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Cost Accounting
The investments of Charter Ltd. include 10,000 Wallace Ltd. common shares purchased on January 10, 2015, for $30 per share. These shares were classified as available-for-sale investments. As at the
At a total cost of $942,000, Randall Corporation acquired 40,000 shares of Banjo Corp. as a long-term investment. Randall Corporation uses the equity method of accounting for this investment. Banjo
Lance Co. purchased $36,000 of 6%, 10-year Flin Flon City bonds on March 12, 2014, directly from the city at face value as a held-for-trading investment. The bonds pay semiannual interest on May 1
On January 15, 2015, National Star Ltd. purchased 80,000 shares of Krypton Labs Ltd. directly from one of the founders for $55 per share. Krypton has 250,000 shares outstanding, including the
Corvis Ltd.'s balance sheet disclosed its long-term investment in Eastern Inc. under the equity method for comparative years as follows:In addition, the 2016 Corvis Ltd. income statement disclosed
Excalibar Ltd. purchased 103,600 shares of Deerpark Ltd. on January 3, 2015, directly from one of the founders for $34 per share. Deerpark has 280,000 shares outstanding, including the Excalibar
On April 23, 2015, Albert Co. purchased 1,500 shares of Jasper Ltd. for $55 per share including the brokerage commission. The Jasper Ltd. investment was classified as an available-for-sale
On December 31, 2014, Battleford Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet: Available-for-sale investments (at fair
At the market close on December 30, 2011, Bank of Montreal had a closing share price of $55.88. In addition, Bank of Montreal had a dividend per share of $2.80.Determine Bank of Montreal's dividend
The market price for Potash Corp. of Saskatchewan Inc. closed at $114.39 and $154.45 on December 31, 2009, and December 31, 2010, respectively. The dividends per share were $0.15 for 2009 and $0.14
On May 20, 2015, Haist Inc. purchased $105,000 of 7%, 10-year Asher Corp. bonds at par plus 49 days' accrued interest. The bonds pay interest on April 1 and October 1. On November 1, 2015, Haist Inc.
The investments of Commerce Co. Ltd. include 12,000 RadTek Ltd. common shares purchased on February 21, 2015, for $16 per share. These shares were classified as held-for-trading investments. As at
Rolf's Pets Inc. purchased a portfolio of held-for-trading securities during 2014. The cost and fair value of this portfolio on December 31, 2014, was as follows:On April 3, 2015, Rolf's Pets Inc.
Union Financial Services Ltd. purchased the following held-for-trading securities during 2014, its first year of operations:There were no sales of securities during 2014 or 2015. The market price per
Mercer Investments acquired $120,000 Jericho Corp., 6% bonds at par value as a held- to-maturity investment on September 1, 2015. The bonds pay interest on September 1 and March 1. On March 1, 2016,
Cassidy Ltd. purchased $80,000 Stump Inc., 3% bonds at par value on October 1, 2015. Cassidy intends to hold the bonds to maturity in 2025. The bonds pay interest on October 1 and April 1. On April
Greek Products Ltd. is a wholesaler of women's clothing. The company began opera- tions on January 1, 2015. The following transactions relate to securities acquired by Greek Products Ltd., which has
Western Capital Inc. is an investment company that began operations on January 1, 2015. The following transactions relate to held-for-trading securities acquired by Western Capital Inc., which has a
Dollar-Mart Inc. is a general merchandise retail company that began operations on January 1, 2015. The following transactions relate to debt investments acquired by Dollar-Mart Inc., which has a
Miranda Ltd. manufactures and sells commercial and residential security equipment. The comparative statement of financial position for December 31, 2016 and 2015, is provided below. Selected missing
Fleet Inc. is an athletic footware company that began operations on January 1, 2015. Fleet Inc. uses the effective interest method of amortizing discounts and premiums. The following transactions
Jessie Inc. had the following cost and fair market values for their investments:Istructions 1. Journalize the year-end revaluation entries required by Jessie Inc. 2. Prepare the relevant current and
Hampton Ltd. produces and sells children's toys. The company began operations on January 1, 2015. The following transactions relate to securities acquired by Hampton Ltd., which has a fiscal year
Jupiter Insurance Co. is an insurance company that began operations on January 1, 2015. The following transactions relate to held-for-trading investments acquired by Jupiter Insurance Co., which has
Eclipse Inc. is an athletic footware company that began operations on January 1, 2015. The following transactions relate to debt investments acquired by Eclipse Inc., which has a fiscal year ending
Scholar House Inc. is a book publisher. The comparative statement of financial posi- tion for December 31, 2016 and 2015, is provided below. Selected missing balances are shown by letters.Note 1.
