios, such as working capital and the current ratio, measure a
company’s short-term ability to pay its maturing obligations and meet unexpected needs for
cash. Solvency ratios, such as debt to total assets, measure a company’s ability to survive
over a long period by having enough assets to settle its liabilities as they fall due.
Profitability ratios, such as earnings per share and the price-earnings ratio, measure a
company’s operating success for a specific period of time.

3. Describe the framework for the preparation and presentation of financial statements.
The key components of the conceptual framework are (1) the objective of financial
reporting; (2) qualitative characteristics of useful financial information, which include
fundamental and enhancing characteristics and the cost constraint; (3) the going concern
assumption underlying the accounting process; (4) elements of the financial statements;
and (5) measurement of the elements of financial statements.

A Further Look at Financial Statements 2 - 5

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TRUE-FALSE STATEMENTS

1. Cash and office supplies are both classified as current assets.

2. Inventories and prepaid expenses are classified as long-term investments.

3. Long-term investments appear in the property, plant, and equipment section of the statement
of financial position.

4. Special rights and privileges that provide a future economic benefit to the company are
classified as intangible assets.

5. A liability is normally classified as a current liability if it is to be paid within the coming year.

6. Shareholders’ equity is divided into at least two parts: share capital and retained earnings.

7. All long-lived assets including land have estimated useful lives over which they are expected
to generate revenue.

8. All long-lived assets are depreciated over their estimated useful lives.

9. Mortgages and pension liabilities are examples of non-current liabilities.

10. The investment classification on the statement of financial position normally includes
investments that are intended to be held for a short period of time (less than one year).

11. Shareholders' equity consists of two parts: common and preferred shares.

12. The main difference between intangible assets and property, plant, and equipment is the
length of the asset’s life.

13. Listing assets and liabilities in reverse order of liquidity is not permitted in Canada.

14. The statement of financial position is normally presented as follows, when ordered in order of
liquidity: Current assets, current liabilities, non-current assets, non-current liabilities, and
shareholders’ equity.

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15. The statement of financial position is normally presented as follows, when ordered in order of
reverse liquidity: Non-current assets, current assets, shareholders’ equity, non-current liabilities,
and current liabilities.

16. Intracompany comparisons are based on comparisons with competitors in the same industry.

17. Calculating financial ratios can give clues to underlying conditions that may not be noticed by
examining each financial statement item separately.

18. Liquidity ratios are concerned with the frequency and amounts of dividend payments.

19. Analysis of financial statements is enhanced with the use of comparative data.

20. Solvency ratios measure the entity’s ability to survive over a long period.

21. A single ratio by itself is not very meaningful.

22. Profitability means having enough funds on hand to pay debts when they fall due.

23. Working capital is the difference between total assets and current liabilities.

24. The excess of current assets over current liabilities is called working capital.

25. The current ratio is calculated by dividing total assets by total liabilities.

26. The current ratio takes into account the composition of current assets.

27. A current ratio of 1.2 to 1 indicates that a company's current assets exceed its current
liabilities.

28. All companies, regardless of size, should have a current ratio of at least 2:1.

29. The most liquid resource is inventory.

A Further Look at Financial Statements 2 - 7

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30. Solvency ratios measure the short-term ability of the company to pay its maturing obligations.

31. The debt to total assets ratio measures the percentage of assets financed by creditors rather
than shareholders.

32. From a creditor's point of view, the higher the total debt to total assets ratio, the lower the risk
that the company may be unable to pay its obligations.

33. Earnings per share is calculated by dividing profit for the period by the dollar value in the
common shares account.

34. The price-earnings ratio is calculated by dividing the market price per share by the earnings
per share.

35. The price-earnings ratio is a measure of liquidity.

36. Earnings per share is the only ratio that must be presented in the financial statements for
publicly traded companies.

37. Earnings per share is frequently compared across companies in the same industry.

38. The higher the price-earnings ratio, the higher are investors’ expectations of the company’s
future profitability.

39. Companies using Accounting Standards for Private Enterprises (ASPE) are not required to
present earnings per share information in their financial statements.

40. Having a conceptual framework of accounting ensures that standards and practices are
clear and consistent.

41. Canada has adopted International Financial Reporting Standards for publicly traded
companies.

42. The conceptual framework is fundamentally similar for both Canadian publicly traded
companies and Canadian private companies.

43. The objective of financial reporting is to provide financial information about a company that
is useful to existing and potential investors, lenders, and other creditors in making decisions

2 - 8 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

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about providing resources to the company.

44. The objective of financial reporting is to provide financial information that is useful to all types
of internal and external users in making decisions.

45. The two fundamental qualitative characteristics are relevance and timeliness.

46. The two fundamental qualitative characteristics are faithful representation and relevance.

47. Information is relevant if it will make a difference in a user’s decision(s).

48. Faithful representation means that accounting information must be complete, neutral, and free
from material error.

49. Financial reporting does not have to present the economic substance of a transaction in order
to provide a faithful representation of what really happened.

50. Information has predictive value if it helps users confirm or correct their previous predictions.

51. Materiality and relevance are both defined in terms of what influences or makes a difference
to a decision maker.

52. Enhancing qualitative characteristics include timeliness and comparability.

53. Accounting information does not have to be understood by the average user with a general
business background in order to be useful.

54. Under the going concern assumption, reporting assets, such as land, at their cost may be
more appropriate than reporting land at its fair value.

55. In order for information to be relevant, it must be reported on a timely basis.

56. Consistency aids comparability when a company uses the same accounting principles and
methods from year to year or when companies with similar circumstances use the same
accounting principles.

57. Comparability in accounting means that a company uses the same generally accepted

A Further Look at Financial Statements 2 - 9

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accounting principles from one accounting period to the next.

58. In order to compare the financial statements of different companies, it would be desirable to
have each company develop its own set of accounting rules and practices.

59. Comparability and understandability are examples of enhancing qualitative characteristics.

60. Information has verifiability if the information is comparable.

61. The cost constraint ensures that the value of information provided is greater than the cost of
providing it.

62. The cost constraint ensures that information costs less than budget.

63. The going concern assumption states that the business will continue in operation for the
foreseeable future.

64. If a company is not a going concern, the classification of its assets and liabilities does not
matter.

65. Using a simplified version of Canadian GAAP for small companies in order to reduce the cost
of providing financial information is an example of the application of materiality.

66. Elements of financial statements include assets, equity, and expenses, but not liabilities.

67. Two measurement principles are historical cost and fair value.

68. Two recognition principles are the fair value basis of accounting and the going concern
assumption.

69. In general, standard setters require that most assets be recorded using historical cost
because cost is representationally faithful.

70. The fair value basis of accounting states that all assets and liabilities can be reported at fair
value.

71. Fair values may not always be representationally faithful.

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72. The cost basis of accounting states that assets and liabilities should be recorded at their
cost not only when originally acquired, but also during the time the entity holds them.

73. Qualitative characteristics help ensure that the information provided in financial statements
is useful.

74. The going concern assumption underlies the preparation of financial statements.

75. A conceptual framework is still under development for companies using International
Financial Reporting Standards (IFRS).

A Further Look at Financial Statements 2 - 11

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
ANSWERS TO TRUE -FALSE STATEMENTS

Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans.
1. T 14. F 27. T 40. T 53. F 66. F
2. F 15. T 28. F 41. T 54. T 67. T
3. F 16. F 29. F 42. T 55. T 68. F
4. T 17. T 30. F 43. T 56. T 69. T
5. T 18. F 31. T 44. F 57. F 70. F
6. T 19. T 32. F 45. F 58. F 71. T
7. F 20. T 33. F 46. T 59. T 72. T
8. F 21. T 34. T 47. T 60. F 73. T
9. T 22. F 35. F 48. T 61. T 74. T
10. F 23. F 36. T 49. F 62. F 75. T
11. F 24. T 37. F 50. F 63. T
12. F 25. F 38. T 51. T 64. T
13. F 26. F 39. T 52. T 65. F

2 - 12 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

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MULTIPLE CHOICE QUESTIONS

76. On a classified statement of financial position, prepaid expenses are classified as
(a) a current liability.
(b) property, plant, and equipment.
(c) a current asset.
(d) a long-term investment.

77. A current asset is
(a) the last asset purchased by a business.
(b) an asset which is not currently being used to produce a product or service.
(c) usually found as a separate classification in the income statement.
(d) expected to be converted to cash or used in the business within a relatively short period of
time.

78. Which of the following is not classified as a current asset?
(a) supplies
(b) short-term (trading) investments
(c) a fund to be used to purchase a building within the next year
(d) equipment with an estimated useful life of five years

79. An intangible asset
(a) derives its value from the rights and privileges it provides the company.
(b) is worthless because it has no physical substance.
(c) is converted into a tangible asset during the year.
(d) cannot be classified on the statement of financial position because it lacks physical
substance.

80. Which of the following is not considered to be an asset?
(a) equipment
(b) dividends
(c) accounts receivable
(d) inventory

81. The difference between cost and accumulated depreciation is referred to as
(a) net depreciation.
(b) carrying amount.
(c) fair value.
(d) cost value.

82. Trademarks would appear in which section of the statement of financial position?
(a) Shareholders’ equity
(b) Investments

A Further Look at Financial Statements 2 - 13

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(c) Intangible assets
(d) Current assets

83. Liabilities are generally classified on a statement of financial position as
(a) small liabilities and large liabilities.
(b) present liabilities and future liabilities.
(c) tangible liabilities and intangible liabilities.
(d) current liabilities and non-current liabilities.

84. Which of the following would not normally be classified as a non-current liability?
(a) current maturities of non-current debt
(b) bonds payable
(c) mortgage payable
(d) lease liabilities

85. Which of the following is not normally a current liability?
(a) salaries payable
(b) accounts payable
(c) income tax payable
(d) bonds payable

86. Office equipment is classified on the statement of financial position as
(a) a current asset.
(b) property, plant, and equipment.
(c) shareholders’ equity.
(d) a long-term investment.

87. Current liabilities are expected to be
(a) converted to cash within one year.
(b) paid within one year.
(c) used in the business within one year.
(d) acquired within one year.

88. On a classified statement of financial position, current assets are often listed
(a) in alphabetical order.
(b) with the largest dollar amounts first.
(c) in the order in which they are expected to be converted into cash.
(d) in the order of acquisition.

89. Long-lived assets without physical substance are
(a) listed directly under current assets on the statement of financial position.
(b) not listed on the statement of financial position because they do not have physical
substance.
(c) intangible assets.

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(d) listed as a long-term investment on the statement of financial position.

Use the following information to answer questions 90–94.

