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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Julie Leung, an employee of the Import Company, worked 172 hours during the month of January 2015. Her pay rate is $12.50 per hour, and her wages are subject to no deductions other than income taxes,
Games Co. contributes 8% of an employee’s salary to a retirement program, pays medical insurance premiums of $60 per employee, and pays vacation allowance equivalent to 5% of the employee’s
Refer to the information in QS AI-8 and QS AI-9. Prepare a journal entry to record payment by Chandler Tailors to the Receiver General for Canada on March 15.Refer to exercise QS Ai-8Chandler Tailors
Refer to the information in QS AI-8. Prepare a journal entry to record Chandler Tailors€™ share of payroll deductions.Refer to QS AI-8Chandler Tailors pays its three part-time employees
Chandler Tailors pays its three part-time employees monthly. The following information is available for the February 2015 payroll:Required Prepare the journal entry to record payroll expenses
Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31, 2015, journal entry to record Games
Maidstone Plumbing Services€™ two employees are paid biweekly. Assuming a tax rate of 30%, complete the payroll register above for the two-week period ended February 24, 2015. Distribution
Meadow Lake Groceries has two employees who are paid monthly. Using the payroll deduction tables at the end of the appendix, complete the payroll register above for the month ended March 31, 2015,
Prairie Rigging€™s three employees are paid weekly. Waverley works in the office and Johnson and Zender are sales representatives. Complete the payroll register above for the week ended
Trax Ltd. has six employees, each of whom earns $3,000 per month. Income taxes are 20% of gross pay and the company deducts EI and CPP. Prepare the March 31 journal entry to record payroll for the
A company deducts $260 in Employment Insurance and $205 in Canada Pension from the weekly payroll of its employees. How much is the company’s expense for these items for the week?
What are employee fringe benefits? Name some examples.
What payroll charges are levied on the employer? What amounts are deducted from the wages of an employee?
What information is accumulated on an employee’s individual earnings record? Why must this information be accumulated? For what purposes is the information used?
What is the Canada Pension Plan deduction rate for self-employed individuals?
Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is information on the purchases and sales of the power drills, €œM1500.€
During 2017, 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
The Zeon Company had a flood on July 5, 2017, that destroyed all of its inventory. The salvaged accounting records contained the following information:Required Determine the amount of inventory
Using the Danier Leather financial statements in Appendix III, calculate the following ratios for the year ended June 28, 2014, and June 29, 2013. At June 30, 2012, Danier had an ending inventories
Bonaire Co. began 2017 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. On
The records of Thomas Company as of December 31, 2017, show the following:The accountant of Thomas Company discovers in the first week of January 2018 that the following errors were made by his
Why are internal controls important in a business? List the fundamental principles of internal control.
Eddie works at a clothing store in the mall. He sees that his manager is very busy. At the end of the day, Eddie offers to count the cash in the cash register, deposit it at the bank, and record the
The bartender at a restaurant performs a monthly inventory count for the wine, beer, and other liquor and will update the accounting records for any differences between the inventory records and the
Using the three components of the fraud triangle, explain why a student may cheat on an exam.
When merchandise is purchased for a large store, why are department managers not permitted to deal directly with suppliers?
Refer to Danier’s balance sheet in Appendix III. What is its cash balance as at June 28, 2014?
What is a tax withholding table?
WestJet Airlines showed cash and cash equivalents on December 31, 2014, of $1,358,071,000. What percentage is this of total assets?
Bolton Company’s October 31, 2017, 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
Your accountant has been asked to prepare the bank reconciliation for Ultimate Discs (UD), a store that sells frisbees.• You login to the online bank statement and note that the bank balance is
Identify and explain the criteria that must be met before recording accounts receivable and revenue.
Identify three roles or responsibilities that should be segregated within the accounts receivable process.
What are the objectives of Employment Insurance laws?
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for
Review the balance sheet for Danier Leather in Appendix III. Did accounts receivable increase or decrease from 2013 to 2014 and by how much?
What does it mean to sell a receivable without recourse?
