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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Sales discounts are provided for the following reason:a. To provide a volume discount for goods purchasedb. To encourage early payment of invoicesc. As a promotional discount provided by a sales
On May 11, 2020, Wilson Purchasing purchased $23,000 of merchandise from Happy Sales; terms 2/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $18,000. Wilson paid $1,300 to Express
The Sk8 Shop sold 10 skateboards to a local summer adventure camp for $135 each at a cost of $95. After five days, the summer camp decided to return two of the unused skateboards and limit the class
The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2020:Required1. Prepare a classified multiple-step income statement that would be used
The purpose of a classified multiple-step format income statement is:a. To provide a detailed income statement for external reporting purposes, including the cost of goods sold and gross profit as
The following amounts summarize Transeer Company’s merchandising activities during 2020. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold (see Exhibit 5.13). Then record the
Gross profit margin is calculated as follows:a. Net Sales – Cost of Goods Sold/Net Salesb. Selling Price – Cost/Costc. Cost of Goods Sold/Net Salesd. Profit/Revenue
Westlawn Company discloses the following for the year ended May 31, 2020:Sales ................................................................................. $486,000Sales discounts
The following amounts appeared on the Mullen Company?s adjusted trial balance in alphabetical order as of November 30, 2020, the end of its fiscal year: A physical count shows that the cost of the
Referring to Exhibit 5.15, calculate the missing amounts (round to two decimal places). Analysis Component: Company A and Company B are in similar industries. Comment on their comparative
The following amounts appeared on the Mendelstein Company?s adjusted trial balance as of October 31, 2020, the end of its fiscal year: A physical count shows that the cost of the ending inventory
Information from the March 31, 2020, year-end unadjusted trial balance of The Online Store is as follows: Additional information: a. Supplies inventory at year-end, $920. b. The balance in the
The following is account information listed in alphabetical order for Compu-Soft for the month ended November 30, 2020. Required Prepare a multiple-step income statement for the month ended November
Information from the December 31, 2020, year-end unadjusted trial balance of Woodstock Store is as follows: Additional information:a. The balance on January 1, 2020, in the Store Supplies account
Using the following information, calculate cost of goods sold for the year ended December 31, 2020.Merchandise inventory (January 1, 2020 .................................... $ 40,000Kay Bondar,
Friar Company discloses the following information for the year ended October 31, 2020:Sales ............................................................................................. $363,000Sales
Part 1 Prepare general journal entries to record the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example,
The following is John?s Electronics? adjusted account information listed in alphabetical order for the month ended April 30, 2020. A physical count on April 30, 2020, revealed a merchandise inventory
During 2020, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2020, the following information was available from its records: Use the retail method to estimate
Quebec Traffic Company had a fire on March 10, 2020, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information:Sales, January 1 to March 10
The inventory of Sixth Avenue Department Store was destroyed by a fire on September 10, 2020. The following 2020 data were found in the accounting records:Jan. 1 inventory
In comparing income statement information for the years ended December 31, 2020 and 2021, the owner noticed an increase in the gross profit. He was puzzled because he knew that inventory costs were
While performing a detailed review of its financial records, Doors Unlimited noted the following ending inventory errors: Required Calculate the corrected ending inventory and cost of goods sold
Assume that Volleyball Pro Equipment had $900,000 of sales during each of three consecutive years, and it purchased merchandise costing $500,000 during each of the years. It also maintained a
The Weston Company performed a physical inventory count at the end of 2020. It was later determined that certain units were counted twice. Explain how this error affects the following:a. 2020 cost of
Fireplace Company reported the following amounts in its financial statements: In making the physical counts of inventory, the following errors were made: ? Inventory on December 31, 2020:
Shockley Co. reported the following amounts in its financial statements: In making the physical counts of inventory, the following errors were made: ? Inventory on December 31, 2020: understated
Showtime Company?s ending inventory at December 31, 2020, includes the following items: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar), and b. Applied separately
Thrifty Trading Co. has the following products in its ending inventory at December 31, 2020: a. Calculate LCNRV for the inventory as a whole, if applicable. b. Calculate LCNRV applied separately to
Marshall Inc. has $500,000 in cost of goods sold and an average inventory balance of $210,000 for fiscal 2020.Inventory turnover for 2020 is:a. 1.50 times per yearb. 0.42 times per yearc. 2.20 times