HONEST RON'S FURNITURE OUTLET LTD.
Statement of Financial Position
December 31, 2015
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Cash $ 5,000 Accounts payable $ 30,000
Accounts receivable 20,000 Salaries payable 10,000
Supplies 1,000 Mortgage payable 130,000
Inventory 170,000 Total liabilities $170,000
Land 100,000 Shareholders’ equity
Building $100,000 Common shares $140,000
Less: Accum. depreciation 20,000 80,000 Retained earnings 96,000
Trademark $ 40,000 Total shareholders' equity 236,000
Less:Accum. amortization 10,000 30,000
Total assets $406,000
Total liabilities and
shareholders' equity $406,000

90. The dollar amount of current liabilities is
(a) $196,000.
(b) $170,000.
(c) $ 40,000.
(d) $ 30,000.

91. The dollar amount of net property, plant and equipment is
(a) $ 80,000.
(b) $180,000.
(c) $210,000.
(d) $350,000.

92. The dollar amount of current assets is
(a) $ 26,000.
(b) $ 40,000.
(c) $ 25,000.
(d) $196,000.

93. The dollar amount of share capital is
(a) $406,000.
(b) $236,000.
(c) $140,000.
(d) $ 96,000.

A Further Look at Financial Statements 2 - 15

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94. The total obligations that have resulted from past transactions are
(a) $ 20,000.
(b) $ 40,000.
(c) $ 96,000.
(d) $170,000.

Use the following information to answer questions 95–100.

MARCOTTE MASONARY LTD.
Statement of Financial Position
December 31, 2015
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Cash $ 50,000 Accounts payable $ 40,000
Prepaid insurance 5,000 Salaries payable 5,000
Accounts receivable 75,000 Bonds payable 190,000
Inventory 110,000 Total liabilities 235,000
Land 90,000
Building $220,000 Common shares 200,000
Less: Accumulated Retained earnings 105,000
depreciation 60,000 160,000 Total shareholders’ equity 305,000
Trademark $ 75,000
Less: Accum. amort. 25,000 50,000 Total liabilities and
Total assets $540,000 shareholders’ equity $540,000

95. The total dollar amount of assets to be classified as current assets is
(a) $240,000.
(b) $220,000.
(c) $170,000.
(d) $130,000.

96. The total dollar amount of assets to be classified as net property, plant, and equipment is
(a) $300,000.
(b) $250,000.
(c) $240,000.
(d) $160,000.

97. The total dollar amount of assets to be classified as investments is
(a) $ 0.
(b) $ 50,000.
(c) $ 90,000.
(d) $190,000.

98. The total amount in the contra asset accounts is
(a) $ 60,000.

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(b) $ 85,000.
(c) $210,000.
(d) $235,000.

99. Non-current liabilities total
(a) $540,000.
(b) $235,000.
(c) $190,000.
(d) $ 45,000.

100. Profit retained for use in the business is
(a) $540,000.
(b) $305,000.
(c) $200,000.
(d) $105,000.

101. A measure of profitability is the
(a) current ratio.
(b) debt to total assets ratio.
(c) earnings per share.
(d) working capital.

102. Earnings per share is calculated by dividing
(a) revenue by weighted average shareholders’ equity.
(b) revenue by the weighted average number of common shares.
(c) profit by weighted average shareholders’ equity.
(d) profit by the weighted average number of common shares.

103. The price-earnings ratio is calculated by dividing
(a) the market price per share by earnings per share.
(b) earnings per share by the average number of shares.
(c) profit by the market price per share.
(d) earnings per share by the market price per share.

104. The relationship between current assets and current liabilities is important in evaluating a
company's
(a) profitability.
(b) liquidity.
(c) fair value.
(d) solvency.

105. The most important information needed to determine if companies can pay their current
obligations is the
(a) profit for this year.

A Further Look at Financial Statements 2 - 17

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(b) projected profit for next year.
(c) relationship between current assets and current liabilities.
(d) relationship between current and non-current liabilities.

106. A short-term creditor is primarily interested in the ___ of the borrower.
(a) liquidity
(b) profitability
(c) comparability
(d) solvency

107. The current ratio is calculated as
(a) current assets plus current liabilities.
(b) current assets minus current liabilities.
(c) current assets divided by current liabilities.
(d) current assets times current liabilities.

108. Working capital is calculated as
(a) current assets plus current liabilities.
(b) current assets minus current liabilities.
(c) current assets divided by current liabilities.
(d) current assets times current liabilities.

109. Working capital is a measure of
(a) comparability.
(b) liquidity.
(c) profitability.
(d) solvency.

110. Long-term creditors are usually most interested in evaluating
(a) liquidity and profitability.
(b) comparability and profitability.
(c) profitability and solvency.
(d) consistency and solvency.

111. A liquidity ratio measures the
(a) profit or operating success of a company over a period of time.
(b) ability of a company to survive over a long period of time.
(c) short-term ability of a company to pay its maturing obligations and to meet unexpected
needs for cash.
(d) percentage of total financing provided by creditors.

112. Working capital is
(a) calculated by dividing current assets by current liabilities.
(b) used to evaluate a company’s liquidity and short-term debt paying ability.

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(c) used to evaluate a company’s solvency and long-term debt paying ability.
(d) calculated by subtracting current liabilities from total assets.

113. The ability of a business to pay obligations that are expected to become due within the
next year is called
(a) leverage.
(b) liquidity.
(c) profitability.
(d) solvency.

Use the following information to answer questions 114–118.

Current assets.................... $18,000 Net sales ..................................... $40,000
Current liabilities ................ 8,000 Total liabilities ............................. 10,000
Average assets .................. 80,000 Shareholders’ equity ................... 50,000
Total assets ....................... 60,000 Market price of shares ................. $4
Profit .................................. 18,000 Weighted average number
of common shares ...................... 26,000

114. What is the total amount of working capital?
(a) $4,000
(b) $8,000
(c) $10,000
(d) $14,000

115. What is the current ratio?
(a) 2.3:1
(b) 2.0:1
(c) 0.6:1
(d) 0.4:1

116. What is the earnings per share?
(a) $0.44
(b) $0.70
(c) $1.92
(d) $1.54

117. What is the price-earnings ratio?
(a) 9.1 times
(b) 5.7 times
(c) 2.1 times
(d) 1.7 times

118. What is the debt to total assets?

A Further Look at Financial Statements 2 - 19

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(a) 12.5%
(b) 20.0%
(c) 75.0%
(d) 16.7%

119. The debt to total assets ratio is calculated by dividing
(a) non-current liabilities by total assets.
(b) non-current liabilities by average assets.
(c) total liabilities by total assets.
(d) total liabilities by average assets.

120. A useful measure of solvency is the
(a) current ratio.
(b) price-earnings ratio.
(c) earnings per share.
(d) debt to total assets.

121. Which of the following is not considered a measure of liquidity?
(a) current ratio
(b) working capital
(c) both current ratio and working capital
(d) debt to total assets

122. Investors are usually most interested in evaluating
(a) liquidity and solvency.
(b) solvency and marketability.
(c) liquidity and profitability.
(d) profitability and solvency.

123. Shareholders are most interested in evaluating
(a) liquidity and solvency.
(b) profitability and solvency.
(c) liquidity and profitability.
(d) marketability and solvency.

124. The current assets of Mario Corporation are $420,000. The current liabilities are $300,000.
The current ratio expressed as a ratio is
(a) 140%
(b) 1.4:1
(c) 0.7:1
(d) $420,000 ÷ $300,000

125. A weakness of the current ratio is
(a) the difficulty of the calculation.

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(b) that it doesn't take into account the composition of the current assets.
(c) that it is rarely used by sophisticated analysts.
(d) that it can be expressed as a percentage, as a rate, or as a proportion.

126. A supplier to a company would probably be most interested in the
(a) debt to total assets.
(b) price-earnings ratio.
(c) current ratio.
(d) earnings per share.

Use the following information for questions 127–128.

Cooney Corporation had $275,000 in current assets and $105,000 in current liabilities before
borrowing $75,000 from the bank for a 6-month period.

127. What effect did the borrowing transaction have on the amount of Cooney's working capital?
(a) No effect
(b) $75,000 increase
(c) $105,000 increase
(d) $75,000 decrease

128. What effect did the borrowing transaction have on Cooney's current ratio?
(a) The ratio remained unchanged.
(b) The change in the current ratio cannot be determined.
(c) The ratio decreased.
(d) The ratio increased.

129. City Recycling Inc. has $120,000 in current assets and $100,000 in current liabilities. When
the company pays $20,000 owed to employees (salaries payable), what effect does this have on
their current ratio?
(a) The ratio increases.
(b) The ratio decreases.
(c) The ratio stays the same.
(d) Cannot be determined.

130. The conceptual framework of accounting helps to ensure that
(a) users with no accounting or business knowledge will understand financial statements.
(b) a rule will be in place for every possible situation.
(c) there are consistent standards prescribing the nature, functions and limits of financial
statements.
(d) all countries have their own unique accounting standards.

131. The objective of financial reporting is to
(a) provide information to the Canada Revenue Agency.

A Further Look at Financial Statements 2 - 21

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(b) provide financial information that is useful to existing and potential investors, lenders and
other creditors.
(c) comply with Accounting Standards for Private Enterprises.
(d) comply with International Financial Reporting Standards.

132. The conceptual framework of accounting begins with
(a) qualitative characteristics.
(b) the going concern assumption.
(c) the objective of financing reporting.
(d) elements of financial statements.

133. Which one of the following is not a qualitative characteristic of useful accounting
information?
(a) relevance
(b) verifiability
(c) going concern
(d) comparability

134. Which one of the following is a fundamental qualitative characteristic?
(a) relevance
(b) timeliness
(c) understandability
(d) comparability

135. In order for accounting information to be relevant, it must
(a) have very little cost.
(b) help predict future events or confirm prior expectations.
(c) be verifiable.
(d) be used by a lot of different organizations.

136. If accounting information has relevance, it
(a) is not required to be complete.
(b) will not have predictive value.
(c) will only make a difference for internal stakeholders.
(d) will make a difference in users’ decisions.

137. The two qualitative characteristics that are defined in terms of what influences or makes a
difference to a decision maker are
(a) faithful representation and materiality.
(b) comparability and timeliness
(c) materiality and relevance.
(d) relevance and understandability

138. Which of the following is not an enhancing qualitative characteristic?

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(a) verifiability
(b) faithful representation
(c) comparability
(d) timeliness

139. Accounting information should be neutral in order to enhance
(a) faithful representation.
(b) materiality.
(c) comparability.
(d) understandability.

140. Which of the following is not a main section of the conceptual framework of accounting?
(a) the objective of financial reporting
(b) the going concern assumption
(c) financial analysis
(d) the elements of financial statements

141. Which of the following statements is not true?
(a) Comparability means using different accounting principles from year to year within a
company.
(b) Faithful representation means information must be neutral, complete, and free from material
error.
(c) Relevant accounting information must be capable of making a difference in a user’s decision.
(d) For accounting information to be relevant, it must have timeliness.

142. A company can change to a new accounting principle if management can justify that the
change will result in
(a) less likelihood of clerical errors.
(b) higher profit.
(c) lower profit for tax purposes.
(d) more relevant information for decision-making.

143. If accounting information has predictive value, it will help users
(a) prepare for future Canada Revenue Agency audits.
(b) make predictions about future events.
(c) make predictions about foreign currency exchange rates.
(d) confirm or correct previous predictions or expectations.

144. The going concern assumption assumes that the business
(a) will be liquidated in the near future.
(b) will be purchased by another business.
(c) is in a growth industry.
(d) will remain in operation for the foreseeable future.

