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business
intermediate accounting

Questions and Answers of Intermediate Accounting

As the marketing manager for Fast Fones Industries Pty Ltd you have asked the accountant what it costs to make the FFI2020 model as you want to set a price for the phone. A similar phone produced by
Innovative Computers Pty Ltd produces laptops. Each computer contains a rechargeable battery and LCD screen. Batteries and screens are purchased from an outside supplier for $96 and $150 each,
As the Human Resources manager for Beautiful Bottles Pty Ltd, a company manufacturing bottles for the food industry, you have been asked by the accountant to help reduce the product costs of each
Classify the following items as being either product costs or period costs:1. Depreciation on a vehicle used by the entity’s general manager2. Containers used to package finished goods3. Salaries
There are differences between the inventories of a manufacturing entity and a retail entity. Do these differences have any effects on the financial statements of the two types of entities? Explain
You are the new accountant for Ted Cowpitt, who runs his own small pottery manufacturing business. Ted says, `I can’t see why it is so difficult to work out the value of my pottery inventory,
‘Accounting for inventories for a manufacturer is rather pointless if the periodic system of inventory is used. Only by using the perpetual inventory system can meaningful information for
Smart Manufacturing Systems Pty Ltd is a small manufacturing business that houses its manufacturing operations, selling activities and administration activities in the one building. The insurance
As a graduate accountant one of the first things you have been asked to do by your employer, Smart Manufacturing Systems Pty Ltd, is to write a memo to senior management explaining the difference
The senior management of a manufacturing entity decided to overhaul its approach to managerial performance evaluation. Paul Tyler, manager in charge of production, is informed that as a result of the
Explain the difference between product and period costs. Is labour cost a period cost, a product cost, or can it be both?
As the new marketing manager for Fast Fones Industries Pty Ltd , a company that manufactures mobile phones you need to learn about the accounting system for the business. Why is it important that
‘Accounting for cost of sales in a manufacturing entity creates no more problems than those encountered in a retail entity.’ Discuss this statement.
Many non-accountants confuse the terms cost and expense. As an accounting student, explain the difference between a cost and an expense using a relevant example.
Refer to the latest financial report of JB Hi-Fi Limited on its web site, www.jbhifi.com.au, and answer the following questions:Required1. JB Hi-Fi Limited is one of Australia’s major retail
Fremantle Fisheries (FF) operates a fleet of fishing boats out of three ports in Western Australia — Fremantle, Bunbury and Geraldton. Each port has its own fishing fleet and all seafood caught is
Teresa Greene owns and manages a craft and material shop called All Sewn Up. Most of the revenue of All Sewn Up is from the sale of craft materials, although some revenue is made by giving craft
You have been asked for an opinion on the accounting system that would be most suited to the needs of this company. Give your response to the following queries:A. Should the company use a sales
The post-closing trial balance of Raschella Ltd as at 1 November 2016 contained the following normal balances:Account no.Account titleAccount
Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and a general journal. The business also maintains subsidiary ledgers for accounts receivable
On 30 June 2016 the following information appeared in the accounting records of Ndung and Mkoka:Balance of Accounts Receivable Control account, $3725Total of schedule of accounts receivable,
The accountant for House of Hardware, Ricky Hammer, was unable to complete the trial balance of the business’s general ledger. The total of the credit column was less than the total of the debit
On 1 June 2017, Aaron Draper began trading as a landscape material supplier. The transactions for the month of June 2017 were as follows (ignore GST):June1123456891011121416171819212223242630Draper
Galluzo Ltd uses a sales journal, a cash receipts journal, a general journal and an accounts receivable subsidiary ledger within a periodic inventory system. The terms of all credit sales are 2/10,
You are the person responsible for the accounts payable ledger of Cameron Ltd. You are concerned that the statement of account for the month ending 30 June 2016 received from Deveson Ltd does not
Ravilero Ltd uses the periodic inventory system and has control accounts and subsidiary ledgers for trade receivables and payables. The general ledger control account balances at 1 June 2016
Bush Basher Bikes sells off road motorbikes on both a credit and cash basis. They stock a full range of spare parts and accessories. The business also employs a full-time mechanic who carries out
Tymonns Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during April 2016.April581016192629Purchased merchandise on account from Smythe
Alana Szeqczyk’s accounting system that uses sales, purchases, cash receipts and cash payments journals and a general journal. At various times during the year, the following errors have
Rowett and Sharrad uses sales, cash receipts and general journals in its accounting system. The firm also maintains an accounts receivable subsidiary ledger, which contained the following accounts
Hansford and Harding use purchases, cash payments and general journals with their accounting system. They also maintain an accounts payable subsidiary ledger, which contains the following accounts
Crawford & Co. uses sales and purchases journals in its accounting system. The following transactions took place during April (ignore GST):April251215212529Purchased inventory on credit from
Di Ieso & Daughters uses sales, purchases, cash receipts, cash payments and a general journal (ignore GST). The following column totals were taken from the entity’s journals at the end of
At 1 February, the following information was extracted from the records of David Hendry (assume no GST):Schedule of Accounts Payableas at 31 January 2016D. GeelanBanks LtdNguyen Ltd$
Model Trains Enthusiasts Shop’s sales and cash receipts journals for the month of April are presented below. The accounts receivable subsidiary ledger is reconciled with the general ledger account
Mazzone and Associates Accounts Receivable Control account in the general ledger on 1 September was $17 755. The subsidiary ledger contained the following accounts receivable accounts and balances
Casey Ltd’s accounting system uses special journals and subsidiary ledgers. The following transactions occurred during October 2016 (GST is ignored). All sales are n/30.Oct31113182427Purchased
