LESSON 4.docx

LESSON 4.docx

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LESSON4

LESSON4

Reviewmaterial

Reviewquestions

Question1

Calculatethemissingamounts.

abcd

Sales€240,000€75,000?

?

Costofgoodssold?

42,000268,00046,000

Grossprofit114,000?

?

39,000

Operatingexpenses95,000?

146,000?

Income（Loss）?

（€8,000）€48,000（€14,000）

Source:

AdaptedfromLarson,KermitP.,TillyJensonandRaymondF.Carroll,

FundamentalAccountingPrinciples,TenthCanadianEdition（Toronto:

McGraw-Hill

Ryerson,2002）,Exercise6-11,page303

Question2

PreparejournalentriesforMarch20X6torecordthefollowingtransactionsforaretail

store.Assumeaperpetualinventorysystem.

Mar.2PurchasedmerchandisefromBlantonCompanyunderthefollowingterms:

€3,600invoiceprice,2/15,n/60,FOBfactory.

3Paid€200forshippingchargesonthepurchaseofMarch2.

4ReturnedtoBlantonCompanyunacceptablemerchandisethathadaninvoice

priceof€600.

17SentachequetoBlantonCompanyfortheMarch2purchase,netofthe

returnedmerchandiseandapplicablediscount.

18PurchasedmerchandisefromFlemingCorp.underthefollowingterms:

€7,500invoiceprice,2/10,n/30,FOBdestination.

21Afterbriefnegotiations,receivedfromFlemingCorp.a€2,100allowanceon

thepurchaseofMarch18.

28SentachequetoFlemingCorp.payingfortheMarch18purchase,netofthe

discountandtheallowance.

Source:

AdaptedfromLarson10e,Exercise6-3,page301

FinancialAccountingFundamentalsReviewmaterial4•2

Question3

PrepareGeneralJournalentriestorecordthefollowingperpetualsystemmerchandising

transactionsofMinchewCompany.（Useaseparateaccountforeachreceivableand

payable;forexample,recordthepurchaseonMay2inAccountsPayable-MobleyCo.）.

MinchewCompanydoesnotusesupplementalrecordsforinventoryaccounting.

May2PurchasedmerchandisefromMobleyCo.for€9,000undercredittermsof

1/15,n/30,FOBfactory.

4SoldmerchandisetoCornerstoneCo.for€1,200undercredittermsof2/10,

n/60,FOBshippingpoint.Themerchandisehadcost€750.

4Paid€150forfreightchargesonthepurchaseofMay2.

9Soldmerchandisethatcost€1,800for€2,400cash.

10PurchasedmerchandisefromRichterCo.for€3,450undercredittermsof2/15,

n/60,FOBdestination.

12Receiveda€300creditmemorandumacknowledgingthereturnof

merchandisepurchasedonMay10.

14ReceivedthebalanceduefromCornerstoneCo.forthecreditsaledatedMay

4.

15Soldforcashapieceofofficeequipmentforitsoriginalcost,€500.

17PaidthebalanceduetoMobleyCo.

18Purchased€820ofcleaningsuppliesfromA&ZSuppliers;termsn/15.

20Soldmerchandisethatcost€1,350toHarrillCo.for€1,875undercreditterms

of2/15,n/60,FOBshippingpoint.

22Issueda€225creditmemorandumtoHarrillCo.foranallowanceongoods

soldonMay20.

23ReceivedadebitmemorandumfromHarrillCo.foranerrorthatoverstatedthe

totalinvoiceby€75.

25PaidRichterCo.thebalancedue.

31ReceivedthebalanceduefromHarrillCo.forthecreditsaledatedMay20.

31Soldmerchandisethatcost€4,800toCornerstoneCo.for€7,500undercredit

termsof2/10,n/60,FOBshippingpoint.

Source:

AdaptedfromLarson10e,Problem6-1B,page317

Question4

BeamerCompany’sledgeronJuly31,theendofthefiscalyear,includesthefollowing

accountsthathavenormalbalances:

Merchandiseinventory..........................................................€34,800

JoyBeamer,capital................................................................115,300

JoyBeamer,withdrawals.......................................................4,000

Sales.......................................................................................157,200

Salesdiscounts.......................................................................1,700

Salesreturnsandallowances.................................................3,500

Costofgoodssold.................................................................102,000

Depreciationexpense.............................................................7,300

Salariesexpense.....................................................................29,500

Miscellaneousexpenses.........................................................2,000

FinancialAccountingFundamentalsReviewmaterial4•3

Aphysicalcountoftheinventorydisclosesthatthecostofthemerchandiseonhandis

€32,900.Preparetheentrytorecordthisinformation.