A Further Look at Financial Statements 2 - 23

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145. The going concern assumption is inappropriate when
(a) the business is just starting up.
(b) liquidation appears likely.
(c) fair values are higher than costs.
(d) the business is organized as a proprietorship.

146. Which of the following is a constraint in accounting?
(a) comparability
(b) cost
(c) faithful representation
(d) timeliness

147. In general, standard setters require that most assets be recorded using historical cost
because
(a) fair values may overstate assets and equity.
(b) fair values may not always be representationally faithful.
(c) cost often cannot be verified.
(d) cost values may or may not be relevant.

148. Which of the following is not a financial statement element?
(a) Liabilities
(b) Equity
(c) Expenses
(d) Fair value

149. The qualitative characteristic that says the value of information should exceed the cost of
preparing it is called
(a) relevance.
(b) understandability.
(c) cost constraint.
(d) verifiability.

150. The measurement principle that says assets are reported at the price that would be
received if the item were sold is called
(a) fair value.
(b) historical cost.
(c) materiality.
(d) going concern.

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ANSWERS TO MULTIPLE CHOICE QUESTIONS

Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans.
76. c 89. c 102. d 115. a 128. c 141. a
77. d 90. c 103. a 116. b 129. a 142. d
78. d 91. b 104. b 117. b 130. c 143. b
79. a 92. d 105. c 118. d 131. b 144. d
80. b 93. c 106. a 119. c 132. c 145. b
81. b 94. d 107. c 120. d 133. c 146. b
82. c 95. a 108. b 121. d 134. a 147. b
83. d 96. b 109. b 122. d 135. b 148. d
84. a 97. a 110. c 123. b 136. d 149. c
85. d 98. b 111. c 124. b 137. c 150. a
86. b 99. c 112. b 125. b 138. b
87. b 100. d 113. b 126. c 139. a
88. c 101. c 114. c 127. d 140. c

A Further Look at Financial Statements 2 - 25

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EXERCISES

Ex. 151
Identify the errors, corrections required, and corrected subtotals required in the following classified
statement of financial position. Then prepare a corrected statement of financial position.

RUMPBELL INC.
Statement of Financial Position
Year Ended December 31, 2015
——————————————————————————————————— –––––––——
Assets
Current assets
Accounts receivable (net of accounts payable of $2,000) ..................... $12,000
Prepaid expenses ................................................................................ 1,500
Goodwill ............................................................................................... 1,200
............................................................................................................ 14,700
Property, plant and equipment ............................................................. $4,300
Less: Accounted depreciation .............................................................. 1,100
Other assets (non-current) ................................................................... 1,720 4,920
Total assets ......................................................................................... $19,620

Liabilities
Bank loan payable (due in 6 months) ................................................... $9,500
Long term debt ..................................................................................... 6,700
Total liabilities ...................................................................................... 16,200

Shareholders' equity
Retained earnings ................................................................................ $2,460
Less: Dividends .................................................................................... 150
Common shares ................................................................................... 1,110 3,420
Total ..................................................................................................... $19,620

Solution 151 (15 min.)
1. The date is not properly identified in the heading—it should be December 31, 2015, not year
ended.
2. The accounts payable should not be netted against the receivables—accounts receivable
should be $14,000 and accounts payable shown as a current liability of $2,000.
3. Goodwill should not be a current asset. Goodwill is a type of intangible asset, shown
separately. Current assets should be $15,500.
4. Other (non-current) assets should not be included with property, plant and equipment
subtotal. The subtotal should be $3,200.
5. Accounted depreciation should be accumulated depreciation.
6. A heading “Liabilities and Shareholders' Equity” should replace the “Liabilities” heading.
7. Liabilities should be classified as current and non-current.
8. Current liabilities should include accounts payable of $2,000 and note payable (due in 6
months) of $9,500—for total current liabilities of $11,500.
9. Common shares should be listed first under the shareholders' equity heading.
10. Dividends should not be shown on the statement of financial position—only the ending
amount of retained earnings of $2,310 ($2,460 – $150) should be shown.

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Corrected statement of financial position:

RUMPBELL INC.
Statement of Financial Position
December 31, 2015
——————————————————————————————————— –––––––——
Assets
Current assets
Accounts receivable ...................................................................... $14,000
Prepaid expenses ......................................................................... 1,500
Total current assets ............................................................................. 15,500
Property, plant and equipment ............................................................. $4,300
Less: Accumulated depreciation .......................................................... 1,100 3,200
Goodwill ............................................................................................... 1,200
Other assets (non-current) ................................................................... 1,720
Total assets ......................................................................................... $21,620

Liabilities and Shareholders’ Equity
Liabilities
Current liabilities
Accounts payable .......................................................................... $2,000
Bank loan payable (due in 6 months) ............................................ 9,500
Total current liabilities .......................................................................... $11,500
Non-current liabilities
Long term debt .............................................................................. 6,700
Total liabilities ...................................................................................... 18,200

Shareholders' equity
Common shares ............................................................................ $1,110
Retained earnings ......................................................................... 2,310
Total shareholders’ equity .................................................................... 3,420
Total liabilities and shareholders’ equity ............................................... $21,620

Ex. 152
The following information is available for Jordi Ltd. at December 31, 2015:

Accounts payable ....................................................... $14,500
Accounts receivable ................................................... 2,500
Accumulated amortization, patents ............................ 3,500
Accumulated depreciation, equipment ........................ 3,000
Retained earnings ...................................................... 6,400
Cash .......................................................................... 41,900
Common shares ......................................................... 40,000
Equipment .................................................................. 3,500
Land ........................................................................... 15,000
Long-term investments ............................................... 500
Bank loan payable (due in 5 years) ............................ 4,200
Patents ....................................................................... 5,500
Short-term (trading) investments ................................ 2,700

A Further Look at Financial Statements 2 - 27

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Instructions
Use the above information to prepare a classified statement of financial position at December
31, 2015.

Solution 152 (20 min.)
JORDI LTD.
Statement of Financial Position
December 31, 2015
——————————————————————————————————— –––––––——
Assets
Current assets
Cash ............................................................................................. $41,900
Short-term (trading) investments ................................................... 2,700
Accounts receivable ...................................................................... 2,500
Total current assets ............................................................................. $47,100
Long-term Investments ........................................................................ 500
Property, plant, and equipment
Land .............................................................................................. 15,000
Equipment ..................................................................................... $3,500
Less Accumulated depreciation, equipment .................................. 3,000 500
Intangible assets
Patents .......................................................................................... $5,500
Less: Accumulated amortization, patents ...................................... 3,500 2,000
Total assets ......................................................................................... $65,100

Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable ......................................................................... $14,500
Total current liabilities .......................................................................... 14,500
Non-current liabilities
Bank loan payable ......................................................................... 4,200
Total liabilities ..................................................................................... 18,700
Shareholders’ equity
Common shares ............................................................................ $40,000
Retained earnings ......................................................................... 6,400
Total shareholders’ equity .................................................................... 46,400
Total liabilities and shareholders’ equity ............................................... $65,100

Ex. 153
The following accounts were taken from a company’s statement of financial position:
Account Classification
Cash
Inventory
Trading Investments
Building
Accounts payable
Trademarks
Equipment

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Prepaid Insurance
Long term debt
Unearned Revenue
Mortgage Payable
Accounts Receivable
Accumulated Depreciation- Building
Land
Notes Receivable (due in 24 months)

Instructions
Classify each of the above accounts as current assets (CA), non-current assets (NCA), current
liabilities (CL), non- current liabilities (NCL), or shareholders’ equity (SE).

Solution 153
Account Classification
Cash CA
Inventory CA
Trading Investments CA
Building NCA
Accounts payable CL
Trademarks NCA
Equipment NCA
Prepaid Insurance CA
Long term debt NCL
Unearned Revenue CL
Mortgage Payable NCL
Accounts Receivable CA
Accumulated Depreciation- Building NCA
Land NCA
Notes Receivable (due in 24 months) NCA

Ex. 154
Accounting standards do not prescribe the order in which items are presented in the statement
of financial position. Below are various categories to the statement of financial position:
Non-current assets
Shareholders’ equity
Current liabilities
Current assets
Non-current liabilities

Instructions
(a) Present each category in “Order of Liquidity”.
(b) Present each category in “Order of Reverse Liquidity”.

Solution 154
(a) Order of Liquidity
Current assets
Non-current assets

A Further Look at Financial Statements 2 - 29

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Current liabilities
Non-current liabilities
Shareholders’ equity

(b) Order of Reverse Liquidity
Non-current assets
Current assets
Shareholders’ equity
Non-current liabilities
Current liabilities

Ex. 155
The following items are taken from the financial statements of La Brea Ltd. for the fiscal year
ended December 31, 2015. Note they are in alphabetical order.

Accounts payable ....................................................... $ 15,500
Accounts receivable ................................................... 18,000
Accumulated depreciation—video equipment ............. 30,500
Advertising expense ................................................... 21,000
Cash .......................................................................... 15,000
Common shares (10,000 shares) ............................... 90,000
Depreciation expense ................................................ 12,000
Dividends ................................................................... 5,000
Income tax expense ................................................... 10,000
Insurance expense ..................................................... 3,000
Bank loan payable ...................................................... 70,000
Prepaid insurance ...................................................... 6,000
Rent expense ............................................................. 22,000
Retained earnings, January 1, 2015 .......................... 12,000
Salaries expense ........................................................ 32,000
Salaries payable......................................................... 3,000
Service revenue ......................................................... 143,000
Supplies ..................................................................... 4,000
Supplies expense ....................................................... 6,000
Video equipment ........................................................ 210,000

Instructions
(a) Calculate the profit for the year.
(b) Calculate the balance of Retained Earnings that would appear on the statement of financial
position at December 31, 2015.
(c) Prepare a classified statement of financial position for La Brea Ltd. at December 31, 2015,
assuming the bank loan payable is a non-current liability.
(d) Calculate the current ratio, debt to total assets, and earnings per share. Assets at the
beginning of 2015 totalled $183,000. No additional shares were issued or redeemed during
the year.