The accounting system for Barker Ltd uses a general journal and special journals for sales, purchases, cash receipts and cash payments.RequiredA. What journal would be the most probable source of the
Fiona Spottiswoode uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most
Overton’s Outdoor Centre is owned and run by Kym Overton, using the periodic inventory system and balancing her books at month-end. At 30 April 2016, the balances of the Accounts Receivable
Cosimo’s Cookware bought merchandise from three suppliers during September on credit, as shown in the Accounts Payable Control account on the next page.General LedgerAccounts Payable
Assume that Xinshan’s China sold merchandise to three customers during June on credit, as shown in the following Accounts Receivable Control account.General LedgerAccounts Receivable
J. Fry uses subsidiary ledgers and special journals in his accounting system. The accounts in the accounts payable subsidiary ledger for the most recent month are shown below:RequiredA. Prepare the
‘Since nearly all accounting functions today are computerised, there is really no need for accountants to have an understanding of manual accounting systems.’ Do systems designers need to
Which journal(s) would be used to record the following transactions? The business is registered for GST.(a) The introduction of cash and office equipment by the owner on establishment of
Explain the treatment of sales returns and allowances and purchases returns and allowances in special journals, under both the periodic and perpetual inventory systems. How would these items be
Critically examine the following remark: ‘By having the post ref. column in all of the special journals, the recording process is slowed down, and too much unnecessary detail is provided for very
An inventory purchase on credit of $10 000 plus GST was correctly recorded in the purchases journal of a business. However, when postings were made to the accounts payable in the subsidiary ledger,
Identify the major sources of cash receipts recorded in a cash receipts journal. Identify the major transactions which involve cash payments in the cash payments journal.
During the month of October, credit sales for a business actually amounted to $963 534. However, an error of $10 000 had been made in totalling the sales column of the sales journal. When and how
‘In a system which uses several special journals, it is not necessary to have a general journal.’ Do you agree? Explain.
What is an internal control system? Discuss the principles involved in establishing a good internal control system. Discuss also the limitations of internal control systems.
‘Accountants should not concern themselves too much with elaborate administrative and accounting controls in an internal control system, since any such system is only as good as the human element
Refer to the consolidated financial statements in the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:1. List the subsidiary
A large wholesale business in Melbourne’s northern suburbs has run into difficulties in the past few years due to a fall in demand from retailers for certain product lines. The CEO of the business
Read the following article and answer the questions that follow.Fresh approach to curb shopliftingAccording to the most recent Global Retail Theft Barometer (GRTB) put out by Britain’s Centre for
Explain the main differences between the two methods of accounting for inventory and how each method works. Which method of inventory has the All That Sparkles Store been using? Which inventory
Ben’s Patisserie had the following balances in its ledger at 30 June 2016.Cash at bankAccounts receivableInventoryPrepaid insuranceOffice supplies on handFurniture and fixturesAccumulated
The income statement below for Guildford Granaries was prepared by the accountant from the accounting records at 30 June 2017. This statement showed a significant improvement over the preceding year
The following data have been extracted from the income statement of Llandilo Furniture Store.20172016Net salesCost of salesProfitInventory
Pete’s Computer Shop is a sole trader run by Pete Narellan. The unadjusted trial balance of Pete’s Computer Shop is shown below.PETE’S COMPUTER SHOPUnadjusted Trial Balancefor the year ended 30
The following selected information is available for Middleton Wholesalers for September 2016.PurchasesSalesFreight inwardsDiscount receivedBeginning inventory, 1 September 2016Ending inventory, 30
Seaforth Sunglasses had the following transactions in December. The beginning inventory on 1 December consisted of 320 pairs of sunglasses at $80 each.Dec.3914262731Purchased 302 pairs of sunglasses
A trial balance for Flemington Fashions Pty Ltd is shown below.FLEMINGTON FASHIONS PTY LTDUnadjusted Trial Balanceas at 30 June 2017AccountDebitCreditCash at bankAccounts
Cliff Clarendon opened a wine store on 1 June 2016. The business trades under the name of Wine to Dine and uses a perpetual inventory system to account for its inventory. The business was registered
Complete all of the requirements of problem 6.6, assuming that Vaucluse Ltd is registered for the GST. Assume that dollar figures quoted in problem 6.6 are ex GST. Hence, the selling price of
Vaucluse Ltd sells handheld video consoles for $120 each. It buys the consoles for $90 each. On 1 June 2017, 60consoles are in inventory. Vaucluse Ltd completed the following transactions during June
Dundas Desks buys desks for $80 each and sells them for $140 each. On 1 August 2016, 86 desks were in inventory. Dundas Desks completed the transactions below during
Assume that Merryland’s Markets had an inventory balance of $32 570 at the close of the last accounting period. The following sales and purchase transactions are for the current
On 28 February 2016, Darwin-based entity, Phonee Partners, had inventory of 480 phones at a total cost of $153 600. The business maintains a perpetual inventory system. The following transactions
The following transactions relate to the businesses of L. Lakemba and F. Fairlight. Both businesses use a periodic inventory system.June7141526Lakemba sold goods to Fairlight for $3400. Terms were
Schofield’s Stores carried out the following transactions relating to a single product in October:Oct.511131926Purchased 100 units for $60 each on credit.Returned 6 units which were unsuitable.Sold
Use the following information from the records of Preston Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2017.PurchasesInventory, 1 July
The Confiture Factory in central Adelaide buys sculptures, flat ware and jewellery from a number of private artists around the country. The Confiture Factory always purchases the products from the
Chloe’s Clothing Importers sells clothing with credit terms of 3/15, n/30. A trade discount of 30% is given to purchases made by wholesalers. On 6 September 2016, Kingsbury Wholesalers purchased
Refer to the information in exercise 6.6 and assume now that both businesses are registered for GST.RequiredRecord the transactions in the general journal of 1. Watsonia Stores and 2.
