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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The records of Earthly Goods provided the following information for the year ended December 31, 2023.Required1. 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, 2023:Required1. Prepare an estimate of the company’s year-end inventory by the retail method. Round
Pet Emporium had a robbery on the weekend in which a large amount of inventory was taken. The loss is covered completely by insurance. A physical inventory count determined that the cost of the
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
Using the Indigo financial statements in Appendix III, calculate the following ratios for the year ended March 30, 2019 and March 28, 2020. 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, 2019, and December 31, 2020. Comment on the change.a. Inventory turnover
Synergy Company began 2023 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
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
Showtime Company’s ending inventory at December 31, 2023, includes the following items:Calculate LCNRV for the inventory:a. As a whole (assuming the items are similar), andb. Applied separately to
Bonaire Co. began 2023 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
Thrifty Trading Co. has the following products in its ending inventory at December 31, 2023:a. Calculate LCNRV for the inventory as a whole, if applicable.b. Calculate LCNRV applied separately to
On September 5, Maria Smith, owner of Super Gym Personal Service, provided personal training services to customers for cash of $3,500. Services of $9,000 were billed to corporate clients, terms 2/10,
Halifax Fitness Consulting completed the following petty cash transactions during February 2023:Feb. 2 Prepared a $360 cheque, cashed it, and gave the proceeds and the petty cash box to Nick Reed,
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
Prepare the current asset section based on the following alphabetized post-closing trial balance information at March 31, 2023, for White Eagle Company: Accounts payable......... Accounts
On July 15, Smart Vitamin Store sold merchandise to customers for cash of $22,000 (cost $13,200). Merchandise costing $12,800 was sold to Medi-Clinic for $15,480 on July 17, terms 2/10, n/30. Sales
Ellis Worton, the owner of Worton Consulting, showed the following unadjusted account balances at December 31, 2023, the business’s year-end (accounts have been listed in alphabetical
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
Baby Photography completed the following petty cash transactions during July 2023: July 5 Prepared a $500 cheque, cashed it, and turned the proceeds and the petty cash box over to Bob Stuart,
The Weston Company performed a physical inventory count at the end of 2023. It was later determined that certain units were counted twice. Explain how this error affects the following:a. 2023 cost of
The bank reconciliation prepared by Gatz Company on May 31, 2023, appeared as follows:The following bank statement is available for June:Requireda. Prepare a bank reconciliation at June 30, 2023.
The bank reconciliation prepared by Gemma Tours on March 31, 2023, appeared as follows:The Cash account in the general ledger appeared as follows on April 30:A list of deposits made and cheques
The following information was available to reconcile Montrose Company’s book balance of Cash with its bank statement balance as of October 31, 2023:1. After all posting was completed on October 31,
The bank reconciliation prepared by Village-on-the-Lake Condos on May 31, 2023, is shown below:A list of deposits made and cheques written during June, taken from the cash receipts journal and cash
The following information was available to reconcile Frogbox Moving’s book Cash balance with its bank statement balance as of December 31, 2023:1. The December 31 Cash balance according to the
Use the following adjusted trial balance information for JetCo’s December 31, 2023, year-end to prepare (a) A classified multi-step income statement, and (b) A single-step income
The following is John’s Electronics’ adjusted account information listed in alphabetical order for the month ended April 30, 2023. A physical count on April 30, 2023, revealed a merchandise
Friar Company discloses the following information for the year ended October 31, 2023:RequiredCalculate (a) Total operating expenses, (b) Cost of goods sold, (c) Merchandise inventory
Using the following information, calculate cost of goods sold for the year ended December 31, 2023. $
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, 2023, for
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, 2023
The owner of Fardan Stereo Sales showed the following adjusted trial balance at December 31, 2023:*Assume normal account balances.The owner, Mikel Fardan, is analyzing the effect of the various
During 2023, 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,
During 2023, 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
On November 30, 2023, 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, 2023, and you have been
The records of Thomas Company as of December 31, 2023, show the following:Correct balancesThe accountant of Thomas Company discovers in the first week of January 2024 that the following errors were
On December 31, 2023, 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, 2024, and you have been
You are in charge of the year-end inventory count for OMG Luggage’s December 31, 2023 year-end. OMG Luggage is known for its crazy luggage colours and designs. Assume the company uses a perpetual
The Singh Bamboo Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2023.Singh Bamboo Company uses a perpetual inventory system.Required1. Calculate
The Obama Company has the following inventory purchases during the fiscal year ended December 31, 2023.Obama Company uses a perpetual inventory system.Required1. Calculate the dollar value of cost of
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023.Stilton Company has two credit sales during the period. The units have a selling
Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Gale Company employs a perpetual inventory system.Required1. Calculate the dollar value of ending
The Mistry Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2023.Mistry Company uses a perpetual inventory system.Required1. Calculate the dollar
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows:Required1. Calculate the total goods available
Ontario Skateboard Company has the following inventory and purchases during the fiscal year ended December 31, 2023.Ontario Skateboard Company employs a perpetual inventory system.Required1.