Solution 155 (20 min.)
(a) Profit is $143,000 – $21,000 – $12,000 – $3,000 – $22,000 – 32,000 – $6,000 – $10,000 =
$37,000

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(b) Retained earnings, January 1 ................................... $12,000
Add: Profit ................................................................ 37,000
49,000
Less: Dividends ........................................................ 5,000
Retained earnings, December 31 ............................. $44,000

(c)
LA BREA LTD.
Statement of Financial Position
December 31, 2015
——————————————————————————————————— –––––––——
Assets
Current assets
Cash ............................................................................................. $ 15,000
Accounts receivable ...................................................................... 18,000
Supplies ........................................................................................ 4,000
Prepaid insurance ......................................................................... 6,000
Total current assets ................................................................ 43,000
Property, plant and equipment
Video equipment ........................................................................... $210,000
Less: Accumulated depreciation—video equipment ...................... 30,500 179,500
Total assets ............................................................................ $222,500

Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable .......................................................................... $ 15,500
Salaries payable............................................................................ 3,000
Total current liabilities ............................................................. 18,500
Non-current liabilities
Bank loan payable ......................................................................... 70,000
Total liabilities ......................................................................... 88,500
Shareholders’ equity
Common shares ............................................................................ $90,000
Retained earnings ......................................................................... 44,000 134,000
Total liabilities and shareholders’ equity ................................. $222,500

(d) Current ratio: $43,000 ÷ $18,500 = 2.3:1
Debt to total assets: $88,500 ÷ $222,500 = 39.8%
Earnings per share: $37,000 ÷ 10,000 = $3.70

Ex. 156
The following items are taken from the financial statements of Columbia Ltd. for the year ended
December 31, 2015:

Accounts payable ....................................................... $19,500
Accounts receivable ................................................... 4,000
Accumulated depreciation – equipment ...................... 4,800
Bonds payable ........................................................... 18,000
Cash .......................................................................... 22,000
Common shares (1,500 shares issued) ...................... 25,000

A Further Look at Financial Statements 2 - 31

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Cost of goods sold ..................................................... 12,000
Depreciation expense ................................................ 4,800
Dividends ................................................................... 300
Equipment .................................................................. 48,000
Goodwill ..................................................................... 7,500
Income tax expense ................................................... 1,000
Interest expense......................................................... 3,500
Market price per common share ................................. $4.50
Retained earnings, beginning ..................................... 16,000
Salaries expense ........................................................ 8,200
Sales revenue ............................................................ 32,500
Supplies ..................................................................... 4,500

Instructions
(a) Prepare an income statement and a classified statement of financial position for Columbia
for 2015.
(b) Calculate the following ratios:
1. Current ratio
2. Debt to total assets
3. Earnings per share
4. Price-earnings ratio

Solution 156 (25 min.)
(a)
COLUMBIA LTD.
Income Statement
Year Ended December 31, 2015
——————————————————————————————————— –––––––——
Sales revenue ...................................................................................... $32,500
Operating expenses
Cost of goods sold ........................................................................ $12,000
Salaries expense ........................................................................... 8,200
Depreciation expense ................................................................... 4,800
Interest expense............................................................................ 3,500 28,500
Profit before income tax ....................................................................... 4,000
Income tax expense ............................................................................. 1,000
Profit .................................................................................................... $ 3,000

COLUMBIA LTD.
Statement of Financial Position
December 31, 2015
——————————————————————————————————— –––––––——
Assets
Current assets
Cash ............................................................................................. $22,000
Accounts receivable ...................................................................... 4,000
Supplies ........................................................................................ 4,500
Total current assets ................................................................ 30,500
Property, plant, and equipment
Equipment ..................................................................................... $48,000

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Less: Accumulated depreciation—equipment ................................ 4,800 43,200
Goodwill ............................................................................................... 7,500
Total assets ............................................................................ $81,200

Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable .......................................................................... $19,500
Non-current liabilities
Bonds payable .............................................................................. 18,000
Total liabilities ......................................................................... 37,500
Shareholders’ equity
Common shares ............................................................................ $25,000
Retained earnings ......................................................................... 18,700* 43,700
Total liabilities and shareholders’ equity ................................. $81,200

*Retained earnings = $18,700 ($16,000 + $3,000 – $300)

(b) 1. Current ratio: $30,500 ÷ $19,500 = 1.6:1
2. Debt to total assets: $37,500 ÷ $81,200 = 46.2%
3. Earnings per share: $3,000 ÷ 1,500 = $2.00
4. Price-earnings ratio: $4.50 ÷ $2.00 = 2.3 times

Ex. 157
Presented below is information on XBRL Ltd.:
2015 2014
Cash .................................................................................... $ 15,000 $ 12,000
Cash provided by financing activities .................................... 20,000 0
Cash used in investing activities ........................................... 18,000 7,000
Common shares ................................................................... 30,000 30,000
Current assets ...................................................................... 85,000 75,000
Current liabilities................................................................... 60,000 45,000
Dividends paid on common shares ...................................... 11,000 15,000
Long term assets .................................................................. 125,000 110,000
Price-earnings ratio .............................................................. 12 14
Retained earnings ................................................................ 60,000 40,000
Total liabilities ...................................................................... 110,000 95,000
Weighted average number of shares issued ........................ 1,000 1,000

Instructions
Calculate the following for 2015:
(a) Earnings per share
(b) Market price per common share
(c) Working capital
(d) Current ratio
(e) Debt to total assets

Solution 157 (15–20 min.)
(a) Earnings per share
Calculate profit
Retained earnings 2014 ............................................. $40,000

A Further Look at Financial Statements 2 - 33

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Less: Dividends paid on common shares ................... 11,000
Subtotal ................................................. 29,000
Profit ................................................. X
Retained earnings 2015 ............................................. $60,000
Solving for X, profit = $31,000
Earnings per share = profit ÷ weighted average number of common shares
= $31,000 ÷ 1,000 = $31

(b) Market price per common share
Price-earnings ratio = Market price per share ÷ EPS
Therefore Market price per share = Price-earnings ratio × EPS = 12 × $31 = $372

(c) Working capital = current assets – current liabilities
= $85,000 – $60,000 = $25,000

(d) Current ratio = current assets ÷ current liabilities
= $85,000 ÷ $60,000 = 1.4:1

(e) Debt to total assets = Total liabilities ÷ Total assets
= $110,000 ÷ ($85,000 + $125,000) = 52%

Ex. 158
The following data are taken from the financial statements of Kamloops Inc.:

Accounts payable ....................................................... $28,000
Accounts receivable ................................................... 56,000
Cash .......................................................................... 54,000
Dividends ................................................................... 10,000
Market price per share ............................................... 12.75
Other current liabilities................................................ 17,000
Profit .......................................................................... 44,000
Wages payable .......................................................... 5,000
Weighted average number of common shares ........... 10,000

Instructions
Calculate the following ratios:
(a) Current ratio
(b) Working capital
(c) Earnings per share
(d) Price-earnings ratio

Solution 158 (10 min.)
Current assets = $56,000 + $54,000 = $110,000
Current liabilities = $28,000 + $17,000 + $5,000 = $50,000

(a) Current ratio = Current assets ÷ Current liabilities = $110,000 ÷ $50,000 = 2.2:1

(b) Working capital = Current assets – Current liabilities = $110,000 – $50,000 = $60,000

(c) Earnings per share = Profit ÷ Weighted average number of common shares

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= $44,000 ÷ 10,000 = $4.40

(d) Price-earnings ratio = Market price ÷ Earnings per share = $12.75 ÷ $4.40 = 2.9

Ex. 159
The following data are taken from the financial statements of Estevan Inc.:

Current assets ............................................................ $150,000
Current liabilities......................................................... 100,000
Dividends ................................................................... 5,000
Market price per share ............................................... 5
Net sales .................................................................... 150,000
Profit .......................................................................... 21,000
Total liabilities ............................................................ 105,000
Total assets ................................................................ 175,000
Weighted average number of common shares ........... 5,000

Instructions
Calculate the following ratios:
(a) Current ratio
(b) Working capital
(c) Earnings per share
(d) Price-earnings ratio
(e) Debt to total assets

Solution 159 (15 min.)
(a) Current ratio = Current assets ÷ Current liabilities = $150,000 ÷ $100,000 = 1.5:1

(b) Working capital = Current assets – Current liabilities = $150,000 – $100,000 = $50,000

(c) Earnings per share = Profit ÷ Weighted average number of common shares
= $21,000 ÷ 5,000 = $4.20

(d) Price-earnings ratio = Market price per share ÷ Earnings per share
= $5 ÷ $4.20 = 1.2

(e) Debt to total assets = Total debt ÷ Total assets = $105,000 ÷ $175,000 = 60%

Ex. 160
The following selected data are taken from the financial statements of Wolsco Inc. The data are
in alphabetical order.

Accounts payable ....................................................... $ 40,000
Accounts receivable ................................................... 65,000
Average assets .......................................................... 460,000
Cash .......................................................................... 92,000
Market price/share ..................................................... 52.00
Net sales .................................................................... 500,000
Other current liabilities................................................ 15,000

A Further Look at Financial Statements 2 - 35

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Profit .......................................................................... 160,000
Salaries payable......................................................... 14,000
Shareholders’ equity .................................................. 269,000
Total assets ................................................................ 472,000
Weighted average number of common shares ........... 3,500

Instructions
Calculate the following ratios:
(a) Current ratio
(b) Working capital
(c) Earnings per share
(d) Price-earnings ratio
(e) Debt to total assets

Solution 160 (10 min.)
(a) Current ratio = Current assets ÷ Current liabilities
= $157,000 ÷ $69,000 = 2.3:1

(b) Working capital = Current assets – Current liabilities
= $157,000 – $69,000 = $88,000

(c) Earnings per share = Profit ÷ Weighted avg. number of common shares
= $160,000 ÷ 3,500 = $45.71

(d) Price-earnings ratio = Market price per share ÷ Earnings per share
= $52.00 ÷ $45.71= 1.1

(e) Debt to total assets = Total liabilities ÷ Total assets
= $203,000 ÷ $472,000 = 43%
(Total liabilities = Total assets – Shareholders’ equity = $472,000 – $269,000 = $203,000)

Ex. 161
For each of the ratios listed below, indicate by the appropriate code letter, whether it is a liquidity
ratio, a profitability ratio, or a solvency ratio.
Code:
L = Liquidity ratio
P = Profitability ratio
S = Solvency ratio

____ 1. Earnings per share
____ 2. Debt to total assets
____ 3. Price-earnings ratio
____ 4. Current ratio

Solution 161 (5 min.)
P 1. Earnings per share

S 2. Debt to total assets

P 3. Price-earnings ratio

2 - 36 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited

L 4. Current ratio

Ex. 162
The following information is available from the 2015 financial statements of Hubble Corp. and
Bubble Inc.
(amounts in millions, except share price)
Hubble Bubble
Beginning total assets ................................................ $17,102 $33,130
Current assets ............................................................ 11,712 28,447
Current liabilities......................................................... 7,966 14,950
Ending total assets ..................................................... 22,088 36,167
Profit .......................................................................... 565 1,271
Sales .......................................................................... 26,510 34,512
Share price ................................................................. $79 $112
Total liabilities ............................................................ 16,136 31,222
Weighted average number of common shares ........... 22 39

Instructions
(a) For each company, calculate the following ratios:
1. Current ratio
2. Debt to total assets
3. Earnings per share
4. Price-earnings ratio
(b) Based on your calculations, discuss the relative liquidity, solvency, and profitability of the two
companies.

Solution 162 (15 min.)
(a) Hubble Bubble .
1. Current ratio 1.5:1 ($11,712 ÷ $7,966) 1.9:1 ($28,447 ÷ $14,950)
2. Debt to total assets 73.1% ($16,136 ÷ $22,088) 86.3% ($31,222 ÷ $36,167)
3. Earnings per share $25.68 ($565 ÷ 22) $32.59 ($1,271 ÷ 39)
4. Price-earnings ratio 3.1 ($79 ÷ $25.68) 3.4 ($112 ÷ $32.59)

(b) Based on the current ratio, Bubble is more liquid than Hubble since its current ratio (1.9:1) is
27% higher than Hubble’s ratio (1.5:1). However, Hubble would be considered more solvent
than Bubble since its debt to total assets (73.1%) is lower than Bubble’s debt to total assets
ratio (86.3%). A lower debt to total assets ratio indicates a company is more solvent and
better able to survive over a long period of time.

