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business
intermediate accounting volume 2
Questions and Answers of
Intermediate Accounting Volume 2
CH Holdings has basic EPS of \(\$ 14\). The individual effect of convertible preferred shares is \(\$ 12\), and the individual effect of convertible bonds is \(\$ 6\). In which order should the
ABC Company has a \(\$ 14\) million convertible bond outstanding that requires payment of \(\$ 1.2\) million in interest annually. Interest expense is \(\$ 1.35\) million. Why is interest expense
Wilcorp Limited reported basic EPS of (\$1.11), a loss of \$1.11 per common share, calculated as \((\$ 610,500) \div 550,000\). The company has stock options outstanding for 100,000 common shares at
Under what circumstances are the EPS of prior years to be restated?
A company with a 31 December year-end issues shares for cash and retires nonconvertible bonds with the proceeds on 10 January of the next fiscal year. What disclosure is required in the 31 December
Barbaro Ltd. plans to disclose a calculation of per share cash flow from operating activities in addition to EPS. What conditions must the company meet?
Drugstore Depot Limited (DDL) is a diversified Canadian company whose key businesses include retailing of drug store and food products, and real estate interests. Real estate is primarily held for
G Shoes Ltd. (GSL) is an integrated manufacturer and retailer of moderately priced highfashion footwear, leather goods, and accessories. GSL is a public company listed on the Toronto Stock Exchange.
ThurTech Limited (TTL) is a Canadian public company involved in network technology for mobility telecommunications. This network technology allows additional data services to be offered through a
EPS information from the 20X3 Foran Resources Corp. financial statements is as follows:Required:1. Explain how basic EPS is calculated.2. Suggest a predicted target for basic EPS for 20X4, based on
The following cases are independent.Case A Reclamation Resources Limited had 2,860,000 common shares outstanding on 1 January 20X8. On 1 March, 286,000 common shares were issued as a \(10 \%\) stock
The following cases are independent.Case A Knowledge Kingdom Corporation had 500,000 Series A shares and 250,000 Series B shares outstanding on January 1. Each non-voting Series A share has a \$2 per
In 20X2, McCullough Limited earned \(\$ 8,040,000\), and dividends of \(\$ 2,250,000\) were declared and paid. The company has two classes of voting shares. Class A shares have eight votes per share,
Home Lake Mines Limited reported earnings of \(\$ 984,000\) in \(20 \mathrm{X} 8\) and declared no dividends. At the end of \(20 \mathrm{X} 8\), Home Lake Mines reported the following in the
On 1 January 20X1, Aker Aviation Services Ltd. entered into an agreement to purchase Moore Fuels Limited. The agreement included the following terms:1. Aker agreed to issue an additional
Wilcox Enterprises, a public company, is required to disclose earnings per share information in its financial statements for the year ended 31 December 20X6 . The facts about Wilcox's situation:a. At
Waves Sound Solutions (WSS) reports the following calculations for basic EPS, for the year ended 31 December 20X4:Numerator: \(\quad\) Net earnings, \(\$ 18,600,000\), less preferred dividends of
Information regarding Zhi Ltd:- Common shares outstanding on December 31, 20X1: 100,000. The company had issued 40,000 shares under a contingent share agreement on 1 December 20X2. It had also issued
The following data relates to Gertron Ltd, a public company. Shares were outstanding for the entire year.(1) Includes \(\$ 135,000\) loss on discontinued operations in case A only.(2) If preferred
MacDonald Company has reported basic earnings per Class A common share of \(\$ 2.61\). MacDonald has a tax rate of \(40 \%\). The average share price during the year was \(\$ 42\). Review each of the
Brandon Limited's statement of financial position at 31 December 20X2 reported the following:Additional data:a. During \(20 \mathrm{X} 2,30,000\) Class A shares were issued at \(\$ 50\) on 1 July.
Interpretation: Marcella Corporation reported net earnings in 20X6 of \(\$ 1,345,000\), after an after-tax loss from discontinued operations of \(\$ 677,800\). Earnings from continuing operations was
Carson Industries Limited (CIL) has a defined benefit pension plan covering all employees. The defined benefit obligation was \(\$ 7,004,000\) at the beginning of the current year, which is \(\$
TGY Limited has a defined contribution plan for its 160 employees. The plan is trusteed, and each year the company makes an annual contribution, matching employee contributions to the plan to a
A market analyst was quoted as saying:Defined benefit pension plans are really dead. Within 20 years, no companies in the private sector will be offering these plans - and the public sector is just
Belfiori Limited reports the following data for 20X8:The company has a contributory, defined benefit pension plan covering all employees over the age of 30 .Required:1. How much did the pension plan
The following information relates to a defined benefit pension plan:Required:1. Provide the entries to record pension expense and cash paid to the trustee for 20X5. The company follows the practice
From Limited has a non-contributory, defined benefit pension plan. Pension plan data to be used for accounting purposes for the 20X9 year are as follows (in \(\$\) thousands):Required:1. Calculate
HTR Resources Ltd. has a non-contributory defined bencfit pension plan for its employees. At the beginning of \(20 \times 8\), there is unrecognized past service cost of \(\$ 4,380\) and unrecognized
The 20X5 records of Jax Company provided the following data related to its non-contributory, defined benefit pension plan (in \(\$\) thousands):Required:1. Compute \(20 \times 5\) pension expense.2.
