Subsequent to the development of these amounts, it has been determined that the physical inventory taken on December 31, 2014, was understated by $ 3,000.
Required:
1. Revise the statements of earnings to reflect the correct amounts, taking into consideration the inventory error.
2. Compute the gross profit percentage for each year
(a) Before the correction
(b) After the correction.
Do the results lend confidence to your corrected amounts? Explain. 3. What effect would the error have had on the income tax expense, assuming an average tax rate of 30 percent?

In the questions below, the year 2014 refers to Dollarama’s fiscal year that ends February 2, 2014, and the year 2013 refers to the prior fiscal year ending February 3, 2013.
Required:
a. Determine the amount of dividends that Dollarama declared in 2014. On which financial statement(s) did you find this information?
b. Find the following amounts in the statements:
i. Revenues from the sale of merchandise in 2014
ii. Cost of sales and general, administrative, and store operating expenses in 2014
iii. Net financing costs in 2014
iv. Income tax expense in 2014
v. Net earnings in 2013
vi. Merchandise inventories at the end of 2013
vii. Accounts payable and accrued liabilities at the beginning of the 2014 fiscal year
viii. Retained earnings at the end of 2014
ix. Long-term debt at the beginning of 2014 (include the current portion long-term debt)
x. Cash flows generated from operating activities in 2014
xi. Cash payments to purchase property, plant, and equipment in 2014
xii. Cash proceeds from the issuance of common shares in 2014
xiii. Cash flows generated from (used for) financing activities in 2013
xiv. Cash payments to reduce long-term debt in 2014
c. List the two largest sources of cash and the two largest uses of cash in 2014. (Consider operations to be a single source or use of cash.)
d. Suggest two reasons why net earnings were $250,094 thousand in 2014, yet cash flows generated from operations were $308,378 thousand.
e. During 2014, total sales revenue was approximately $205,858 thousand higher than in 2013. However, net earnings in 2014 were only $29,109 thousand higher than in 2013. Examine the consolidated statement of net earnings and comprehensive income and explain where the additional revenue went.

Required
Prepare a determination and distribution of excess schedule. Prepare the 2012 consolidated net income in schedule form. Include eliminations and adjustments. Provide income distribution schedules to allocate consolidated net income to the controlling and non-controlling interests.