Source:

AdaptedfromLarson10e,QS6-5,page299

Question5

Thefollowingamountstakenfromsupplementaryandaccountingrecordssummarize

TransferCompany’smerchandisingactivitiesduring20X7.SetupT-accountsfor

MerchandiseInventoryandCostofGoodsSold.Thenrecordthesummarizedactivities

directlyintheaccountsandcomputetheaccountbalances.

Costofmerchandisesoldtocustomersinsalestransactions..................€186,000

Merchandiseinventorybalance,Dec.31,20X6......................................27,000

Invoicecostofmerchandisepurchases....................................................190,500

ShrinkagedeterminedonDec.31,20X7.................................................700

Costoftransportation-in..........................................................................1,900

Costofmerchandisereturnedbycustomersandrestoredtoinventory...2,200

Purchasediscountsreceived....................................................................1,600

Purchasereturnsandallowancesreceived...............................................4,100

Source:

AdaptedfromLarson10e,Exercise6-13,page303

Question6（a）

ThefollowingclosingentriesforSabbaCo.weremadeonJanuary31,20X6theendof

itsannualaccountingperiod:

Sales.....................................................................................531,000

IncomeSummary...........................................................531,000

Toclosetemporaryaccountswithcreditbalances.

IncomeSummary.................................................................548,750

CostofGoodsSold........................................................301,000

SalesReturnsandAllowances.......................................14,000

SalesDiscounts..............................................................7,000

SellingExpenses............................................................117,000

GeneralandAdministrativeExpenses...........................109,000

InterestExpense.............................................................750

Toclosetemporaryaccountswithdebitbalances

Required

Usetheinformationintheclosingentriestoprepare

a.Acalculationofnetsales.

b.Aclassifiedmultiple-stepstatementofcomprehensiveincomefortheyear.

Source:

AdaptedfromLarson10e,Exercise6-15,page304

FinancialAccountingFundamentalsReviewmaterial4•4

Question6（b）

ThefollowinglistofaccountsistakenfromtheDecember31,20X5,unadjustedtrial

balanceofPerrySales,abusinessthatisownedbyDeborahPerry.Assumingaperpetual

inventorysystem:

a.Prepareaworksheet.

b.Prepareamultiple-stepstatementofcomprehensiveincomefortheyearended

December31,20X5.

c.Journalizetheclosingentries.

DebitCredit

Cash..............................................................................€13,000

Merchandiseinventory.................................................1,000

Prepaidsellingexpense.................................................4,000

Equipment.....................................................................20,000

Accumulateddepreciation,equipment.........................€4,500

Accountspayable..........................................................6,000

Salariespayable............................................................-0-

DeborahPerry,capital..................................................22,800

DeborahPerry,withdrawals.........................................1,800

Sales..............................................................................429,000

Salesreturnsandallowances........................................16,500

Salesdiscounts..............................................................4,000

Costofgoodssold........................................................211,000

Salessalariesexpense...................................................47,000

Utilitiesexpense,store..................................................14,000

Othersellingexpenses..................................................35,000

Otheradministrativeexpenses......................................95,000

Additionalinformation:

Accruedsalessalariesamountto€1,600.Prepaidsellingexpensesof€2,000have

expired.

Source:

AdaptedfromLarson10e,Exercise6-17,page305

FinancialAccountingFundamentalsReviewmaterial4•5

Question7

JournalizethefollowingmerchandisingtransactionsforScoutSystemsassuming:

a.aperiodicsystem

b.aperpetualsystem.

Nov.1ScoutSystemspurchasesmerchandisefor€1,400oncreditwithtermsof2/10,

n/30.

5ScoutSystemspaysforthepreviouspurchase.

7ScoutSystemsreceivespaymentforreturneddefectivemerchandiseof€100

thatwaspurchasedonNovember1.

10ScoutSystemspays€80tohaulmerchandisetoitsstore.

13ScoutSystemssellsmerchandisefor€1,500onaccount.Thecostofthe

merchandisewas€750.

16AcustomerreturnsmerchandisefromtheNovember13transaction.The

returneditemsoldfor€200andcost€100.Theitemwillbereturnedto

inventory.

Source:

AdaptedfromLarson10e,Exercise6-18,page305

Question8

EthicsChallenge

ClairePhelpsisapopularhighschoolstudentwhoattendsapproximatelyfourdancesa

yearatherhighschool.Eachdancerequiresanewdressandaccessoriesthatnecessit