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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Maple Leaf Foods Inc. is a packaged meat producer. It reports biological assets on its balance sheet that consist of hogs and poultry livestock. These are considered current assets somewhat similar
Sure Value Hardware has four employees who are paid on an hourly basis, plus time and a half for hours worked in excess of 40 hours a week. Payroll data for the week ended March 14, 2021,
On January 1, 2021, Shumway Software Company’s general ledger contained these liability accounts:Accounts payable ............................................... $40,000Unearned revenue—loyalty
Slope Style Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $750,000. At that time, management estimated that the equipment would have a useful life of 10 years
Pearson Company uses the allowance method to estimate uncollectible accounts receivable. The company produced the following information from aging its accounts receivable at year end: The
Cotton Company uses the percentage of sales approach to record bad debt expense for its monthly financial statements and the percentage of receivables approach for its year-end financial statements.
Natalie is struggling to keep up with the recording of her accounting transactions. She is spending a lot of time marketing and selling smoothies and juicers. Her friend John is an accounting student
New Look Vision Group Inc. manufactures and retails eye care products. The company operates company stores under three banners: New Look Eyewear, Vogue Optical, and Greiche & Scaff . Selected
On June 30, 2021, EZ Fertilizer?s cash account per its general ledger showed the following balance: The bank statement from Canada Bank on that date showed the following balance: A comparison of
The Agricultural Genetics Company’s Cash account in its general ledger reported a balance of $6,782 on May 31, 2021. The company’s bank statement from Western Bank reported a balance of $6,405 on
The March bank statement showed the following for Yap Co.: Additional information: 1. The bank statement contained three debit memoranda: ? An NSF cheque of $595 that Yap had deposited was returned
On October 31, 2021, Lisik Company had a cash balance per books of $8,946. The bank statement on that date showed a balance of $10,155. A comparison of the statement with the Cash account revealed
On May 31, 2021, Forester Theatre?s cash account per its general ledger showed the following balance: The bank statement from Canada Bank on that date showed the following balance: A comparison
On March 2, Pugh Company established a petty cash fund of $100. On March 27, the fund was replenished when it had $18 in cash and receipts for supplies $20, postage for $27, and repairs expense
On April 16, Triomedia Company made sales of $10,000 to customers using credit cards for payment. The credit card company charges Triomedia a service fee of 2.5% for credit card transactions. Prepare
Hakim?s Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2021: On August
Merrett Company lost 80% of its inventory in a fire on March 23, 2021. The accounting records showed the following gross profit data for February and March: Merrett is fully insured for fire losses
On January 1, The Big Kids Store had a beginning inventory of 150 units of the RC Spitfire-MK IIB model airplane at a cost of $65 per unit. During the year, purchases were as follows: ? ? The Big
The following financial information (in US$ millions) is for two major corporations for the three fiscal years ended as follows: Instructions a. Calculate the inventory turnover, days sales in
Vasquez Paper Company has provided you with the following information regardingits inventory of paper for June and July. Vasquez uses a perpetual inventory system. Instructionsa. Calculate the
Brandon Shoe Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available at November 30, 2021:At November 30, Brandon Shoe Store takes a
Aldor Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made: Instructions a. Calculate the cost of
The following financial information (in US$ millions) is for two major corporations for the three years ended December 31: Instructions a. Calculate the inventory turnover, days sales in inventory,
Dartmouth Games reported the following information for a three-year period: Instructions a. Calculate the inventory turnover, days sales in inventory, and gross profi t margin for 2021 and 2020. b.
Refer to the data in BE6.15 for Reynold’s Company. Assume for 2020 the company had an inventory turnover ratio of 9.1 and 40.1 days sales in inventory. Has the company’s inventory management
Reynold’s Company had net sales of $2,500,000, cost of goods sold of $1,150,000, and profit of $500,000 in 2021. The company had a January 1, 2021, inventory balance of $132,000 and a December 31,
Refer to the data in BE6.13 for Smart Information Technology Company. Prior to making the adjustment in BE6.13 part (b), cost of goods sold for 2021 was $418,500. What is the correct ending inventory
Smart Information Technology Company has the following cost and net realizable value data at December 31, 2021: a. Calculate the lower of cost and net realizable value valuation assuming Smart
FirstIn Company reported profit of $90,000 in 2020. When counting its inventory on December 31, 2020, the company forgot to include items stored in a separate room in the warehouse. As a result,
Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collie’s beginning inventory for the year ended December 31, 2020. The ending inventory for 2020
Mila Company discovers in 2021 that its ending inventory at December 31, 2020, was overstated by $5,000. What effect will this error have on(a) 2020 profit,(b) 2021 profit,(c) The combined profit for