Table Summary: A table provides the partial balance sheet of west fair foods. It has three columns. The first column gives details regarding the name of an asset. The second column provides the
You and your friends are taking a two-week trip to Paris, France, from June 1 to 15, 2023. On May 1, 2023, you booked and prepaid for your stay at Hotel de Paris for $300 per night for 14 nights.
On December 31, 2023, 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, 2023, accounts
On December 31, 2023, Toro Company’s Allowance for Doubtful Accounts had an unadjusted credit balance of $31,000. The accountant for Toro has prepared a schedule of the December 31, 2023, accounts
On December 31, 2023, Fresh Veggie Company’s Allowance for Doubtful Accounts had an unadjusted debit balance of $9,800. The accountant for Fresh has prepared a schedule of the December 31, 2023,
On December 31, 2023, Zippy Car Company’s Allowance for Doubtful Accounts had an unadjusted credit balance of $42,000. The accountant for Zippy has prepared aschedule of the December 31, 2023,
Wondra Supplies showed the following selected adjusted balances at its December 31, 2022, year-end:During 2023, the following selected transactions occurred:a. Sales totalled $1,800,000, of which 85%
On December 31, 2023, Corotel Company’s year-end, the unadjusted trial balance included the following items:Required1. Prepare the adjusting entry needed in Corotel’s books to recognize bad debts
Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,200 account of a customer, Gwen Rowe. On December 9, it received an $800 payment
Faster Office Supply Company uses the allowance method to account for uncollectibles. On January 31, it wrote off an $8,750 account of a customer, Glass Tech Company. On July 15, it received a $5,000
Aaron Servicing showed the following partial unadjusted results at October 31, 2023, its year-end:Part 1Requireda. Assuming Aaron estimates bad debts to be 1.5% of sales, prepare the adjusting entry
Peru Industries began operations on January 1, 2023. The company plans to use the allowance method for uncollectible accounts. During the next two years, the company completed a number of
At the end of its annual accounting period, Midi Company estimated its bad debts as 0.70% of its $1,700,000 of credit sales made during the year. On December 31, Midi made an addition to its
The following is information regarding adjusted account balances for Leonardo Painters at September 30, 2023:Part 1During October, Leonardo Painters recorded $1,746,000 in total revenues, all on
Littlerock Surveying showed the following partial unadjusted results at May 31, 2023, its month-end:Requireda. Assuming Littlerock estimates bad debts to be 2.5% of sales, prepare the adjusting entry
The following is information taken from the June 30, 2023, balance sheet of Tippleton Company:Part 1During July, Tippleton Company recorded total sales of $904,000, all on credit. There were $32,000
Delcom had total accounts receivable on December 31, 2023, of $160,000 aged as follows:Prepare the December 31, 2023, adjusting entry to estimate uncollectible accounts receivable assuming an
The following information is available regarding the outstanding accounts receivable of Mufu Contracting at September 30, 2023:*All services are performed on terms of n/30. Assume all sales occurred
Selzer Products Co. began operations on January 1, 2023, and completed a number of transactions during 2023 and 2024 that involved credit sales, accounts receivable collections, and bad debts. Assume
Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing.Requireda. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare the
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2023, of $2,300.Requireda. Prepare the adjusting entry assuming that Winfrey estimates
At the end of each year, Dutch Supply Co. uses the simplified balance sheet approach (i.e., percentage of accounts receivable) to estimate bad debts. On December 31, 2023, it has outstanding accounts
From the following alphabetized list of adjusted account balances, prepare the current asset section of LisTel’s March 31, 2023, balance sheet.*Assume all balances are normal. Account Accounts
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
Winston Abbott operates Abbott Small Engine Repair on his cattle farm, greatly supplementing his farm profit. Most of his customers pay cash, so he uses the direct write-off method to account for
LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated residual value of $56,000. The company’s year-end is December 31. Depreciation is
At year-end, March 31, 2023, 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.
