lOMoARcPSD|46240884
Larson 17ce V2 SAIT Solutions CH12
Accounting for Managers (Southern Alberta Institute of Technology)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
SOLUTIONS MANUAL
to accompany
Fundamental Accounting Principles
17th Canadian Edition
by Larson/Dieckmann/Harris
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-1
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
Prepared by:
John Harris, Seneca College
Technical checks by: Rhonda Heninger, SAIT
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-2
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
Chapter 12 Organization and Operation of Corporations
EXERCISES
Exercise 12-1 (15 minutes)
Characteristic Corporations
1. Owner authority and control........................................ e. One vote per share
2. Ease of formation........................................................
a. Requires government approval
3. Transferability of ownership....................................... d. Readily transferred
4. Ability to raise large capital amounts.......................... f. High ability
5. Duration of life............................................................
g. Unlimited
6. Owner liability.............................................................
h. Limited
7. Legal status..................................................................
c. Separate legal entity
8. Tax status of income....................................................
b. Corporate income is taxed
Exercise 12-3 (15 minutes)
2023
Jan. 15 Organization Expenses (or other various expenses)................. 31,700
Common Shares................................................................. 31,700
Issued common shares to promoters.
Feb. 21 Cash........................................................................................... 208,000
Common Shares................................................................. 208,000
Issued common shares for cash;
16,000 shares x $13/share = $208,000.
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-3
Downloaded by damaris mutuli ()
Larson 17ce V2 SAIT Solutions CH12
Accounting for Managers (Southern Alberta Institute of Technology)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
SOLUTIONS MANUAL
to accompany
Fundamental Accounting Principles
17th Canadian Edition
by Larson/Dieckmann/Harris
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-1
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
Prepared by:
John Harris, Seneca College
Technical checks by: Rhonda Heninger, SAIT
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-2
Downloaded by damaris mutuli ()
, lOMoARcPSD|46240884
Last revised: April 2022
Chapter 12 Organization and Operation of Corporations
EXERCISES
Exercise 12-1 (15 minutes)
Characteristic Corporations
1. Owner authority and control........................................ e. One vote per share
2. Ease of formation........................................................
a. Requires government approval
3. Transferability of ownership....................................... d. Readily transferred
4. Ability to raise large capital amounts.......................... f. High ability
5. Duration of life............................................................
g. Unlimited
6. Owner liability.............................................................
h. Limited
7. Legal status..................................................................
c. Separate legal entity
8. Tax status of income....................................................
b. Corporate income is taxed
Exercise 12-3 (15 minutes)
2023
Jan. 15 Organization Expenses (or other various expenses)................. 31,700
Common Shares................................................................. 31,700
Issued common shares to promoters.
Feb. 21 Cash........................................................................................... 208,000
Common Shares................................................................. 208,000
Issued common shares for cash;
16,000 shares x $13/share = $208,000.
Solutions Manual to accompany Fundamental Accounting Principles, 17th Canadian Edition. © 2022
McGraw Hill Ltd. 12-3
Downloaded by damaris mutuli ()