GS Retail reported the following for the past two fiscal years: (a) Calculate the gross profit margin and profit margin for both years.? (b) Comment on any changes in profitability. 2021 2020 Net
Comparative financial statements for The Rose Packing Corporation are shown below. Additional information: 1. All sales were on account. 2. The allowance for doubtful accounts was $5,500 in 2021
The following selected information is for Xtreme Corporation: Instructions a. Calculate the gross profit margin, profit margin, asset turnover, return on assets, and return on equity ratios for
Marrakesh Company reported the following income statement data for the years ended December 31: The inventories at January 1, 2020, and December 31, 2021, are correct. However, the ending inventory
The records of James Company show the following data:? After its July 31, 2021, year end, James Company discovered two errors: 1. In August 2019, James recorded a $30,000 inventory purchase on
Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Harrison Company show the following data: After its July 31, 2021, year end, Harrison discovered
Glacier Fishing Gear reported the following amounts for its cost of goods sold and ending inventory: Glacier made two errors: (1) 2020 ending inventory was overstated by $5,500, and (2) 2021 ending
The records of Khanna Company show the following amounts in its December 31 financial statements: Khanna made the following errors in determining its ending inventory: 1. The ending inventory
The records of Alyssa Company show the following amounts in its December 31 financial statements: Alyssa Company made the following errors in determining its ending inventory: 1. The ending
Dene Company uses a perpetual inventory system and reports the following inventory transactions for the month of July: Instructions a. Calculate the cost of goods sold and ending inventory under
Average Joe Company uses the weighted average cost formula in a perpetual inventory system. Fill in the missing amounts for items (a) through (k) in the following perpetual inventory record (round
Top Light Company uses a perpetual inventory system. The company began 2021 with 1,000 lamps in inventory at a cost of $12 per unit. During 2021, Top Light had the following purchases and sales of
First Choice Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts for items (a) through (k) in the following perpetual inventory record: Inventory Balance
You are the controller of Small Toys Inc. Mutahir Kazmi, the president, recently mentioned to you that he found an error in the 2020 financial statements that he believes has now corrected itself.
In this group activity, you will work in two different groups to improve your understanding of inventory cost determination methods using a perpetual inventory system. First, you will work in an
You are given the following information for Swan Valley Company for the month ended June 30, 2021: Swan Valley Company uses a perpetual inventory system. All sales and purchases are on
You are given the following information for Churchill Company for the month ended November 30, 2021: Churchill Company uses a perpetual inventory system. All sales and purchases are on
In December, Carrie?s Car Emporium purchased the following items: On December 22, the 2019 Honda and 2018 Jeep were sold for $16,500 each. Instructions a. Should Carrie?s Car Emporium use specific
Headquartered in Toronto, Indigo Books & Music Inc. is Canada?s largest book retailer. The following selected information is from the consolidated financial statements for Indigo Books &
The merchandise inventory in Claire’s Clothing Store was counted after the close of business on December 31, 2021, the company’s year end. It was determined that the total cost of this inventory
Refer to the consolidated fi nancial statements for Aritzia Inc. reproduced in Appendix A.Instructionsa. How does Aritzia value its inventory?b. Which inventory cost formula does Aritzia use?c. Would
Morden Company is trying to determine the value of its ending inventory as at February 28, 2021, the company’s year end. The accountant counted everything that was in the warehouse as at February
Carberry Company is trying to determine the value of its ending inventory as at February 28, 2021, the company’s year end. The accountant counted everything that was in the warehouse as at February
Raymond is the accountant at an electronics retail store. The manager recently entered into a contract with a local college to supply 10 interactive whiteboards for $1,395 each. Raymond must account
Prepare journal entries to record the following sales transactions in Arturo Company’s books. Arturo uses a perpetual inventory system and the contract-based approach to revenue recognition. Arturo
At the beginning of the current soccer season, on May 1, 2021, Fullback Sports has 100 soccer balls in inventory at $10 each. The company uses a perpetual inventory system and the contract- based
Prepare journal entries to record the following sales transactions in Trig Company’s books. Trig uses a perpetual inventory system and the contract-based approach to revenue recognition. Management
Paper Planet sells office supplies to a variety of customers. The owner, Matthew Demetri, is trying to decide whether to use the contract-based or earnings approach for revenue recognition. The
Canadian Coat Company sells outdoor apparel to retailers all over Canada. The owner, Leo Wallace, is trying to decide whether to use the contract-based or earnings approach for revenue recognition.
The following selected information is for Okanagan Company for the year ended January 31, 2021: Instructions a. Prepare a multiple-step income statement. b. Prepare closing entries. Freight in
Sagina Stores uses a periodic inventory system and reports the following information for 2021: Prepare the cost of goods sold section of the multiple-step income statement for Sagina Stores.