Bubble has a higher earnings per share and price-earnings ratio than Hubble. Bubble’s
earnings per share ($32.59) is 26.9% higher than Hubble’s earnings per share ($25.68); as
well, Bubble’s price-earnings ratio (3.4) is 9.7% higher than Hubble’s ratio (3:1).

Ex. 163
Selected information from the comparative financial statements of National Falls Inc. for the year
ended December 31 appears below:
2015 2014
Accounts receivable ................................................... $ 142,000 $ 182,000

A Further Look at Financial Statements 2 - 37

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
Bonds payable ........................................................... 490,000 390,000
Cash .......................................................................... 27,000 17,000
Cost of goods sold ..................................................... 970,000 900,000
Current liabilities......................................................... 125,000 95,000
Income tax expense ................................................... 80,000 60,000
Interest expense ........................................................ 40,000 15,000
Inventory .................................................................... 136,000 154,000
Profit .......................................................................... 220,000 155,000
Total assets ................................................................ 1,350,000 950,000
Total revenues ........................................................... 2,100,000 1,100,000
Weighted average number of common shares ........... 15,000 7,000

Instructions
Calculate the following ratios for 2015:
(a). Current ratio.
(b) Working capital.
(c) Debt to total assets.
(d) Earnings per share.

Solution 163 (12 min.)
(a) Current ratio is 2.4:1.

$27,000 + $142,000 + $136,000
————————— –————— – = 2.4:1
$125,000

(b) Working capital is $180,000.

($27,000 + $142,000 + $136,000) – $125,000 = $180,000

(c) Debt to total assets is 46%.

$125,000 + $490,000
——————— –——– = 46%
$1,350,000

(d). Earnings per share is $15.

$220,000
——–—— = $15
15,000

Ex. 164
Channing Corporation reported the following current assets and current liabilities:

Dec. 31, 2015 Dec. 31, 2014
Current assets
Cash .......................................................................... $ 40,000 $ 30,000
Short-term investments .............................................. 40,000 10,000
Accounts receivable ................................................... 55,000 95,000

2 - 38 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
Inventory .................................................................... 110,000 90,000
Prepaid expenses ...................................................... 35,000 20,000
Total current assets ............................................. $280,000 $245,000
Current liabilities
Accounts payable ....................................................... $120,000 $110,000
Salaries payable......................................................... 40,000 30,000
Income tax payable .................................................... 20,000 15,000
Total current liabilities .......................................... $180,000 $155,000

Instructions
(a) Calculate the following ratios for 2015:
1. Current ratio.
2. Working capital.
(b) Explain the purpose of each ratio.

Solution 164 (10–15 min.)
(a)
1. Current ratio = Current assets ÷ Current liabilities
= $280,000 ÷ $180,000
= 1.56:1
2. Working capital = $280,000 – $180,000
= $100,000

(b) The purpose of each ratio:
1. The current ratio is a measure of liquidity. For example, for every dollar of current
liabilities, the corporation has $1.56 of current assets.
2. Working capital is a measure of liquidity. When working capital is positive, there is a
greater likelihood that the company can pay its liabilities.

Ex. 165
Selected data from Doghouse Ltd. are presented below:

Net sales .................................................................... $1,250,000
Profit .......................................................................... 195,000
Share price ................................................................. 12.25
Weighted average number of common shares ........... 163,000

Instructions
(a) Based on the above information, calculate two profitability ratios.
(b) Explain the purpose of each ratio.

Solution 165 (10–15 min.)
(a) With the information provided, the profitability ratios that can be calculated are as follows:
1. Earnings per share = Profit ÷ Weighted average number of shares
= $195,000 ÷ 163,000 = $1.20
2. Price-earnings = Market price per share ÷ Earnings per share
= $12.25 ÷ $1.20 = 10.21

(b) The purpose of each ratio:
1. Earnings per share measures the profit for each common share.

A Further Look at Financial Statements 2 - 39

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
2. The price-earnings ratio measures the ratio of the market price of each common share
to its earnings per share. It reflects the investors’ assessment of the company’s future
profit expectations.

Ex. 166
Insert the characteristics listed below that are associated with relevance and faithful
representation:

Confirmatory value Materiality
Completeness Free from material errors
Neutral Predictive value

RELEVANCE FAITHFUL REPRESENTATION
1. _________________________ 1. ______________________
2. _________________________ 2. ______________________
3. _________________________ 3. ______________________

Solution 166 (5 min.)
RELEVANCE FAITHFUL REPRESENTATION
1. Confirmatory value 1. Free from material errors

2. Predictive value 2. Completeness

3. Materiality 3. Neutral

Ex. 167
The following terms relate to the characteristics of useful information. Match the key letter of the
correct term with the descriptive statement below.

(a) Confirmatory value (e) Faithful representation
(b) Neutral (f) Timeliness
(c) Predictive value (g) Verifiability
(d) Relevance

_____ 1. Accounting information cannot be selected, prepared, or presented to favour one set
of interested users over another.
_____ 2. Providing information in time to make decisions
_____ 3. Providing information that can be confirmed or duplicated by independent parties
_____ 4. Providing information that would make a difference in a business decision
_____ 5. Providing information that represents economic reality
_____ 6. Helping evaluate prior decisions

Solution 167 (5 min.)
1. (b)

2. (f)

3. (g)

2 - 40 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
4. (d)

5. (e)

6. (a)

Ex. 168
For each of the independent situations described below, list the fundamental or enhancing
qualitative characteristic that has been violated, if any. List only one term for each case.
(a) Brunswick Corporation is in its third year of operations and has yet to issue financial
statements.
(b) Ontario Corporation has used different methods for recording the cost of inventory. In the
current year, the cost of goods sold is calculated based on the average cost of inventory. Last
year, the cost of inventory was calculated based on the actual cost of each item sold. Next
year, the company plans to change back to average cost.
(c) Manitoba Inc. is carrying inventory at its current cost of $110,000. The inventory has a fair
value of $135,000.
(d) Saskatchewan Corporation expenses some inexpensive office equipment even though it has
a useful life of more than one year.

Solution 168 (5 min.)
(a) Timeliness

(b) Comparability (consistency)

(c) No violation

(d) No violation (materiality)

A Further Look at Financial Statements 2 - 41

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
MATCHING

169. Match the items below by entering the appropriate code letter in the space provided.

A. Relevance G. Working capital
B. Liquidity ratios H. Current ratio
C. Comparability I. Earnings per share
D. Liabilities J. Solvency ratios
E. Intangible assets K. Price-earnings ratio
F. Timeliness L. Materiality

____ 1. Measures of the ability of an entity to survive over a long period of time
____ 2. Current assets divided by current liabilities
____ 3. Knowledge that will influence a user’s decision.
____ 4. Market price per share divided by earnings per share
____ 5. An omission or statement that could influence the decisions of users.
____ 6. Obligations that result from past transactions.
____ 7. Noncurrent assets that do not have physical substance.
____ 8. Profit divided by the weighted average number of common shares
____ 9. Different companies using the same accounting principles
____ 10. Measures of the short-term ability of the company to pay its maturing obligations.
____ 11. The excess of current assets over current liabilities
____ 12. Information is available to stakeholders before it loses its ability to influence
decisions.

2 - 42 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
ANSWERS TO MATCHING

1. J

2. H

3. A

4. K

5. L

6. D

7. E

8. I

9. C

10. B

11. G

12. F

A Further Look at Financial Statements 2 - 43

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
SHORT-ANSWER ESSAY QUESTIONS

S-A E 170
Give the definition of current assets, current liabilities and the current ratio.

Solution 170
Current assets are cash or other resources that are reasonably expected to be realized in cash
or sold or consumed in the business within one year or the operating cycle, if longer. Current
liabilities are obligations reasonably expected to be paid from the existing current assets or
through the creation of other current liabilities within the next year, or the operating cycle. The
current ratio is a measure used to evaluate a company’s liquidity and short-term debt paying
ability, calculated by dividing current assets by current liabilities.

S-A E 171
Fast Express specializes in overnight transportation of medical equipment and laboratory
specimens. The company has selected the following information from its most recent annual
report to be the subject of an immediate press release.

• The financial statements are being released.
• Profit this year was $2.1 million. Last year's, profit was $1.8 million.
• The current ratio has changed to 2:1 from last year's 1.5:1.
• The debt to total assets ratio has changed to 4:5 from last year's 3:5.
• The company expanded its truck fleet substantially by purchasing ten new delivery vans.
• The company already had twelve delivery vans. The company is now the largest medical
courier in the Northern Ontario region.

Instructions
Prepare a brief press release incorporating the information above. Include all information. Think
carefully which information (if any) is good news for the company, and which (if any) is bad news.

Solution 171
Fast Express released its financial statements today, disclosing a 17% increase in profit, to $2.1
million from $1.8 million last year. The company also improved its short-term liquidity. Its current
ratio improved to 2:1 from last year's 1.5:1. Part of the improved performance is no doubt due to
the addition of ten new delivery vans to its fleet, allowing it to become the largest medical courier
in the Northern Ontario region. The purchase of the vans, however, caused the debt to total assets
ratio to increase. There are now $4 of debt for every $5 in assets, while last year, there were only
$3 of debt to $5 in assets.

SA-E 172
Comparability is an enhancing qualitative characteristic that makes accounting information useful
for decision-making purposes. Briefly explain how comparability affects financial reporting.

Solution 172
Comparability results when a specific company, and similar companies, use the same accounting
principles and methods, so that users can identify and understand similarities and differences
among items on the financial reports.

2 - 44 Test Bank for Financial Accounting: Tools for Business Decision-Making, 6th Canadian Edition

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited

S-A E 173
List four enhancing characteristics of useful decision-making information.

Solution 173
To be useful for decision-making, information should have verifiability, timeliness, comparability,
and understandability.

S-A E 174
Identify and describe the three characteristics information must have in order to provide a faithful
representation of economic reality.

Solution 174
In order to achieve faithful representation, information must be complete, neutral and free from
material error. Neutral information is free of bias and does not intentionally favour one set of
stakeholders over another. Completeness means that all the information that is needed to
faithfully represent economic reality must be included, and nothing important is omitted. The
statements should be, as far as possible, free from material error. However, this does not mean
that there is necessarily 100% accuracy at all times. This is basically impossible given the fact
that accounting estimates are frequently necessary.

A Further Look at Financial Statements 2 - 45

Copyright © 2014 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited

LEGAL NOTICE

Copyright © 2014 by John Wiley & Sons Canada, Ltd. or related companies. All rights
reserved.

