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Questions and Answers of Accounting

Bassing Corp. uses a periodic inventory system and reports the following information: sales $750,000; sales returns and allowances $75,000; sales discounts $25,000; purchases $425,000; purchase
Halifax Limited reported the following selected data for the year ended December 31, 2015: purchases $195,000; purchase returns and allowances $6,600; purchase discounts $20,400; freight in $5,250;
At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory system, had the following account balances on its unadjusted trial balance: Merchandise Inventory
Selected information from the income measurement process for a service company and a merchandising company is shown below.(a) Determine the missing amounts [1] through [5].(b) Identify which of the
At the beginning of the year, Point Claire Shipping Ltd., a company that has a perpetual inventory system, had $25,000 of merchandise inventory. During the year, inventory costing $100,000 was
On August 24, Pocras Corporation purchased merchandise on account from Wydell Inc. The selling price of the goods is $900 and the cost of goods sold is $590. Both companies use perpetual inventory
Prepare the journal entries to record the following purchase transactions in Xtra Inc.'s books. Xtra uses a perpetual inventory system.Jan. 2 Xtra purchased $15,000 of merchandise from Fundy Corp.,
Refer to BE5-5 and prepare the journal entries to record the following sales transactions in Fundy Corp.'s books. Fundy uses a perpetual inventory system.In BE5-5Jan. 2 Fundy sold $15,000 of
Saguenay Limited reports the following information: sales $650,000; sales returns and allowances $25,000; sales discounts $55,000; cost of goods sold $320,000; administrative expenses $100,000;
A company presented its income statement using the following format:Sales revenue ...................................... $xCost of goods sold ................................. xGross profit
Listed below are selected companies, accompanied by a brief description of their business:1. Toys "R" Us, Inc. sells toys.2. Fasken Martineau Dumoulin LLP is a law firm.3. Atlantic Grocery
Montmorency Ltée reported the following condensed income statement data (in thousands) for the year ended August 31, 2015:Administrative expenses ....................... $ 670Cost of goods sold
Best Buy Co., Inc. reported the following selected information for its three most recent fiscal years (in U.S. $ millions):____________________________2012 _________2011 __________2010Net sales
Data for Olaf Corp. and DeVito Ltd. are presented in E5-4 and E5-5.In E5-4 and E5-5Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:Apr. 3
Duvall Ltd. and Pele Ltd. incurred the following merchandise transactions in June.June 10 Duvall sold $5,000 of merchandise to Pele, terms 1/10, n/30, FOB shipping point. The merchandise cost Duvall
Below are the cost of goods sold sections for the most recent two years for two companies using a periodic inventory system:InstructionsFill in the numbered blanks to complete the cost of goods sold
The following selected information is presented for Lively Limited for the year ended February 28, 2015. Lively uses a periodic inventory system.Instructions(a) Prepare a multiple-step income
Listed below are selected examples of transactions related to the purchase and sale of merchandise inventory. Assume a perpetual inventory system is in use.1. Purchase of $3,500 of inventory for
On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 10 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September,
Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:Apr. 3 Purchased merchandise from DeVito Ltd. for $28,000, terms 1/10, n/30, FOB shipping
Refer to the information in E5-4 for Olaf Corp. and the following additional information:In E5-4Olaf Corp. uses a perpetual inventory system. The company had the following inventory transactions in
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.Dec. 3 Pictou Ltd. sold $18,000 of merchandise to Thames Corp., terms 2/10, n/30, FOB
The following list of accounts is from the adjusted trial balance for Swirsky Corporation:Accounts payableAccounts receivableAccumulated depreciationAdministrative expensesBuildingsCashCommon
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2015:Advertising expense ............................ $
The Breeze Hair Salon Inc. began operations six months ago. The salon's main business is hair styling and other hair treatment services. The salon also purchases and sells all of the products it