Telamark Company uses the moving weighted average method for inventory costing. The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020: March 4
If inventory is understated at the end of the accounting period, the effect will be which of the following:a. Cost of goods sold will be overstated and profit will be understatedb. Cost of goods sold
During 2020, The Blizzard Company sold 1,350 units of its product on May 20 and 1,700 units on October 25, all at a price of $51 per unit. Incurring operating expenses of $7 per unit in selling the
During 2020, Fresh Express Company sold 2,410 units of its product on September 20 and 2,550 units on December 22, all at a price of $81 per unit. Incurring operating expenses of $11 per unit sold,
The lower of cost and net realizable value principle involves:a. Recording the revenue on sale of merchandise inventory at the market price of an inventory itemb. Writing inventory down to the lower
The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvaged accounting records contained the following information:Sales, January 1 to July 5
Best Stereo Centre showed the following selected information on August 31, 2020: Using the retail method, estimate the cost of the ending inventory. Retail Cost Cost of goods available for sale Net
Assume that in addition to estimating its ending inventory by the retail method, Harmony Co. of Exercise 6-13 also took a physical inventory at the marked selling prices of the inventory items at the
Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years, the company’s
Belle Equipment Co. wants to prepare interim financial statements for the first quarter of 2020. The company uses a periodic inventory system but would like to avoid making a physical count of
From the following information for Russo Merchandising Co., calculate inventory turnover for 2021 and 2020 and days? sales in inventory at December 31, 2021 and 2020. Round answers to one decimal
The records of Earthly Goods provided the following information for the year ended December 31, 2020. Required 1. Prepare an estimate of the company?s year-end inventory by the retail method. Round
The records of The Wilke Co. provided the following information for the year ended December 31, 2020: Required 1. Prepare an estimate of the company?s year-end inventory by the retail method. Round
Huff Company and Puff Company are similar firms that operate within the same industry. The following information is available. Required Based on the information provided, which company is managing
Poundmaker Company just had a fire in its warehouse that destroyed all of its merchandise inventory. The insurance company covers 80% of the loss. The following information is available regarding the
Mixon Company showed the following selected information for the years ended December 31, 2020, 2019, and 2018: For the years ended 2020 and 2019, calculate: a. Days? sales in inventory b. Inventory
Using the Indigo financial statements in Appendix III, calculate the following ratios for the year ended April 1, 2017 and March 31, 2018. Comment on the change and consider whether the ratios make
Using the Spin Master financial statements in Appendix III, calculate the following ratios for the years ended December 31, 2016, and December 31, 2017. At December 31, 2015, Spin Master had an
Synergy Company began 2020 with 19,000 units of Product X in its inventory that cost $7.50 per unit, and it made successive purchases of the product as follows: The company uses a periodic
Bonaire Co. began 2020 with 6,300 units of Product B in its inventory that cost $68 each, and it made successive purchases of the product as follows: The company uses a periodic inventory system.
You are a college student and have just been hired to work part-time in the accounting department of Candy?s Cleaning Services. The person you are replacing had difficulty preparing the bank
Ellis Worton, the owner of Worton Consulting, showed the following unadjusted account balances at December 31, 2020, the business’s year-end (accounts have been listed in alphabetical
The following asset has the highest risk of theft:a. Inventoryb. Cashc. Landd. Property, plant, and equipment
Prepare the current asset section based on the following alphabetized post-closing trial balance information at March 31, 2020, for White Eagle Company: Debits Credits Account $ 7,000 Accounts
Halifax Fitness Consulting completed the following petty cash transactions during February 2020: Required 1. Prepare a journal entry to record establishing the petty cash fund. 2. Prepare a summary
Baby Photography completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of
Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Required a.
The fundamental principles of internal control include which of the following:a. Establish a separation of dutiesb. Ensure transactions are authorizedc. Maintain recordsd. All of the above.
Capital Irrigation has only a general journal in its accounting system and uses it to record all transactions. However, the company recently set up a petty cash fund to facilitate payments of small
The accounting system used by Dartmouth Sales and Service requires that all entries be journalized in a general journal. To facilitate payments for small items, Dartmouth established a petty cash
The three drivers of fraud include:a. Opportunity, intrinsic, and motivationb. Opportunity, honesty, and motivationc. Opportunity, rationale, and motivationd. None of the above.