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 &
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96.
Ha kimenek abba ződ erdőbe,
Rátapodok bikkfa levelyire.
Leszakad a batyisz ruhám fodra,
Mevver éldes anyám ha mettudja.
97.
Búsol a páfalyi utca,
Hogy nincs benne rozmaringfa.
Letört a torom teteji,

Kétfelé esett a feji.
Szeretője mehhallotta,
Oda szaladt egy hajnalba.
Odaszaladt egy hajnalba,
Körü’ körű’ csókógatta.
Levelet kell csiná’tatni,
Losoncra kell elküldeni.
Hogy hallja meg éldes anyja:
Mehhótt az ő kedves lyánya.
Éldes anyja mehhallotta,
Kezit fejire kapcsóta.
Se fiam, se lyányom nincsen;
Mer’ elvette a jó isten!
98.
Tyiszapartján van egy gulyhó magába,
Oda vár engem a rózsám ebédre, vacsorára.
Ne várj engem egyebkor
Csak pénteken szombaton,
Akkó’ is nyóc órakor!
99.
Harangoznak a gőzhajón,
Mos’ bucsózok a rózsámtó’.
Kezembe a rózsám kezi,
Jaj de fáj a szivem érte.
Gőzhajónak a kereki
Bá’ csak össze vissza törne!
Bá’ csak össze vissza törne,
Hogy messzire el ne vinne!

100.
Ződ erdőben, ződ mezőben odaki,
Gyere rózsám a városbó’ ideki!
Mos’ virágzik a kakukfű, szarkaláb,
Itt nem porzik selyemcipőd babikám.
101.
Sir az apám, sir az anyám
Nem t’om mé’.
Katonának vagyok irva
Tán azé’.
Ne sirj apám, ne sirj anyám,
Nevelj mást!
Az is jó lesz katonának
Maj’ mellásd
44)
.
102.
Lyukas az én ólam teteje,
Kilopták a lovam belőle.
Kilopták a letszebb szerszámom.
A mig élek mindé’ sajnálom!
Nincsen olyan állat mint a ló,
Nem kell annak cifra viganó.
Féketője annak a kantár,
Ugy vetyi rá magát a betyár.

MESÉK. TALÁLÓSMESÉK. JÁTÉKOK.
I.
Hamishitű Jancsi.
Hol volt, hol nem volt, volt egyszer a világon egy öreg ember,
annak volt tizenkét fia, a legöregebbik a királyt szolgálta huszonnégy
esztendeig. Itt a szegény ember megakarta házasítani a fiait, hanem
a legöregebb sehogy sem tudta magát rágondolni. Azt mondja a
szegény ember: hallod-e fiam? a legöregebb csak akkor házasodik
mikor a legfiatalabb, mindnyátoknak egyszerre kell.
No lelkem! csináltat magának az öreg ember egy vasbocskort és
elindul mind a tizenkét fiának lányt keresni. Jár a szegény ember,
megy mendegél ország világ, hát mikor vissza jött a vasbocskor már
mind csupa lyuk volt, csak az oldala volt jó. De talált is egy háznál
tizenkét leányt.
Itt a tizenegy legény nagy készülőben van, mennek a vásárra
paripákat vásárolni; de a legöregebb – a ki a királyt szolgálta –
sehová sem ment hanem csak kihajtotta a király ménesét a legelőre.
Volt ott a ménes közt egy csikós kanca a kinek Jancsi mindig jó
gondját viselte. A mint oda kint vannak a ménesen egyszer csak
nyerít a csikós kanca és megszóllal: hallod-e Hamishitű Jancsi, te
most házasulóban vagy, tizenegy testvéred már elment paripákat
vásárolni, vesznek szebbnél szebbeket, de te ne menj, ne végy
semmit, hanem van nekem egy tavalyi csikóm, azt kérd te el, azzal
mindenütt becsületet vallasz. A király majd akar néked mást adni, de
te csak azt válaszd.
Jól van, felmegy Jancsi a királyhoz és azt mondja neki: felséges
király! már szolgáltam felségedet huszonnégy esztendeig, hanem
most szeretnék innen elmenni, mert már a tizenegy testvér öcsém

házasságra indult, azután nekem is fülemig ér a bajuszom, elmegy
az idő, házasodni kéne, no de hát most tessék engem kifizetni.
Igazságod van Jancsi fiam, már csakugyan megházasodhatol;
most hát a miért te engem oly hűségesen szolgáltál, nagy pompával
házasítalak ki, mond meg e kivánságod: ezüstöt viszel-e el annyit a
mennyit birsz, vagy aranyat!?
Felséges király! nem kék
45)
nekem egyéb, hanem van itt a
ménesben egy csikós kanca, annak meg van egy tavalyi csikója, azt
szeretném én magamnak.
Hát avval csufoskodnál; avval a girhes csikóval?
– Nincs különben felséged, nekem nem kell más.
Itt lelkem! Jancsi még alszik javában, már a tizenegy testvére
elindult szebbnél szebb paripákon a leányokhoz. Jancsi fel se kel
délig, délben befogat a király hat lovat, fullajtárt is oda állit
kettesével is.
És azt mondja Jancsinak: no Jancsi fiam én nem bánom, ha
elviszed is a csikót, de rám azután ne vess.
Jancsi eszik, iszik, kivisz a csikónak egy rocska bort, megitatja
vele, felkészül, felül a hintóra, de a király nem hagyta a csikót csak
ugy vezetni.
– Nem erre amarra! csak kössétek a bakhoz azt a csunya
jószágot, mert még rám is szégyent hoz.
Oda kötik a csikót a bakhoz, mennek kiérnek a város végire, hát
már akkor bőr se volt az egy oldalán, ugy elsuholta a föld.
Megállnak, leteszik a csikót, Jancsi leszáll a hintóból, a hintó vissza
megy, s felül Jancsi a csikóra, hát a lába a földet érte, széttekint a
kis ló nem lát-e valakit, de bíz ő senkit se lát. Egyszer csak felszáll
Jancsival a lebegőbe s itt megszólal.

– No édes gazdám, hogy menjünk? ugy-e mint a szél, vagy mint
a gondolat?
– Csak a hogy hamarább, édes lovam!
Mennek szállnak egy darabon, egyszer megint megszóllal a kis ló:
meg van-e a kalapod kötve, édes gazdám?
– Meg biz, édes lovam!
Megint mennek jó darabon, egyszer csak megest megszóllal a kis
ló: ne édes gazdám nincs meg a vőlegényi kalap, leesett, hét
mértföldre maradt a hátunk megett, hanem vissza megyünk azért,
még senki se vette fel.
Visszamennek, felveszik, megint felszáll a kis ló a lebegőbe:
szállnak hát már három óra alatt ott voltak, a hol a többiek hálni
akartak, a csárdában. A tizenegy testvér még hajnalban elindult, ő
pedig délben, ebéd után, még is elhagyta őket.
A hogy a csárdától egy darabkányira voltak leszáll a kis ló
Jancsival a lebegőből, és megszóllal: no édes gazdám te engem
eresz el itt a szemeten a csimára, te pedig eredj be a csárdába,
egyél, igyál; majd nem sokára itt lesz a tizenegy öcséd is.
Bemegy Jancsi, parancsol egy itce bort, eszik, iszik, jól mulat!
kivisz a lovának egy rocska bort megitatja vele, telik az idő… egyszer
csak jön a tizenegy testvér. Még messziről kiált a legfiatalabb: Nini
mikor az a szamár a bátyánk lova!
– Csakugyan az, csakugyan az! mondják a többiek.
No itt megszeppennek a legények, hogy mi az oka annak, hogy
ők hamarább elindultak, mint a bátyjok, még is később érnek ide,
pedig az ő lova egér az övékhez képest.
No mind a tizenegy testvér istállóba köti itt a maga lovát, szénát
abrakot adnak neki bőven, magok meg bemennek a csárdába, hát
látják, hogy a bátyjok ott borozik. Hát már kend itt van bátya?

– Biz itt ecsém, pedig még a tizenkét órát otthon értem.
– Hej pedig a kend lovát a farkas egy nyeletre is bekapja.
Esznek, isznak; beesteledik, ekkor a legények kimennek
megnézni a lovat.
– Hát kend hova teszi éjszakára a lovát bátya?
– Bekötöm oda, a hol a tietek van.
– Hisz a mi lovunknak csüriig se ér, pornak is kicsi oda.
Beköti Jancsi a maga lovát, betakarja a szürével. Már akkor a
tizenegy testvér megint a csárdában volt. Itt ezek tanakodnak, hogy
mit csináljanak a bátyjokkal.
– Mit tegyünk vele, mit tegyünk vele, azt tegyük vele, hogy üssük
agyon, mert csúf lesz a mi életünk a lánynál is miatta.
Egyszerre megszóllal a kis ló:
– Tudod-e mit, édes gazdám! köss engem ide az istálló legszélire,
majd kijönnek a te öcséid éjszaka, hogy téged agyon üssenek; de te
ne tégy mást hanem eredj be egyél, igyál, azután feküdj le ide a
lábamhoz, majd elvégzem én a többit.
Ugy is lett, bemegy Jancsi eszik iszik, kijön a csárdából lefekszik a
kis ló lábához, a sok bortól elis aludt amugy hamarjában. Hát
egyszer jönek a legények a vőlegény fokosokkal.
– Ne te, a szamár teremtésed!
Neki mind a tizenegy, ütni akarnak a kis lóra, de ez csak egyet
rúg s ugy oda vágta a legkisebbet, hogy majd a falho’ ragadt.
– Kelj fel édes gazdám, itt vannak!
Ekkor fölébred Jancsi, a kis ló meg azt kérdezi tőle: Mit csináljak
velök édes gazdám?

– Mindegyiket egyszer üsd a falhoz.
Oda is vagdalta ő mind a tizenegyet, hogy csak ugy potyogtak,
mint a vadkörte. A tizenegy embert rakásra hányta. Jancsi ezen
megijedt, vedret kap a kezébe, szalad a kuthoz vizért s mind a
tizenegyet felöntözte.
Felkelnek a testvérek, ríva panaszkodnak, hogy ilyen testvér
amolyan testvér a ki ugy a falhoz vagdostatja őket, hogy majd oda
ragadnak.
Megindul a tizenegy testvér, mennek mendegélnek egész éjszaka,
egyszer másnap estefelé elérnek a tizenkét lányhoz! Haj lelkem! de
nem lehetett oda egy könnyen bemenni, mert vaskapuja, vaskerítése
volt a háznak s olyan vaslakat volt rajta, hogy hat ember se birta
felemelni. A tizenegy testvér ingerkedik a lóval, a lovak meg erősen
rugják a lakatot, de semmit se ért az még csak meg se mozdult.
De hát Jancsi hova lett már! hova lett volna? meg se mozdult a
csárdából másnap délutánig, hanem evett ivott, mert tudta az ő lova
jól, hogy hol vannak a lányok.
A tizenegy testvér nagy csatában van a lakattal, ütik verik rugják
semmit se ér. Hát már ugy gyertyagyujtáskor látják Jancsit, hogy
jön, szintugy száll a lebegőben.
Oda megy Jancsi a házhoz megfartováztatja a lovát, oda rugat;
hát lelkem teremtette, a ló ugy megrugta a lakatot, hogy még a
kerítés is kidölt, nem csak a kapu. Ekkor lámpással jött ki nagy
sebesen az ördöngös banya.
– Tudtam Hamishitű Jancsi, hogy te jösz, azért nyitottam ki.
Pedig hát nem ő nyitotta ki.
Bemennek a házba a legények, a tizenkét lány mind sorra ott állt
előttök, és az a tizenkét lány épen ugy született mint a tizenkét
legény, hogy a legöregebb a legöregebbet szerette meg, az utánna
való meg az utána valót, ugy jöttek a többiek, egy szó mint száz