At year-end, December 31, 2023, 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
On April 12, 2023, Prism Ltd., a camera lens manufacturer, paid cash of $552,375 for real estate plus $29,400 cash in closing costs. The real estate included land appraised at $249,480; land
On August 2, 2023, 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,
Seerden Servicing monitors its accounts receivable carefully. A review determined that a customer, John Daley, was unable to pay his $130,000 past-due account. Seerden accepted a 90-day promissory
Asiatic Electroplating analyzes its accounts receivable weekly. On November 17, 2023, Asiatic accepted a 5.5%, 90-day, $90,000 note receivable from RoadWorks in exchange for its past-due account. On
Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct write-off method to account for uncollectible accounts receivable. On May 3, 2023, she determined
Using the Spin Master financial statements in Appendix III, calculate the following ratios for the years ended December 31, 2020 and December 31, 2019. At December 31, 2018, Spin Master had an
Two years ago, on March 1, 2021, General Recycling Management Systems purchased five used trucks and debited the Trucks account for the total cost of $180,000. The estimated useful life and residual
On January 1, 2023, Land’s End Construction purchased a used truck for $52,500. A new motor had to be installed to get the truck in good working order; the costs were $21,000 for the motor and
On May 2, 2023, Uniglobe Satellite Company purchased and installed a new machine that cost $273,000, with a five-year life and an estimated $38,220 residual value. Management estimated that the
Vita Water purchased a used machine for $116,900 on January 2, 2023. It was repaired the next day at a cost of $4,788 and installed on a new platform that cost $1,512. The company predicted that the
Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru on October 1, 2023, by paying cash of $5,000,000 and incurring a non-current note payable for the $30,000,000 balance.
Candy Craze purchased and installed a machine on January 1, 2023, at a total cost of $296,800. Straight-line depreciation was taken each year for four years, based on the assumption of a seven-year
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
Jazzy Antiques purchased the copyright on a watercolour painting for $177,480 on January 1, 2023. The copyright legally protects its owner for 19 more years. However, Jazzy plans to market and sell
Conway Designs established a $250 petty cash fund on October 1, 2023. Prepare the entry to replenish the fund at the end of each of the following months of activity:a. The petty cash box contained
Cameron Co. established a $200 petty cash fund on January 1, 2023. One week later, on January 8, the fund contained $46.85 in cash and receipts for these expenditures: postage, $51.60;
Dallas Repairs completed the following petty cash transactions during July 2023:July 5 Prepared a $250 cheque, cashed it, and turned the proceeds and the petty cash box over to Elliott Grace, the
The petty cash fund of the Wee Ones Agency was established on May 1, 2023, at $75. At the end of the month, the fund contained $13 and had the following receipts: film rentals, $19; refreshments for
Presented below is information related to Scuba Dive Company. The balance according to the books at October 31, 2023, was $99,657.29; cash receipts recorded during November were $64,805.69; and cash
Recipe Unlimited Corporation showed cash and cash equivalents on December 27, 2020, of $40,539,000. What percentage is this of total assets?
The following is information for Dundee Realty:1. Balance per the bank statement dated October 31, 2023, is $26,830.2. Balance of the Cash account on the company books as of October 31, 2023, is
Wilson Art set up a petty cash fund of $200 on March 1, 2023. On March 17, the petty cash box contained $19 and the following receipts: $75 for printing, $48 for taxi fare, and $55 for delivery
Canmore Consulting established a $100 petty cash fund on September 1, 2023. On September 23, the petty cash box contained $7 and receipts for the following expenses: $32 for entertainment expense
Prepare a table with the following headings for a monthly bank reconciliation dated September 30. Indicate whether each item should be added to or subtracted from the book or bank balance and whether
Del Gato Clinic’s Cash account shows an $11,589 debit balance and its bank statement shows $10,555 on deposit at the close of business on June 30. Prepare its bank reconciliation using the
Wright Company’s Cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close of business on May 31. Prepare its bank reconciliation using the following
The bank reconciliation prepared by Winfield Construction on June 30, 2023, appeared as follows:The Cash account in the general ledger appeared as follows on July 31:A list of deposits made and

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