Trophy Services is in the business of selling trophies, medals, and plaques. On May 15, Central High School ordered plaques and medals to reward students with high academic and extracurricular
Dim Sum Foods has accounts receivable of $260,000 and the allowance for doubtful accounts has a credit balance of $6,000. Based on analyzing the aging of the accounts receivable, management
Delcom had total accounts receivable on December 31, 2017, of $160,000 aged as follows:Prepare the December 31, 2017, adjusting entry to estimate uncollectible accounts receivable assuming an
On August 2, 2017, SLM Company received a $5,500, 90-day, 5% note from customer Will Carr as payment on his account. Determine the maturity date and prepare the August 2 and maturity date entries,
Mega Company and Holton Company are similar firms that operate within the same industry. The following information is available:a. Which company has the more favourable accounts receivable turnover
You and your friends are taking a two-week trip to Paris, France, from June 1 to 15, 2017. On May 1, 2017, you booked and prepaid for your stay at Hotel de Paris for $300 per night for 14 nights.
Carolyn owns a small business, Snappy Frames, that sells picture frames. Carolyn says, “I let most of my employees be the CEO of their responsibilities. Trust is the key to my success!” Once
Selected unadjusted account balances at December 31, 2017, are shown below for Demron Servicing.Requireda. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare the
Outer Armour (OA) is a company that sells high quality outerwear. OA has accepted two notes receivables from customers and has a December 31, 2017, year-end.Note Receivable AOn September 1, 2017, OA
A major source of revenue for Google Inc. is advertising. With Google Ad Words, advertisers can pay on a cost-per-click basis (Google, 2013). This means that the advertisers pay every time a customer
On December 31, 2017, Corotel Company€™s year-end, the unadjusted trial balance included the following items:Required1. Prepare the adjusting entry needed in Corotel€™s books to
On December 31, 2017, Toro Company€™s Allowance for Doubtful Accounts had an unadjusted credit bal- ance of $31,000. The accountant for Toro has prepared a schedule of the December 31,
At year-end, December 31, 2017, Corolla Sales showed unadjusted balances of: $394,000 in Accounts Receivable; $13,800 debit in Allowance for Doubtful Accounts; and $1,940,000 in Sales. Uncollectible
Using the Indigo financial statements in Appendix III, calculate the following ratios for the years ended March 29, 2014, and March 30, 2013. Comment on the change. a. Accounts receivable
A major source of revenue for Google Inc. is advertising. With Google AdSense, advertisers pay on a cost-per-impression basis (Google, 2013). This means that the advertisers pay each time their ads
On December 31, 2017, Stilton Service Company€™s year-end, the unadjusted trial balance included the fol- lowing items:Required1. Prepare the adjusting entry on the books of Stilton Service
Who pays federal Employment Insurance? What is the rate?
On December 31, 2017, RCA Company€™s Allowance for Doubtful Accounts had an unadjusted debit balance of $7,800. The accountant for RCA has prepared a schedule of the December 31, 2017,
At year-end, March 31, 2017, Waterton Contractors showed unadjusted balances of $243,000 in Accounts Receivable; $1,100 debit in Allowance for Doubtful Accounts; and $4,640,000 in Sales.
Using the Danier Leather financial statements in Appendix III, calculate the following ratios for the years ended June 28, 2014 and June 29, 2013. At June 30, 2012, Danier had an accounts receivable
Who pays the contributions to the Canada Pension Plan?
Who pays premiums under the Workers’ Compensation laws?
Synergy Company began 2017 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 inventory
On November 30, 2017, York + Robin Shoes (Y+R) performed the annual inventory count and determined the year-end ending inventory value to be $49,222. It is now December 3, 2017, and you have been
Using the Indigo financial statements in Appendix III, calculate the following ratios for the year ended March 29, 2014 and March 30, 2013. Comment on the change and consider whether the ratios make
Use the data from Problem 6-7A and do the question assuming Fresh Express Company uses a periodic inventory costing system.Problem 6-7ADuring 2017, Fresh Express Company sold 2,500 units of its
During 2017, Fresh Express Company sold 2,500 units of its product on September 20 and 3,000 units on December 22, all at a price of $90 per unit. Incurring operating expenses of $14 per unit sold,
The transactions of Echo Systems for October through December 2017 have been recorded in the problem segments in Chapters 2 and 3, as well as the year-end adjusting entries. Prior to closing the
Identify the inventory costing method most closely related to each of the following statements, assuming a period when the cost per unit is increasing: a. Current cost of inventory not reflected
Case Defence sells smart phone cases and uses the perpetual inventory system. The following is information on the purchases and sales of €œDefender Box€ cases. On October 1, Case
Kim works at a sports store and needs to determine the selling price for running shoes. The running shoes have a cost of $40. The manager asked Kim to price the running shoes with a 60% target gross
On May 11, 2017, Wilson Purchasing purchased $25,000 of merchandise from Hostel Sales; terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson paid $1,500 to Express
You work at a clothing store. Determine the selling price of jeans with a target gross margin of 40% and tops with a markup percentage of 40%. Assume that the jeans and tops both have a cost of $30.