mindegyiknek a vele egy korácsú
46)
tetszett. Asztalhoz mennek,
minden karszékre egy legény, egy lány ül, igy hát mindegyiken
párosával. Esznek isznak itt a legények, mulatnak, csókolkodnak,
kendőt cserél mind a huszonnégy személy. Azután meg, mikor
elálmosodtak elmentek lefeküdni, ágy mind a huszonnégynek egy
szobában volt vetve, egy oldalon a lányoknak, más oldalon pedig a
legényeknek. Jól van! ki fordul az ördöngös banya a lányok anyja a
házból s azt mondja:
– No kezembe vagytok most ördög bujjon belétek, még az
apátokba is, majd meglátom melyitek megy el innen elevenen.
Szedi veszi magát Jancsi, kimegy, a lovának visz egy rocska bort,
a ló megissza, azután igy szólal meg:
– Hallod-e édes gazdám! mi nagyon rosz helyre jöttünk, mert az
az ördöngös banya mindnyájunkat meg akar ölni, de azért te ne félj
semmit, csak tedd azt a mit én mondok. Majd hogyha lefekszetek
gyere ki, azután minket vezess ki ebből az istállóból, osztán vezesd
helyünkre az ördöngös banya tizenkét lovát, magatokkal meg ugy
tégy, hogy a kalapokat rakd a tizenkét lány fejébe, hogy majd azokat
vágja le az ördöngös banya. Majd bocsátok én olyan álmot rájok,
hogy hétszerte nagyobb zörgésre sem ébrednek fel.
Ugy! bemegy Jancsi, a tizenkét kalapot a lányok fejébe rakta, a
lovakat meg felcserélte, akkor feküdt le. Egyszer csak feni az
ördöngös asszony a kést, hogy szintugy szikrázott, megy az
ágyakhoz, tapogatja, hogy hol a kalap egyszer csak smikk! elvágta
mind a tizenkét lány nyakát. Kifordul a házból elővesz egy nagy
bárdot, azt kifeni, megy az istállóba, smikk! mind a tizenkét lovának
elvágta a nyakát.
Hej, lelkem adta, egyet dobbant ekkor a Jancsi lova. Jancsi
kimegy.
– No, édes gazdám költsd föl a testvéreidet, nyergeljenek; aztán
ország világ, ki merre lát, mert ha a hajnalt itt érik soha se mennek
innen el.

Te pedig még feküdj le és aludj tovább.
Bemegy Jancsi fölkölti, felrángatja a testvéreit, elmondja nekik
hogy igy s igy lesz az életök, ha el nem mennek.
Azok nagy nehezen feltápászkodtak s elindultak, Jancsi pedig
lefekűdt s aludt egy jó sort. Mikor hajnallani kezdett az idő, megint
dobbantott egyet a kis ló, Jancsi kimegy, ráült s a hogy a kapun
szállt ki, olyat rugatott a keritésre hogy a ház is összeroskadt bele.
Felugrik az ördöngös banya, szénvonónyelre kap s utána
Jancsinak.
Megállj Hamishitű Jancsi! semmire tetted a tizenkét lányom,
tizenkét lovam, de nem tom eljösz-e még ide vagy nem?
– Ha eljövök itt leszek, ha nem jövök nem leszek!
No itt Jancsi nagyon szégyenlette az életét hogy lány nélkül
maradt, nem is ment a maga városába, hanem ment a merre a két
szeme vitte. A mint mennek mendegélnek, egyszer csak azt mondja
a kis ló: nézd édes gazdám, én egy arany hajszálra léptem, itt van a
lábam alatt. Ha felveszszük az is baj, ha nem vesszük az is baj, no
de még is vedd fel.
Felveszi Jancsi az arany hajszálat, felül a lóra mennek tovább.
Megint megszóllal a kis ló: Édes gazdám, én most egy fél arany
patkóra léptem, itt van a lábam alatt, ha felvesszük az is baj, ha nem
vesszük az is baj, no de még is vedd fel. Fel veszi Jancsi a félarany
patkót, beteszi a tarsolyába s mentek megint mint csak a villám.
Esteli harangszókor egy városba érnek, megállanak a csárda előtt
bemegy Jancsi a csárdába s kérdezi a korcsmárost:
– Ugyan édes kocsmároskám, mi hir van most ebben a városban?
– Nem egyéb atyámfia, hanem a királynak most haldoklik a
hintós kocsisa, ha magának kedve volna, beállhatna helyébe.

Szedi veszi magát Jancsi, felmegy a királyhoz, ki akkoriban még
nőtlen ember volt, beszegődik hozzá, be áll hintós kocsisnak, egyéb
bért nem kért, hanem hogy az ő lova is ott egyék, a hol a hintós
lovak. Megegyez a király, de be is állit Jancsi mindjárt az istállóba.
Este a többi kocsisok (volt ötven vagy hatvan) kiabálnak a
szobalányra: Gyertyát ide! gyertyát! De Jancsi sose kért, még is
szebb volt az ő lova mint akár melyiké, pedig a többiek lám
mindenistenadta este egy szál gyertyát fogyasztottak el. De a
szobalány is gondolkozóba esik itt, hogy hogy van az, hogy a hintós
kocsisnak sose kell gyertya, a többiek pedig minden áldott este egy
szálat fogyasztanak el; még is százszorta csunyább a lovuk?
Ezt a szobalány meg mondja a királynak is. A király meg felhivja
a kocsisokat, Jancsin kivül egytől egyig.
– Hogy van az fiaim, hogy ti mindeneste egy szál gyertyát
fogyasztotok el, a hintós kocsis meg még soha se kért; még is az ő
lova hétszerte szebb mint a tietek?
Jaj felséged! minek kérne az, hisz mi se kérnénk ha ugy volnánk.
– Hogy hogy, miért!?
– Azért felséged, mert az egy hajnalban arany hajszállal, más
hajnalban meg egy félarany patkóval világit.
Jól van! meg lesi a király Jancsit hajnalban, hát látja, hogy
csakugyan igaz a mit a kocsisok mondtak. Nem kell a királynak
egyéb; felhivatja Jancsit.
– Hallod-e fiam, te ma hajnalban aranyhajszállal világitottál!
– Nem igaz, felséged hol vettem volna én az aranyhajszálat.
– No csak ne is beszélj, én magam láttam ma hajnalban. De ha
nekem itt nem lesz holnap reggelre az a lány, a kinek ez az
aranyhajszál a hajából van, vége az életednek, felakasztatlak.

Lemegy Jancsi az istállóba, sír, rí, egyszer csak megszólal a kis ló:
Mért sirsz, mért rísz, édes gazdám?
– Hogyne sirnék hogyne rínék, mikor a király az eléb felhivatott,
azután azt mondta, hogyha én neki azt a lányt el nem hozom a kinek
a hajából való ez az arany hajszál, felakasztat.
– Nagy baj az édes gazdám, mert tudod, annak az ördöngös
banyának, kinek már tizenkét lányát semmire tettünk, van még egy
gyönyörü lánya, az soha napvilágot nem látott, egy külön szobában
lakik, a hol éjjel nappal hat gyertya ég, s onnan még soha sem volt
kivül, – annak a lánynak a hajából van ez a hajszál. De azért ne
busulj, hanem csak egyél igyál, majd elmegyünk érte s elhozzuk. De
majd mikor bemégy az ördöngös banya lányának a házába, vigyázz
mert az ajtó felett. tizenkét csengetyű van.
Jancsi eszik, iszik, ki visz a lovának egy rocska bort, megitatja
vele, s azután utnak indul. Megy, mendegél, hát nem sokára eléri az
ördöngös banya házát. Itt leszáll a lóról, szépen odamegy, a tizenkét
csengetyűt félre hajtja, hogy szép csendesen nyithassa ki az ajtót,
hát ott látja az arany haju lányt, a milyen gyönyörű teremtést. Jancsi
világszép életében nem látott. Oda is lopódzik ő az ágyhoz,
átnyalábolja a lányt s hajrá vesd el magad! Ki szalad vele a házból;
felül a lóhátra s azzal ugy oldalba rugatja a házat hogy még a teteje
is össze recscsent, ő pedig szállt mint a madár. De a banya se volt
rest, hanem a hogy felébred, ráül a kútágasra s megy mint a bomlott
fene Jancsi után.
– No Hamishitű Jancsi ilyen amolyan adta semmire tetted a
tizenkét lányomat, most a tizenharmadikat is viszed; de nem tom
eljösz-e még ide vagy nem?
– Ha eljövök, itt leszek, ha nem jövök, nem leszek.
Ment mendegélt Jancsi, s már hajnalban otthon is volt; be viszi a
lányt a királyhoz, hát lelkemteremtette a hogy a király ezt meglátja,
csak átkapja a lányt: Jaj szivem szép szerelmem! te enyim, én ettéd.

De a lány széles Magyarországért nem szólt volna egy szót.
Kérdezgeti is itt tőle a király: mi bajod lelkem, hogy olyan
szomoru vagy?
– Hogyne volnék én szomoru, mikor én addig nem lehetek
senkié, mig nekem minden legkisebb holmimat, szátvámat,
guzsalyomat, orsómat, csörlőmet és még a legkisebb szemetemet is
valaki ide nem hozza.
Felhivatja a király Jancsit.
– No fiam, ha te az aranyhaju lánynak, minden holmiját,
szátváját, guzsalyát, orsóját, csörlőjét az utolsó szemetjeig reggelre
el nem hozod felakasztatlak.
Busul Jancsi, sír, rí, mikor az istállóba megy, de a ló megint csak
megszólal:
– Mi bajod édes gazdám? miért keseregsz ennyire?
– Hogyne sírnék, hogyne rínék édes lovam, mikor ma felhivat a
király osztán azt mondja, hogy ha az arany haju lánynak minden
holmiját az utolsó szemetjeig el nem hozom reggelre, felakasztat.
– Ne busulj édes gazdám, elhozzuk mi azt mind, csak hozzál
magaddal egy abroszt, aztán mikor bemégy a szobába ugy
cselekedjél, hogy teritsd le s seperd bele minden holmiját.
Felkészül itt Jancsi, utnak is indul s nem sokára eléri az ördöngös
banya házát, itt bemegy a szobába, leteriti az abroszt, de lelkem! a
sok fény majd elvette a szeme világát, de hát hogy is ne mikor még
a legkisebb szemetje is aranyból volt. Bele seper mindent az
abroszba, a hátára veti s kiszalad; mikor már odakint volt, ugy
megrugatta a házat, hogy még a fundamentomának a legkisebb
darabja is össze tört.
Felébred erre az ördöngös banya, tüzes seprőre veti magát s
uccu lelkem, lóhalálában utánna.