Actuarial Gains and Losses: The following information relates to the pension plan of CCL Corporation, which has a contributory defined benefit pension plan:The following cases are independent.Case
The following information relates to the pension plan of Butler Machinery Corporation, which has a contributory defined benefit pension plan:The following cases are independent.Case \(A\)Butler
Lowen Limited has a defined benefit pension plan. Data with respect to the plan, which was initiated in \(20 \mathrm{X} 0\) (in thousands) is as follows:Required:1. Using the \(10 \%\) corridor rule,
Fenerty Fabrics has a defined benefit pension plan that arose in \(20 X 3\). The following information relates to the plan:Required:1. What alternatives does Fenerty have to account for its actuarial
Okamura Construction Corp. has a defined benefitFrom the Plan Actuary:- Current service cost in \(20 \mathrm{X} 7\) is \(\$ 430,000\) and in \(20 X 8\) is \(\$ 488,000\).- Defined benefit obligation
Fox Company has a non-contributory, defined benefit pension plan adopted on 1 January \(20 X 5\). On 31 December 20X5, the following information is available:For accounting purposes- Interest rate
Super Sport Limited sponsors a defined benefit pension plan for its employees. At the beginning of \(20 \mathrm{X} 3\), there is a pension asset of \(\$ 139,200\), as follows:Required:1. Calculate
The following information relates to the contributory defined benefit pension plan of Daniels Corporation:The information was prepared for the 20X5 annual financial statements and is accurate; the
In late 20X0, Winnipeg Valves Limited established a defined benefit pension plan for its employees. At the inception of the plan, the actuary determined the present value of the defined benefit
Markon Consultants Limited began a pension fund in the year 20X3, effective 1 January 20X4. Terms of the pension plan follow:- The expected earnings rate on plan assets is \(6 \%\).- Employees will
Comprehensive: Power Ltd. has a defined benefit pension plan. At the end of 20X0, the financial statements showed the following:Assumptions and policies have not changed in 20X1. Actual fund earnings
The following partial spreadsheet has been prepared:Required:Complete the spreadsheet. Label any lines added. The interest rate and earnings rate, as needed, is \(6 \%\) Assume that the amortization
Scharf Limited has a defined benefit pension plan. The following information relates to this plan:Required:1. Calculate pension expense for \(20 \times 1\), and the closing balance of the recorded
Neotech Industries (NI) was created in \(20 \mathrm{X} 0\). The company is in the optical equipment industry. Its made-to-order scientific and medical equipment requires large investments in research
On 15 August 20X1, Argyle Ltd. signed a three-year lease to rent a computer system from Basil Ltd. for \(\$ 10,000\) per month. The lease will commence on 1 October 20X1. Three months' rent is
The Association of Western Agricultural Producers leases space in an office complex and has recently signed a new, five-year lease, at the rate of \(\$ 4,000\) per month. However, the lessor offered
Burrill Limited has an 7\% incremental borrowing rate at the local bank. On 1 January 20X1, Burrill signed the following lease agreement for a piece of equipment. The equipment has a fair value of
Niko Limited signed a lease for a five-year term that requires yearly, beginning-of-year payments of \(\$ 104,000\), including \(\$ 9,600\) of annual maintenance and property taxes. Niko guarantees a
Canadian Leasing Company leased a piece of machinery to Ornamental Concrete Limited, with the following terms:- The lease is for five years; Ornamental cannot cancel the lease during this period.-
Entries: Lu Limited is expanding and needs more manufacturing equipment. The company has been offered a lease contract for equipment with a fair value of \(\$ 116,000\). The lease has a five-year
Hui Corporation has negotiated a lease for new machinery. The machinery has a fair value of \(\$ 550,000\) and an expected economic life of seven years. The lease has a five-year term. Annual rental
Consider each of the following lease arrangements:1. Abbaz Corporation signs a two-year lease for office space in a large, downtown office complex. Abbaz plans to have a permanent presence in the
On 17 August 20X1, Renfrew Corporation negotiated a lease agreement with National Leasing Company (NLC) for computer equipment. The equipment has an expected economic life of 7 years and a fair
Packard Limited is planning on leasing 150 desktop computers from Hewlett Corporation. The list price for the computers is \(\$ 2,000\) each, or \(\$ 300,000\) in total. The lease will be for three
Videos-to-Go signed a lease for a vehicle that had an expected economic life of eight years and a fair value of \(\$ 18,000\). The lessor is the leasing subsidiary of a national car manufacturer. The
Access Limited has decided to lease office equipment with a fair market value of \(\$ 580,000\). The lease is with the Imperial Leasing Corporation, a U.S.-based subsidiary of a Japanese financial
Implicit Interest Rate; Future Balance: Guido Limited is a retailer of home appliances. Guido leased a building for 25 years. The lease commenced on 1 January 20X1. The annual lease payment is \(\$