The following are selected transactions of Watsonia Stores:July121921Sold goods on account to Viewbank Market for $1200, terms 2/10, n/30. The cost of the goods sold was $800.Forwarded a credit note
Using the periodic inventory system, prepare general journal entries to record transactions (1) to (7) in exercise 6.4, assuming the business is registered for the GST, and that GST has to be added
Using the periodic inventory system, prepare general journal entries for the following transactions of Heidelberg Housewares (assume no GST):1. Purchased inventory on credit for $58 200.2. Sold
Using the perpetual inventory system, record transactions (1) to (7) in exercise 6.2 in the general journal assuming the business is registered for GST, and that GST has to be added to the figures
Using the perpetual inventory system, record the following transactions in the general journal of Fitzroy Ltd (assume GST does not apply):1. Purchased 240 units for $220 each on credit.2. Returned 12
A. Prepare general journal entries to record the following transactions (a) For Elwood Ltd and (b) For Balaclava Ltd. Both companies use a periodic inventory system. (Assume neither is
Describe the ratios that may be used by management to assess the profit performance of a retail business. Explain the factors which could contribute to adverse trends developing in these ratios.
Having examined the income statements for the last 2 years, the manager of a small business noticed that, in spite of the prosperous result for the current year, the income recognised as ‘discount
Why do businesses that use a perpetual inventory system continue to perform a physical stocktake at least once a year?
Prepare the general journal entries that are needed to record the transactions of Transformer Ltd.1. Issued 100000 shares for $200000.2. The board of directors declared a cash dividend of 50c per
The management consulting firm of the Zimbardi Sisters supplied the following information as at 30 June 2016, the end of the financial year.1. Interest earned but not received totals
The accountant of the marketing firm, S. Preston, has posted adjusting entries (1) to (5) to the ledger accounts at 30 June 2016. All the income, expense and equity accounts of the entity are listed
The account balances taken from the trial balance and adjusted trial balance columns of the worksheet of Tran’s Transcription Service for the year ended 30 June 2017, the first year of operations,
On 30 June 2017, the adjusted trial balance of Outback Car Rentals showed the following selected balances:Rental revenueInterest expenseRentals receivableInterest
On 30 June 2017, the accountant for Nigel the Maintenance Man calculated that 1 month’s interest of $420 had accrued on a bank loan. An interest payment of $1600 was made on 30 September
On 1 January 2016, the equity of Deadwood Pty Ltd consisted of share capital of $800 000 and retained earnings of $260 000. During the period, the company declared and paid a cash dividend of $70
Paradise Gardens Hire Ltd’s income statement is presented below. During the year, directors declared and paid a dividend of $16000.PARADISE GARDENS HIRE LTDIncome Statementfor the year ended 30
Michael Rau founded Michael’s Fishing Supplies on 1 July 2016. The adjusted trial balance at 30 June 2017 (the end of the financial year) is shown on page 216.RequiredA. Prepare closing entries to
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheet (Partial)for the year ended 30 June 2016Adjusted trial balanceIncome
The following unadjusted trial balance was taken from the ledger of Miranda’s Management Services on 30 June 2016.AccountDebit CreditCash at bankAccounts receivablePrepaid
The accounts below are taken from the ledger of Bartel Music Consulting on 30 June 2016, the end of the current financial year.RequiredA. Record the closing entries which affected the accounts.B.
Craig’s Car Detailing Service had the following accounts and account balances in the adjusted trial balance columns of its worksheet for the year ended 30 June 2017.Craig Fraser, CapitalCraig
When preparing interim financial statements, certain steps in the accounting cycle may be omitted.’ Discuss.
Explain the difference between the payment of cash dividends by a company and the withdrawal of cash by a sole trader. What is the effect of each on assets? On equity? On profit?

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