Savers Mart Inc. is a general merchandise retail company that began operations on January 1, 2015. Savers Mart Inc. uses the effective interest method of amortizing discounts and premiums. The
Amore Inc. had the following cost and fair market values for their investments:Instructions 1. Journalize the year-end revaluation entries required by Amore Inc. 2. Prepare the relevant current and
A long-term investment in bonds with a cost of $70,000 was sold for $84,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How is
Cozy Corporation's accumulated depreciation-furniture increased by $5,000, and $1,300 of patents were amortized between balance sheet dates. Cozy had no purchases or sales of tangible or intangible
Watson Corporation's statement of financial position data for current assets and liabili- ties were as follows:Adjust net income of $320,000 for changes in operating assets and liabilities to arrive
Truly Inc. reported the following data: Net income .............................................$180,000 Depreciation expense .................................. 40,000 Loss on disposal of equipment
Sales reported on the statement of income were $51,300. The accounts receivable balance decreased $4,100 over the year. Determine the amount of cash received from customers to be included in the
Totson Inc. reported the following on the company's statement of cash flows in 2014 and 2013:Eighty percent of the cash flow used for investing activities was used to replace existing capacity.a.
On its statement of income for a recent year, Air Canada reported a net loss of $249 million. On its statement of cash flows, it reported $586 million of cash inflows from operating
Office equipment that cost $67,000 had accumulated depreciation of $22,500 when it sold for $38,600. Using this information, indicate the items to be reported on the state- ment of cash flows
Delivery equipment that cost $96,000 had accumulated depreciation of $42,100 when it sold for $46,500. Using this information, indicate the items to be reported on the statement of cash flows
See the T accounts below. The equipment was sold for a gain of $5,000. Using this infor- mation, indicate the items to be reported on the statement of cash flows using the direct method.
Of the opening total balance in the office furniture account of $180,000, $40,000 was sold for a gain of $3,000. It was replaced with a new set of furniture costing $50,000, paid for in cash. The
Of the opening total balance in the office furniture account of $90,000, $20,000 was sold for a loss of $6,000. The final balance of the furniture account was $100,000. All transac- tions were made
On the basis of the details of the following land account, and assuming cash was used, indicate the items to be reported on the statement of cash flows.The land was sold for $210,000
On the basis of the following shareholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the
On the basis of the details of the following land account, indicate the items to be reported on the statement of cash flows.The February 10 entry was a cash transaction. The November 20 entry was
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing section of the statement of cash flows, assuming no gain
Goodchild Inc. reported a net cash flow from operating activities of $165,500 on its statement of cash flows for the year ended December 31, 2015. The following informa- tion was reported in the Cash
Selected data derived from the statement of income and statement of financial position of Glennis Co. for a recent year are as follows:Income statement data (in thousands):Net
The statement of financial position of Tru-Built Construction Inc. for December 31, 2015 and 2014 (all figures are in $000s), is as follows:The following additional information is taken from the
An investor needs to decide which of two companies to invest in. Both companies are in the same industry and each has net income of $200,000. Which category on the statement of cash flows should the
The cost of goods sold for Canadian Tire for a recent year was $7,326 million. The balance sheet showed the following current account balances (in millions):Determine the amount of cash payments for
The financial statements for Leon's are provided in Appendix B at the end of the text. Determine the free cash flow for the year ended December 31, 2011. The $24,999,000 purchase of property,
Depending on whether a company uses ASPE or IFRS, interest and dividends may be recorded in different sections of the statement of cash flows. Summarize the sections for recording interest and
The statement of income disclosed the following items for 2015: Depreciation expense ............................... $ 32,000 Gain on disposal of equipment ..................... 20,500 Net
The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, is shown as follows:The following additional information was taken from the records: a. The investments were
The statement of financial position of Amelia Enterprises Inc. at December 31, 2015 and 2014, is as follows:Additional data obtained from the statement of income and from an examination of the
The statement of financial position of Morin Cycle Co. at December 31, 2015 and 2014, is as follows:The noncurrent asset, noncurrent liability, and shareholders' equity accounts for 2015 are as
The statement of financial position of Rucker Photography Products Inc. for December 31, 2016 and 2015 is as follows:The statement of income for the year ended December 31, 2016, is as follows:The
The statement of financial position of Maxim Tech. Inc. for December 31, 2015 and 2014, as presented in Problem 16-1A, is as follows:The statement of income for the year ended December 31, 2015, is
The income statement of Amelia Enterprises Inc. for the year ended December 31, 2015, is as follows:InstructionsUsing the information from Problem 16-2A and the additional information provided,
The statement of income of Morin Cycle Co. for the year ended December 31, 2015, is as follows:Instructions 1. Using the information from Problem 16-3A and the additional information provided,
1. Using the information from Problem 16-4A, prepare a statement of cash flows for Rucker Photography Products Inc. using the direct method of presenting cash flows from operating activities.2. How
The statement of financial position of House Construction Co. for June 30, 2015 and 2014, is as follows:The following additional information was taken from the records of House Construction Co.: a.