Adams Liquidation Warehouse sells goods to retail stores and extends credit terms of 1/10, n/30. Adams has a stated policy of no returns, all sales are final. The company uses the perpetual inventory
MC Liquidation Warehouse sells goods to retail stores and extends credit terms of 1/10, n/30. MC Liquidation has a stated policy of no returns, all sales are final. The company uses a perpetual
On January 1, 2021, Casselberry Retailers had inventory of $50,000. On December 31, 2021, total inventory on hand was $66,000. Casselberry reported the following account balances on December
Presented below are selected transactions for Infinity Company during February and March of the current year. Infinity uses a perpetual inventory system and the contract-based approach for revenue
The following is an alphabetical list of Tse?s Tater Tots? adjusted account balances at the end of the company?s fiscal year on December 31, 2021: Additional information: 1. Tse?s Tater Tots uses a
The following is an alphabetical list of Bud?s Bakery?s adjusted account balances at the end of the company?s fiscal year on November 30, 2021: Additional facts: 1. Bud?s Bakery uses a periodic
Up North Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what she produced: The owner of the
New West Company recently hired a new accountant whose first task was to prepare the financial statements for the year ended December 31, 2021. The following is what he produced: The owner of the
Lululemon athletica inc. reported the following information (in US$ thousands) for the three fiscal years ended: Instructions a. Calculate the gross profi t margin and profi t margin for lululemon
Data for Stojanovic Distributing Company are presented in P5.5B. A physical inventory count shows the company has $5,570 of inventory on hand at September 30, 2021. Assume that Stojanovic uses the
Data for Willingham Distributing Company are presented in P5.5A. A physical inventory count shows $5,498 of inventory on hand on June 30, 2021.Instructionsa. Record the transactions assuming
An alphabetical list of Rikards Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. Additional information: 1. Of the notes payable,
Nelson Company provides the following information for the month ended October 31, 2021: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000.
The following is information from Crystal Company?s adjusted trial balance at December 31, 2021: Instructions a. Prepare a single-step income statement for the year ended December 31, 2021. b.
At year end, the perpetual inventory records of Guiterrez Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,100. Record the
The following information (dollars in millions) is for Canadian Tire Corporation, Limited. Instructions a. Calculate the gross profit margin, profit margin, and current ratio for Canadian Tire for
Magna International Inc. is a leading global supplier of technologically advanced automotive components, systems, and modules. Selected financial information (in US$ millions)
Presented below is information related to Hurly Co., owned by D. Flamont, for the month of January 2021. Instructions a. Prepare the necessary adjusting entry for inventory. b. Prepare the
The unadjusted trial balance of Global Enterprises for the year ended December 31, 2021, follows: Additional information: 1. There was $700 of supplies on hand on December 31, 2021. 2. Depreciation
The unadjusted trial balance of World Enterprises for the year ending December 31, 2021, follows: Additional information: 1. There is $750 of supplies on hand on December 31, 2021. 2. The one-year
Western Lighting Warehouse has a July 31 fiscal year end and uses a perpetual inventory system with the earnings approach. An alphabetical list of its account balances at July 31, 2021, follows. All
Wolcott Warehouse Store has an August 31 fiscal year end and uses a perpetual inventory system and the earnings approach. An alphabetical list of its account balances at August 31, 2021, follows. All
At the beginning of September 2021, Stojanovic Distributing Company’s ledger showed Cash $12,500, Merchandise Inventory $7,500, and D. Stojanovic, Capital, $20,000. Stojanovic uses the perpetual
At the beginning of June 2021, Willingham Distributing Company’s ledger showed Cash $18,000, Merchandise Inventory $5,900, and D. Willingham, Capital $23,900. During the month of June, the company
Stellar Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March:Mar. 1
At the beginning of the current golf season, on April 1, 2021, Swing-Town Golf Shop’s merchandise inventory included 20 specialty hybrid golf clubs at a cost of $160 each. Swing-Town uses a
At the beginning of the current tennis season, on April 1, 2021, Kicked-Back Tennis Shop’s inventory consisted of 50 tennis racquets at a cost of $40 each. Kicked-Back uses a perpetual inventory
Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: 1. Services of $600
At December 31, 2021, Giselle Company had a five-month, 5%, $90,000 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022.(a) Prepare the
The unadjusted trial balance at December 31, 2021, and the year-end adjustment data for Swift Creek Engineering are presented below: Additional information:1. Services of $10,440 were provided but
At December 31, 2021, Giselle Company made an accrued expense adjusting entry of $1,700 for salaries. On January 4, 2022, it paid salaries of $3,000: $1,700 for December salaries and $1,300 for
The unadjusted trial balance at April 30, 2021, and adjustment data for the month of April 2021 for Garden Designs are presented below: Additional information: 1. $500 of the unearned revenue is to
The accountant for Orange Line Company is almost finished preparing the work sheet for the year ended August 31, 2021. The totals of the accounts in the income statement and balance sheet columns are
Gildan Activewear Inc. is a leading manufacturer and marketer of family apparel, including T-shirts, fleece, sport shirts, socks, and shapewear. Its brands include American Apparel and Gold Toe. The
The accountant for Coulombe Company is almost finished preparing the work sheet for the year ended July 31, 2021. The totals of the accounts in the income statement and balance sheet columns are
Selected financial information for JPC Enterprises as at December 31, 2021, follows: Additional information: 1. All accounts have normal balances. 2. $17,250 of the mortgage payable will be paid
Selected financial information is available at July 31 for Drew Co. a. Calculate (1) working capital, (2) the current ratio, and (3) the acid test ratio for 2020 and 2021. b. Indicate whether there
These financial statement items are for Basten Company at year end, July 31, 2021. Instructions a. Prepare an income statement and a statement of owner?s equity for the year. The owner did not make

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