The following selected information is available for Danier Leather Inc. for three fiscal years (in thousands):Instructions(a) Calculate the current ratio, gross profit margin, and profit margin for
Data for Phantom Book Warehouse Ltd. are presented in P5-2A.June 1 Purchased 140 books on account for $18 each from Reader's World Publishers, terms n/45.3 Sold 150 books on account to The Book Nook
Data for Norlan Inc. are presented in P5-3A.Sept. 2 Purchased equipment on account for $25,000, terms n/30, FOB destination.3 Freight charges of $625 were paid by the appropriate party on the
Data for the In the Pines Golf Shop are presented in P5-4A.Apr. 3 Purchased golf bags, clubs, and balls on account from Balata Corp. for $4,600, terms 1/10, n/30,FOB shipping point.6 Freight of $120
You have been provided with the following selected accounts for Feisty Ltd. for the year ended April 30, 2015:Feisty conducted a physical inventory count on April 30, 2015. Inventory on hand at that
Andrea's Athletic Wear Inc.'s unadjusted trial balance amounts (prior to recording the adjusting entry to update Merchandise Inventory and Cost of Goods Sold accounts) appear in alphabetical order as
Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system.Sept. 2 Purchased equipment on account for $25,000, terms n/30,
At the beginning of the current golf season, on April 1, 2015 the general ledger of In the Pines Golf Shop showed Cash $6,000; Merchandise Inventory $2,500; Common Shares $5,100; and Retained
Eagle Hardware Store Ltd. completed the following merchandising transactions in the month of May 2015. At the beginning of May, Eagle's ledger showed Cash $7,000; Accounts Receivable $1,500;
The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31, the company's yearend:Instructions(a) Prepare a single-step income statement.(b) Prepare a
The unadjusted trial balance of Mesa Inc., at the company's year end of December 31, follows:Additional information and adjustment data:1. The 12-month insurance policy was purchased and was
Data for Club Canada Wholesale Inc. are presented in P5-6A.Instructions(a) Calculate the profit margin and gross profit margin.(b) The vice-president of marketing and director of human resources have
Psang Inc. purchases its merchandise inventory on credit and uses a perpetual inventory system. The company commenced operations on January 1, 2015, and during 2015 purchased merchandise costing
The Fashion Palace Inc. sells a variety of home decorating merchandise, including pictures, small furniture items, dishes, candles, and area rugs. The company uses a periodic inventory system and
The following selected information is available for Volvo Group, headquartered in Sweden, for three fiscal years (in SEK [Swedish krona] millions):(a) Calculate the current ratio, gross profit
Data for Travel Warehouse Ltd. are presented in P5-2B.July 2 Purchased 55 suitcases on account for $45 each from Trunk Manufacturers Ltd., terms 2/10, n/30.3 Received a $225 credit from Trunk
Data for Shaoshi Inc. are presented in P5-3B.Oct. 1 Purchased merchandise on account from Micron Ltd. at a cost of $65,000, terms 1/15, n/30, FOB shipping point.1 Freight charges of $1,600 were paid
Data for Grand Slam Tennis Shop are presented in P5-4B.Apr. 2 Purchased racquets and balls from Roberts Inc. for $4,900, terms 2/10, n/30, FOB shipping point3 The appropriate party paid $120 freight
You have been provided with the following selected accounts for Severn Limited for the year ended June 30, 2015:Inventory, July 1, 2014.............................$
The Goody Shop Ltd.'s unadjusted trial balance amounts (prior to recording the adjusting journal entry to update Merchandise Inventory and Cost of Goods Sold) appear in alphabetical order as follows
Travel Warehouse Ltd. distributes suitcases to retail stores. At the end of June, Travel Warehouse's inventory consisted of 30 suitcases purchased at $45 each. Travel Warehouse uses a perpetual
Presented here are selected transactions for Shaoshi Inc. during October of the current year. Shaoshi uses a perpetual inventory system.Oct. 1 Purchased merchandise on account from Micron Ltd. at a
At the beginning of the current tennis season, on April 1, the general ledger of Grand Slam Tennis Shop showed Cash $8,000; Merchandise Inventory $5,400; Common Shares $6,000; and Retained Earnings