The statement of financial position of TorMax Technology Inc. at December 31, 2015 and 2014, is as follows:An examination of the statement of income and the accounting records revealed the following
The statement of financial position of Cantor Industries Inc. at December 31, 2015 and2014, is as follows:The noncurrent asset, noncurrent liability, and shareholders' equity accounts for 2015 are as
The statement of financial position of Lim Garden Supplies Inc. for December 31, 2016 and 2015, is as follows:The statement of income for the year ended December 31, 2016, is as followsThe following
The statement of financial position of House Construction Co. for June 30, 2015 and 2014, as presented in Problem 16-1B, is as follows:The statement of income for the year ended June 30, 2015, is as
The income statement of TorMax Technology Inc. for the year ended December 31, 2015, is as follows:Instructions Using the information from Problem 16-2B and the additional information provided,
The statement of income of Cantor Industries Ltd. for the year ended December 31, 2015, is as follows:Instructions a. Using the information from Problem 16-3B and the additional information provided,
1. Using the information from Problem 16-4B, prepare a statement of cash flows for Lim Garden Supplies Inc. using the direct method of presenting cash flows from operating activities.2. How does Lim
Lisa Maddick, president of Tu-Rock Industries Inc., believes that reporting free cash flow on the statement of income would be a useful addition to the company's just completed financial
The current year's net income is 20% larger than the net income of the preceding year. How will you determine whether this increase is due to an improved operating performance? What other events
A company reports the following at its December 31 fiscal year-end: Net income .................................................$1,830,000 Preferred dividends .......................................$
A company reports the following: Net sales .......................................................$1,120,000 Average accounts receivable (net) ............................ 72,000 Determine (a) the
The following information was taken from Gordon Company's balance sheet: Total assets .......................................... $500,000 Long-term liabilities
A company reports the following: Net sales ....................................... $2,760,000 Gross profit .................................... 975,000 Net
A company reports the following income statement and balance sheet information for the current year: Net income .................................... $ 400,000 Total assets, beginning of year
The bond indenture for the 10-year, 10% debenture bonds dated January 2, 2014, required working capital of $142,000, a current ratio of 1.7, and a quick ratio of 1.2 at the end of each calendar year
The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/60.a. Determine for years 2015 and 2014 (1) the accounts receivable turnover and
The total liabilities and shareholders' equity of Weal Construction Ltd. for December 31, 2015 and 2014, are as follows:The income before income taxes was $720,000 and $560,000 for the years 2015 and
Toys in a Box is a retail toy company. Financial data from the December 31, 2015, and December 31, 2014, financial statements are shown as follows (in thousands):The income from operations and
Canadian Tire Corporation, Limited, has been operating in Canada since 1922. It consists of five businesses in different sectors, including general merchandise, automotive parts, clothing retail, gas
RONA, inc., a major competitor in the home improvement business, operates more than 600 stores in Canada. For the years ended December 25, 2011, and December 26, 2010, RONA reported the following
Income statement data (in thousands of dollars) for Collingwood Productions Corporation, a production company involved in the production of motion pictures and home entertainment, for the years ended
The following selected data were taken from the financial statements of two grocery chains, GoodFood Corp. and Tasty's Ltd., for 2015 (in thousands):a. Determine the gross margins for both
Three major segments of the transportation industry are airlines, such as WestJet; railroads, such as Canadian National Railway (CNR); and transportation arrangement services, such as TransForce Inc.
The following selected data were taken from the financial statements of The Sigemund Group Inc. for December 31, 2013, 2014, and 2015:The 2015 net income was $242,000, and the 2014 net income was
The balance sheet for Fitela Industries Ltd. at the end of the current fiscal year indicated the following:Bonds payable, 10% (issued in 2002, due in 2022) ............................$4,000,000$5
The table below shows the share price, earnings per share, and dividends per share for three banks as at May 2012:a. Determine the price-earnings ratio and dividend yield for the three banks. Round
A clothing retailer has the following statistical information calculated from its financial statements for the past three years:Using the information above, answer each of the following questions
Balance sheet data for Bryant Company on December 31, the end of the fiscal year, are shown below.Prepare a comparative balance sheet for 2015 and 2014, stating each asset as a percent of total
Balance sheet data for Bryant Company on December 31, the end of the fiscal year, are shown below.
The following data (in millions) is taken from the financial statements of RONA inc. for years ended 2011 and 2010.a. For RONA, comparing 2011 with 2010, determine the amount of change in millions
For 2015, Eurie Company reported its most significant decline in net income in years. At the end of the year, H. Finn, the president, is presented with the following condensed comparative income
For 2015, Ottawa Technology Company initiated a sales promotion campaign that included the expenditure of an additional $20,000 for advertising. At the end of the year, George Wallace, the president,
Some of the financial statements of Optical Solutions Inc. are as follows. The market price of Optical Solutions Inc. common shares was $60.00 on December 31, 2015. For both years, the company paid
Andrew Peller Limited and Magnotta Winery Corporation are two producers of quality wines in Canada. Selected financial data (in thousands) for these two competitors for a recent year are as
Corby Distilleries Limited is a leading Canadian manufacturer and marketer of spirits and imported wines. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada,
Lancelot Company has provided the following information:You have been asked to evaluate the historical performance of the company over the past five years. Lancelot has no preferred
For 2015, McFadden Inc. reported its most significant increase in net income in years. At the end of the year, Jane Mayer, the president, is presented with the following condensed comparative income
For 2015, Engels Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Diane Heaney, the president, is
Data pertaining to the liquidity of Dancey Industries Inc. are as follows:Cash ........................................................................ $560,000Temporary investments
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