– No hogy a fene egyen meg Hamishitű Jancsi, már mind a
tizenhárom leányom, semmire tetted, s most a tizenharmadiknak a
holmiját is viszed, de már tudom nem jösz ide vissza többet.
– Ha eljövök itt leszek, ha nem jövök nem leszek.
Megy Jancsi hazafelé, de viszi is a holmit, otthon meg a kezibe
adja a királynak.
– No lelkem szép szerelmem, betelt már a kivánságod, most már
hát az enyém leszesz.
– A tiéd ám, de csak ugy, ha ide hozzák az arany ménesem, a
melyik a Verestengeren tul van, mig azt el nem hozzák, addig senkié
se lehetek.
Megint felhivatja a király Jancsit.
– Hallod-e fiam! az aranyhaju lánynak van a Verestengeren tul
egy aranyménese, ha azt el nem hozod egyszerre vége az életednek.
Lemegy Jancsi nagy szomoruan, ráborul a lóra és ugy meg sír,
ugy meg rí, hogy a szeméből ugy hullott a könnyű, mint csak a
záporeső. Csak ott zokog, csak ott jajgat, hát egyszer megszólal a
kis ló: Miért sírsz, miért rísz olyan keservesen édes gazdám?
– Hogyne sírnék, hogyne rínék, mikor a király azt mondta, hogy
van az aranyhaju lánynak a Verestengeren tul egy arany ménese, és
hogyha én azt el nem hozom, tüstént vége az életemnek.
– Ne sírj édes gazdám, ne busulj semmit, hanem tedd azt a mit
mondok; eredj fel a királyhoz, kérj tőle tizenkét bivaly bőrt, tizenkét
darab fonalat egy ortó meg egy széles kapát, s olyan árat ami a
bivaly bőrön is át megy.
Felmegy Jancsi a királyhoz:
– Jól van felséges király én elmenek, hanem tessék adni nekem
tizenkét bivaly bőrt, tizenkét darab fonalat egy ortó, meg egy széles
kapát, s olyan árat ami a bivaly bőrön is át megy.

– Csak eredj válassz mindenféle szerszámot, bivalybőr van még
vagy hatvan a padláson.
Felmegy Jancsi a padlásra, ki választ minden szerszámot, azután
eszik, iszik, a lovának is ád egy rocska bort, s elindul az arany
ménesért.
Megy mendegél, hát nem sokára eléri a Verestengert, mikor át
usztat rajta megszólal a kis ló: nézd csak édes gazdám, amott azon a
dombon van egy körtefa, menjünk fel oda s vedd elő a kapát, aztán
ássál ottan olyan gödröt a melyikbe én is bele férek, mikor a gödröt
megásod, akkor vard rám a fonallal mind a tizenkét bivalybőrt, mert
csak ugy mehetek be a gödörbe. Azután mikor én már odabent
leszek, fujd meg ezt a sípot, s arra a csődör oda szalad, de mikor
majd a bivalybőrt hasogatja akkor vess a szájába egy madzagot.
Neki gyürközik itt Jancsi, kiássa a gödröt, rá varja a lóra a
tizenkét bivalybőrt, a ló bele áll a gödörbe. Megfujja Jancsi a sipót,
hát lelkem! kiugrik az arany csődör csak ugy hányta az arany
tajtékot: táncol, rugdalózik, de ekkor már megszólal a Jancsi lova is:
– Hallod-e édes gazdám! vedd elő a mente kötöd, vesd a csődör
szájába osztán ülj rá.
Mit tett volna mást? Előveszi a mente kötőjét a csődör szájába
veti s ráül. A csődör egyet nyerít, de akkorát ám hogy a hegyek is
szintugy repedeztek belé, itt a nyeritésre annyi arany ló termett ott,
hogy Jancsi számat se tudta. – De ment is ám, mint a tüzesistennyila
a kis ló is köztök.
Még a király jóformán fel se öltözött, mikor már az arany ménes
az udvaron volt, de a hogy meglátja a király, oda is szalad az
aranyhaju lányhoz.
– No szivem itt az arany ménes, már enyém leszesz.
– Nem leszek biz én addig a tied, s addig se nem iszom se nem
eszem, mig az a ki elhozta az arany ménest azt meg nem feji.

Felhivatja a király Jancsit.
– Hallod-e fiam, ha te ezt a ménest meg nem fejed, igy meg
amugy teszek veled.
– Hogy fejném én azt meg felséges király, hisz igy is majd
megesz mindnyájunkat.
Egy szó mint száz, azt meg kell fejned!
Lemegy Jancsi az istállóba, szomorkodik, se étele, se itala.
Megszólal itt a kis ló:
– Mit busulsz édes gazdám?
– Hogyne busulnék, mikor a felséges király azt mondta, hogy ezt
az egész ménest meg kell fejni… vagy élek, vagy halok.
– Ne busulj, hanem kérd el azt a kádat a melyik a padláson van,
majd megfejheted abba, nem bánt téged még csak egy ujjal se a
ménes.
Ugy is lett, Jancsi felment a kádért s ugy megfejte az aranyi
ménest, mint a legjámborabb borjas tehenet.
A király azt mondja ekkor az aranyhaju lánynak: no szivem szép
szerelmem, most már enyém vagy, meg van fejve a ménes.
– Nem vagyok addig, mig az, a ki a ménest megfejte, annak a
tejében meg nem fürdik.
Felhivatja a király Jancsit:
– No fiam! ha már megfejted fürdjél is meg benne.
– Felséges király, hogy tehetném én azt, hisz ugy forr az a tej,
mint a tüzes ménkű, osztán meg felbugyborékol egész ember
magasságra.

– De erre amarra megfürdöl biz abba, mert ha nem, vége az
életednek.
Lemegy Jancsi, sír, rí, panaszkodik, hogy őt igy felakasztják,
amúgy felakasztják, nincs reménység az életihez.
Megszólal a kis ló: ne sirj édes gazdám, hanem mond meg hogy
mi bajod?
Elmondja Jancsi, hogy ez, meg ez, hogyha meg nem fürdik abba
tejbe, felakasztják.
– Ne busulj azért édes gazdám, hanem azt kérd ki a királytól,
hogy mikor majd te a kádba akarsz lépni, engedje meg neked hogy
engem oda vezethess a kádhoz, majd én kiszivom a melegséget s
megfürödhetsz benne bátran.
Be megy Jancsi a királyhoz:
– No felséges király! legalább azt tessék hát nekem megengedni,
hogy majd mikor a kádba lépek, oda vezethessem a lovamat, hogy
legalább az is hadd lássa mikor a lélek itt hagy.
– Én nem bánom ha száz lovat oda vezetsz is.
Lemegy Jancsi az istállóba, oda vezeti a kádhoz a lovát, a ló bele
szagol, szí egy nagyot és int a fejével, hogy még ne ugorjék be.
Csak szijja, csak szíjja egyszer megint int a fejével, hogy már most
lehet. Bele ugrik Jancsi, ott fürdik, hát mikor kijön a tejből: igaz,
hogy szép volt ő azelőtt is, de most még háromszorta szebb lett.
Megszólal a király:
Látod Jancsi, nem akartál megfürdeni, de most már én magam
is, megfürdöm.
Beleugrik a király, hát lelkemteremtette a kis ló mind bele fujta a
melegséget a tejbe; s ugy összefőtt a király, hogy a tej tetején olyan
dirib darab csontok vetődtek fel mint a kis ujam.

Hej lelkem adta Jancsinak se kellett több, felszalad az aranyhaju
lányhoz, átöleli, megcsókolja:
– No szivem szép szerelmem, te az enyim, én a tied, ásó, kapa se
választhat el bennünket egymástól.
– Hej szerelmem Jancsikám, régen igy akartam én ezt; mert
tudtam, hogy Hamishitű Jancsi derék vitéz.
Csaptak is itt lakadalmat olyat, hogy hét országra szólott a hire,
én is ott voltam a lakodalomban, csak kiabáltam, csak kiabáltam,
„hogy szakács úr nekem is egy darab csontot“ hát egyszer ne neked
olyan csontot vágott az oldalamhoz, hogy még most is fáj…
II.
A halá’ vőlegény.
Hun vót, hun nem vót még az óperenciás tengereken is túnnan
vót, vót egyszer egy hajadon leány. Se apja se anyja nem vót,
hanem abban a faluban melyben lakott, a letszebb legény szerette;
ugy étek egymásval mint a turbékoló gellék az erdőben. Nem sokára
ki is tűzték magoknak a lakodaumat, s mehhiták ismerőseiket, a
lyány keresztanyját, a legény pegyig egy elváhatlan lelki testyi
barátját.
Má’ egy hét múva kellett vóna az esküvőnek mettörténni, hane’
ezen idő alatt háboró ütött ki az országban. A kirá’ mepparancsóta a
népnek, hogy élesijjék ki a kardot, mer’ menni kell az ellenség ellen.
Csak ugy tódolt a sok tyifrábbná’ tyifrább legény a kirá’ ’ászlója alá
mint a méheraj, szebné’ szebb parádés lovakon, parádés
szerszámvav.
János is elbúcsúzott menyasszonyátó’, kivezette a szürke paripát,
s ráű’t s ezt mondta a mátkájának: három esztendő múva
visszagyövök galambom, agygyig csak várakozzá’ rám, nefé
visszahozom én neked szereümemet ezer lyány köző’ is.

A lyány elkisérte egész a határig, azuteng sirva riva meffogatta
hogy a világ kincsié se megy másho’ ha tyiz álló esztendeig kék is
várakozni János után.
A háboró két esztendeig tartott, azuteng oszteng mettörtént a
békekötés. Mód nékü öröt a lyány ennek, mer’ azt gondóta, hogy
babája is visszatér a többiekvel; várta is, mindennap elment elejbe
tyiszer is, de hijába, Jánosnak se hiri se hamva. Eltőtt három, eltőtt
négy esztendő mésse gyött a vőlegény, a lyány nem á’hatta elment
keresztanyjáho’ tanácsot kérni, a ki köztönk legyen mondva,
boszorkány vót.
– A vén banya szivesen fogadta s ezt a tanácsot atta neki: Maj’
hónapeste ugy is hód töttyi lesz – eredj a temetőbe éldes lyányom!
Ott kérjé’ a sirásótó’ egy emberfőt; ha nem akar adni, mond me’
hogy én küttelek – azuteng azt az emberfőt hozd haza, itthon tedd
belé egy nagy fazékba s kásávav együtt főzzed valami két óráig. Ne
fé maj’ memmondja a, hogy é’ e ette völegényed vagy mehhalt, s
ugy gondolom hogy ide is csalja.
A lány megköszönte a jó tanácsot, azuténg más nap este elment
a temetőbe, a sirásó ott pipágatott a kapuba.
– Adjon isten szérencsés jó estét éldes öreg apám!
– Adjon isten lyányom, hát hun jársz itt ilyen késő.
– Kelmedhe’ gyöttem én ha meghaugatná a kérésemet.
– Csak mond ki lyányom, ha lehet meg is teszem.
– Hát adjon nekem egy emberfőt!
– Szivesen, de hát minek lesz a neked?
– Magam se tom bijonyosan, csak keresztanyám küdött.
– No jó, itt van ne!

Test Bank for Financial Accounting Tools for Business Decision-Making 6th Canadian Edition Paul D Kimmel Download

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Test Bank for Financial Accounting Tools for Business Decision-Making 6th Canadian Edition Paul D Kimmel Download

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