Nisson Distributing Ltd. completed the following merchandising transactions in the month of April. At the beginning of April, Nisson's general ledger showed Cash $4,000; Accounts Receivable $3,500;
The adjusted trial balance of Brigus Wholesale Ltd. contained the following accounts at November 30, the company's fiscal year end:Instructions(a) Prepare a single-step income statement.(b) Prepare a
The unadjusted trial balance of Fashion Centre Ltd. contained the following accounts at November 30, the company's fiscal year end:Additional information and adjustment data:1. The 12-month insurance
Data for Brigus Wholesale Ltd. are presented in P5-6B.Instructions(a) Calculate the profit margin and gross profit margin.(b) The vice-president of marketing and director of human resources have
Tsang Inc. purchases its merchandise inventory on credit and uses a perpetual inventory system. The company began operations on January 1, 2015, and during 2015 purchased merchandise costing
The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this book.Instructions(a) Is Shoppers Drug Mart a service company, merchandising company, or manufacturing
The financial statements of Jean Coutu are presented in Appendix B following the financial statements for Shoppers Drug Mart in Appendix A.Instructions(a) Determine the following values for each
Country Coffee Limited is a restaurant chain specializing in fresh, ready-to-serve coffee. Country Coffee is owned by its sole founder, who began the chain over 20 years ago. Today the business has
Peshawar Retailers Ltd. is a small corporation that has operated for two years. In early 2015, the CEO of the company, Nazir Kumar, signed an employment contract with the company that allowed him to
Suppose that after you graduate with a business degree, you take a job as a manager of a local bookstore. You have been hired to expand the business and you recognize that there are many competitors
Natalie and her parents, Janet and Brian, are anxious to examine and analyze the updated financial statements.Natalie has obtained a copy of the financial statements of a major competitor, a public
Heritage Furniture Limited reports the following information for the 11 months of the year in its February 28, 2015, trial balance:Heritage Furniture incurred the following transactions for the month
Your friend Tom Wetzel has been hired to help take the physical inventory in Kikujiro's Hardware Store. Explain to Tom how to do this job, giving him specific instructions for determining the
Compare the financial effects (ignore income tax) of using the FIFO and average inventory cost methods during a period of declining prices on(a) Cash (pre-tax),(b) Ending inventory,(c) Cost of goods
If an error in counting ending inventory in one year will have the reverse effect in the following year, will this error need to be corrected when it is discovered? Explain.
Mila Ltd.'s ending inventory at December 31, 2014, was understated by $5,000. Assuming that this error is not detected, what effect will it have on(a) 2014 profit before income tax,(b) 2014 retained
Shediac Inc. purchased inventory from Bathurst Corp. four days prior to Shediac's year end. Bathurst shipped the goods to Shediac FOB destination two days before year end but Shediac did not receive
Explain the meaning of(a) Cost and(b) Net realizable value, and explain(c) When the lower of cost and net realizable value rule should be used to value inventory.
Why is the Cost of Goods Sold account debited in the journal entry to record a decline in inventory value under the lower of cost and net realizable value rule even though no merchandise has been
Would an increase in the days in inventory ratio from one year to the next be viewed as an improvement or a deterioration in how efficiently a company manages its inventory?
What are the consequences for a company when its inventory turnover ratio is(a) Too high and(b) Too low?
Your classmate does not understand the difference between the perpetual and periodic inventory systems. "The same cost methods are used in both systems," he says, "and a physical inventory count is
In a periodic inventory system, the ending inventory is counted and costed. This number is then used to calculate cost of goods sold. Emad asks, "Why can't you determine the cost of goods sold first
What is internal control? How does it apply to taking a physical inventory count?
Explain why, when a company uses FIFO with a periodic inventory system, the cost of goods sold and ending inventory costs are the same as they would be had FIFO been used with a perpetual system.