The petty cash fund of the Wee Ones Agency was established on May 1, 2020, at $75. At the end of the month, the fund contained $13 and had the following receipts: film rentals, $19; refreshments for
Internal audits help the internal control environment by:a. Regularly and independently testing to make sure internal control procedures are followedb. Directing and training employees to follow the
Wilson Art set up a petty cash fund of $200 on March 1, 2020. On March 17, the petty cash box contained $19 and the following receipts: $75 for printing, $48 for taxi fare, and $55 for delivery
The bank reconciliation prepared by Gatz Company on May 31, 2020, appeared as follows: The Cash account in the general ledger appeared as follows on June 30 (Gatz uses only a general journal to
Mae Telford, the controller of the Baylor Company, provided the following information: The Cash account in the general ledger appeared as follows on November 30 (Baylor Company uses only a general
Separation of duties involves separating the following duties:a. Custody, authorization, and attitude of employeesb. Custody, authorization, and recording of assetsc. Control, access, and recording
Canmore Consulting established a $100 petty cash fund on September 1, 2020. On September 23, the petty cash box contained $7 and receipts for the followingexpenses: $32 for entertainment expense
The bank reconciliation prepared by Gemma Tours on March 31, 2020, appeared as follows: The Cash account in the general ledger appeared as follows on April 30: A list of deposits made and cheques
The bank reconciliation prepared by Village-on-the-Lake Condos on May 31, 2020, is shown below: The Cash account in the general ledger appeared as follows on June 30: A list of deposits made and
Limitations of internal control include:a. Human error or human neglectb. Human neglect and human misjudgmentc. Human error or human fraudd. Human negligence and human misjudgment
The following information was available to reconcile Montrose Company’s book balance of Cash with its bank statement balance as of October 31, 2020:a. After all posting was completed on October 31,
The following information was available to reconcile Frogbox Moving’s book Cash balance with its bank statement balance as of December 31, 2020:a. The December 31 Cash balance according to the
The following procedures represent a basic guideline for handling cash:a. Separate handling and recordkeeping of cashb. Deposit cash receipts promptly in the bankc. Make cash disbursements by
Dallas Repairs completed the following petty cash transactions during July 2020:Required1. Prepare a general journal entry to record establishing the petty cash fund.2. Prepare a summary of petty
Pelzer Company reconciled its bank and book statement balances of Cash on August 31 and showed two cheques outstanding at that time, #5888 for $6,220.00 and #5893 for $1,485.65. The following
Yardworx reconciled its book balance of Cash with its bank statement balance on April 30 and showed two cheques outstanding at that time, #1771 for $15,463.10 and #1780 for $955.65. The following
The journal entry to establish a petty cash fund is the following:a. Dr. Petty Cash $XXX, Cr. Cash $XXXb. Dr. Petty Cash $XXX, Cr. Supplies $XXXc. Dr. Cash $XXX, Cr. Petty Cash $XXXd. Dr. Cash Over
Credit card transactions typically cost companies a fee. This cost is recorded as:a. Cost of Goods Soldb. Salesc. Credit Card Expensed. Merchandise Inventory
Refer to Spin Master’s balance sheet in Appendix III. What is its cash balance as at December 31, 2016 and December 31, 2017?
Stewart Recording Studio, owned by Ron Stewart, showed the following bank reconciliation at March 31: A list of deposits made and cheques written during April, taken from the cash receipts
Balloon Supply Co. reconciled its bank statement balances of Cash on October 31 and showed two cheques outstanding at that time, #1388 for $14,650 and #1393 for $9,800. The following information was
Outstanding cheques are ___________ the ________ balance on the bank reconciliation.a. Deducted from, bankb. Ddded back to, bankc. Deducted from, bookd. Added back to, book
WestJet Airlines showed cash and cash equivalents on December 31, 2017, of $1,147,076,000. What percentage is this of total assets?
Bolton Company’s October 31, 2020, bank statement showed a cash balance of $15,400, while the company’s general ledger Cash account for the same date showed a balance of $13,150. A bank deposit
Presented below is information related to Scuba Dive Company. The balance according to the books at October 31, 2020, was $99,657.29; cash receipts recorded during November were $64,805.69; and cash
The following information was available to reconcile Shanghai Company’s book balance of Cash with its bank statement balance as of February 28, 2020.a. The bank statement at February 28 indicated a
Your accountant has been asked to prepare the bank reconciliation for Ultimate Discs (UD), a store that sells frisbees.• You log in to the online bank statement and note that the bank balance is
The bank reconciliation prepared by Winfield Construction on June 30, 2020, appeared as follows: The Cash account in the general ledger appeared as follows on July 31: A list of deposits made and
The following is information for Dundee Realty:a. Balance per the bank statement dated October 31, 2020, is $26,830.b. Balance of the Cash account on the company books as of October 31, 2020, is
The following is information for the Donut Holes Cafe:a. Balance per the bank statement dated December 31, 2020, is $50,860.b. Balance of Cash account on the company books as of December 31, 2020, is
Kesler Co. deposits all receipts intact on the day received and makes all payments by cheque. On July 31, 2020, after all posting was completed, its Cash account showed a $10,932 debit balance.
Set up a table with the following headings for a bank reconciliation as of September 30: For each item that follows, place an X in the appropriate column to indicate whether the item should be
Calculate the quick ratio in each of the following cases: Required Which case is in the best position to meet short-term obligations most easily? Explain your choice. Round calculations to two
Reproduced below from Farthington Supply?s accounting records is the accounts receivable subledger along with selected general ledger accounts. During the year 2020, there were no recoveries of
Clara Dover, the owner of Dover Plumbing Sales and Service, showed the following adjusted account balances for the year ended March 31, 2020 (listed alphabetically):Account
Recognition of accounts receivable is directly linked to the accounting standard for which of the following:a. Cash and cash equivalentsb. Accounting for property, plant, and equipmentc. Revenue
You are the finance officer at a bank where the owner of Delta Designs is applying for a $600,000 loan. In reviewing the account information for the year ended June 30, 2020 you are concerned by the
Wallace Contracting recorded the following transactions during November 2020: Required 1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances.
A major source of revenue for Alphabet Inc. (parent company of Google Inc.) is advertising. With Google’s AdWords, advertisers can pay on a cost-per-click basis. This means that the advertisers pay

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