Assume it costs a manufacturer $80 to produce a pair of sunglasses. The manufacturer sells the sun-glasses to a fashion designer for $100. The fashion designer puts its brand name on the sunglasses
Your parents own a grocery store and you need to determine the selling price of fruit. It costs $0.81/kg for non-organic bananas and $1.21/kg for organic bananas. You decide to sell the non-organic
As a co-op student, you are working as an accounts receivable clerk at Asian Foods. The controller asks you to record a customer payment from Liu and Li Co. The sales invoice is dated October 1,
You are the accounts payable clerk at Liszt Music. The manager asks you to pay an invoice from the supplier Schumann Co. The date of purchase and the date of the invoice is October 15, 2017, for
George believes that a 50% markup percentage is the same as a 50% target gross margin. Do you agree or disagree with George? Explain and provide a calculation to prove your point using a cost of $20
The manager exclaims, “Why do we have so many purchase returns?” The accountant asks, “Why does it matter if our suppliers offer unlimited returns?” Explain why the manager is concerned.
You are studying for your accounting exam with Mason and he says, “If a company has positive gross profit, then the company also has positive profit.” Explain to Mason whether you agree or
Refer to the income statement for Danier in Appendix III. Is a detailed calculation of the cost of goods sold presented?
Refer to the income statement for WestJet in Appendix III. Is WestJet a merchandiser?
Canada€™s largest film exhibition operator with theatres in ten provinces. An excerpt from its comparative balance sheet at December 31, 2014, shows the following assets and liabilities,
On January 20, 2017, Jennifer Nelson, the staff accountant for Newby Enterprises, is feeling pressure to complete the preparation of the annual financial statements. The president of the company has
IBS Company€™s unadjusted trial balance on December 31, 2017, the end of its annual accounting period, is as follows:Information necessary to prepare adjusting entries is as follows:a.
You are the accountant at Danier. Refer to Appendix III for Danier’s Consolidated Balance Sheets as at June 28, 2014. Your manager has asked you to do the following:a. Calculate the current ratio,
Bullseye Market Research Company (BMRC) specializes in conducting focus groups for businesses launching a new product. BMRC analyzes customer likes and dislikes to ensure new products will be
The December 31, 2017, unadjusted trial balance for Tucker Photographers after the first month of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet. 2.
The July 31, 2017, unadjusted trial balance for Daimler Tours after its first month of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
You are the accountant at Indigo. Refer to Appendix III for Indigo’s Consolidated Balance Sheets as at March 29, 2014. Your manager has assigned you the following tasks.a. Calculate the current
Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth and anyone
MY Auto body€™s adjusted trial balance on December 31, 2017, appears in the work sheet as follows:Required1. Prepare closing entries. 2. Prepare the post-closing trial balance at
The June 30, 2017, unadjusted trial balance for Trenton Consulting after its first year of operations follows:Required1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
The March 31, 2017, unadjusted trial balance for Silva Rentals after its first year of operations is shown below:Required1. Enter the unadjusted trial balance onto a work sheet. 2. Using the
Refer to the information in Exercise 4-20. You, business analyst at Second Cup Ltd. have been asked to calculate the debt to equity ratio (round to two decimal places). Provide your manager with
The following is selected simplified information from Second Cup Ltd.€™s Balance Sheet as at December 28, 2013, and December 29, 2012. You, business analyst at Second Cup, have been asked
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical order. Using the template provided, prepare a classified balance sheet for the
The March 31, 2017, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.RequiredPreparation Component:a. Place an Xi the space provided beside each
Jozef€™s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2017:Required1. Identify the error(s) in the post-closing
On December 31, 2017, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $75,500. It is now January 8, 2018, and you have been
During 2017, Harmony Co. sold $520,000 of merchandise at marked retail prices. At the end of 2017, the following information was available from its records:Use the retail method to estimate
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
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130.RequiredCalculate the

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