Explain why, when a company uses average cost method with a periodic inventory system, the cost of goods sold and ending inventory costs are different from the amounts calculated when using the
Janine Ltd. ships merchandise to Fastrak Corporation on December 30. The merchandise reaches Fastrak on January 5. Indicate the terms of sale (FOB shipping point or FOB destination) that will result
Explain whether each of the following should be included in the inventory of Kingsway Inc.:(a) Consigned goods held by a craft shop for sale on Kingsway's behalf,(b) Goods taken home on approval by a
Distinguish between the three methods of determining cost for inventories: specific identification, FIFO, and average cost. Give an example of a type of inventory for which each method might be used.
Which of the three inventory cost determination methods assumes that goods available for sale are identical? Which assumes that the first goods purchased are the first to be sold? Which matches the
Explain why a new weighted average unit cost must be calculated after each purchase when using the average cost method in a perpetual inventory system but not after each sale.
What are the guidelines that a company should consider when choosing among the three methods of determining cost for inventories: specific identification, FIFO, and average cost?
Which inventory cost method-FIFO or average cost-provides the better measure of cost of goods sold on the income statement? The better measure of ending inventory on the statement of financial
Helgeson Inc. identifies the following items as possibly belonging in its physical inventory count. For each item, indicate whether or not it should be included in the inventory.(a) Goods shipped on
Hawkeye Video Centre Ltd. accumulates the following cost and net realizable value data at December 31:Inventory Categories ______________Cost __________NRVHigh definition camcorders ............
The cost of Piper Music Inc.'s inventory at December 31, 2014, is $54,700. Its net realizable value on the same date is $52,500.(a) Prepare the adjusting journal entry required, if any, to record the
The following information is available for Canadian Tire Corporation:(a) Calculate the inventory turnover and days in inventory ratios for 2012 and 2011.(b) Did Canadian Tire's inventory management
In its first month of operations, Queensland Inc. made three purchases of merchandise in the following sequence:(1) 370 units @ $9 each,(2) 700 units @ $12 each, and(3) 800 units @ $11 each.A
G-Mac Corporation reports the following inventory data for the month of January:A physical inventory count determined that there were 15 units on hand at the end of January.(a) Calculate the cost of
At the beginning of the year, Seller Ltd. had 700 units with a cost of $4 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:Jan. 3 Sold
The Village Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $66,000. The count included $6,000 of inventory held on consignment for a
On January 3, Piano Corp. purchased three portable electronic keyboards for $600 each. On January 20, it purchased two more of the same model keyboards for $475 each. During the month, it sold two
Akshay Limited uses the FIFO cost method in a perpetual inventory system. Fill in the missing amounts for items [1] to [18] in the following perpetual inventory schedule:
Akshay Limited uses the average cost method in a perpetual inventory system. Fill in the missing amounts for items [1] to [13] in the following perpetual inventory schedule. (Use unrounded numbers in
Battery Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:Calculate the cost of goods sold and ending inventory using(a) FIFO
Interactive.com just started business and is trying to decide which inventory cost method-FIFO or average cost-to use. Assuming prices are falling, as they oft en do in the information technology
DuPlessis Corporation incorrectly recorded $25,000 of goods held on consignment for another company as a purchase during the year ended December 31, 2015. The physical inventory count, which included
In its year-end physical inventory count, Tire Track Corporation forgot to count tires it had stored outside its warehouse in a trailer. As a result, ending inventory was understated by $7,000.
Shippers Ltd. had the following inventory situations to consider at January 31, its year end:1. Goods held on consignment for Boxes Unlimited since December 222. Goods shipped on consignment to
Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31:Instructions(a) Determine the lower of cost and net realizable value of the
The following information is available for Gildan Activewear Inc., headquartered in Montreal, for three recent fiscal years (in U.S. $ thousands):Instructions(a) Calculate the inventory turnover,
The following comparative cost information is available for Kingswood Limited:__________Average Inventory ________Cost of Goods SoldFIFO ............. $222,500 ...........................

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