Fair Value Cap: Christal Corporation leased equipment from Henan Leasing Limited for three years at \(\$ 30,000\) per quarter. The lease begins on 1 May 20X5. Payments are due at the end of each
On 31 December 20X1, Lessee Limited entered into a lease agreement by which Lessee leased a jutling machine for six years. Annual lease payments are \(\$ 20,000\), payable at the beginning of each
On 31 March 20X2, Supergrocery Inc., a private company, sold its major distribution facility, with a 30 -year remaining life, to National Leasing Company for \(\$ 9,000,000\) cash. The facility had
Central Purchasing Limited owns the building it uses; it had an original cost of \(\$ 825,000\) and a net book value of \(\$ 450,000\) as of 1 January \(20 \mathrm{X} 2\). On this date, the building
Sportco Limited is suffering temporary cash flow difficulties due to poor economic conditions. To raise sufficient finance to allow operations to continue until economic conditions improve, Sportco
Belangier Corporation has signed two leases in the past year. One lease is for handling equipment, the other for a truck.HANDLING EQUIPMENT:The handling equipment has a fair market value of \(\$
On 31 December 20X1, Lessor Limited leased a reaming machine to a client for six years at \(\$ 48,000\) per year. Lease payments are to be made at the beginning of each lease year. Lessor purchased
On 2 January 20X2, the National Leasing Company, a leasing subsidiary of a major Canadian chartered bank, entered into a lease with Alphon Limited (the lessee) for computer equipment. Terms of the
On 2 January 20X4, Yvan Limited entered into a five-year lease for office equipment from Jeffery Leasing Incorporation. The lease calls for annual lease payments of \(\$ 100,000\), payable at the
Sondheim Limited entered into a direct financing lease with New Age Leasing Corporation. The lease is for new specialized factory equipment that has a fair value of \(\$ 4,800,000\). The expected
Parravano Incorporated has leased a serging machine from Xerox Leasing Corporation for annual beginning-of-year payments of \(\$ 15,000\) for 10 years. The lease term begins on 1 January 20X2.
Lessor and lessee agreed to a non-cancellable lease for which the following information is available:a. Lessor's cost of the asset leased is \(\$ 40,308\). The asset is new at the inception of the
Each of the following items must be considered in preparing a statement of cash flows for Phillie Fashions for the year ended 31 December 20X6:1. Finance assets that had a cost of \(\$ 10,00061 / 2\)
Laker Ltd., a public company, had the following information available at the end of \(20 \times 5\) :Required:Prepare a statement of cash flows, using the indirect method to disclose operating
Distinguish between a defined contribution pension plan and a defined benefit pension plan. Why are defined contribution plans attractive to employers?
Why is it logical that contributions made by an employee to a pension plan vest immediately, while an employer's contributions may vest only after a certain period of time?
What is the incentive to the company for registering a pension plan?
Explain the impact each of the following variables would have on the yearly expense associated with a defined benefit pension plan:a. An increased rate of return on investments held by the pension
Assume that a pension plan must accumulate \(\$ 700,000\) by an employee's retirement age in order to fund a pension. Three different funding models have been used to project funding requirements for
In each of the following circumstances, identify the funding method that an employer would likely find most appealing:a. Conserve current cash balances.b. Have equal cash requirements each year.c.
List and define the five continuing components of pension expense.
How is interest on the defined benefit obligation measured?
What is a past service cost? How is it accounted for as part of pension expense?
Define the ARSP and explain when it is used as an amortization period.
What is the difference between an experience gain or loss and a gain or loss caused by a change in assumptions? How are the two accounted for in the calculation of net pension expense? What
A company follows the practice of amortizing actuarial gains and losses to pension expense when the amount is outside the \(10 \%\) corridor. At the beginning of \(20 \mathrm{X} 4\), the balance of
What limit is placed on pension fund assets?
When are gains and losses related to pension plan settlements and curtailments recognized?
When are the costs of enhanced pension entitlements associated with termination packages included in income?
If a pension has a benefit obligation of \(\$ 400,000\), pension fund assets of \(\$ 250,000\), and unrecognized losses of \(\$ 175,000\), what will be the resulting recognized accrued asset or
What justification is there for recording the net position of the pension plan, rather than the net position of the plan less unrecognized amounts?
Why are post-employment benefits other than pensions less likely to be fully funded? What difference will this make in financial statement treatment?
How would a private company account for a defined benefit pension plan if the simplified approach is used?
Deliveries-R-Us is a public company offering express freight transportation, small package ground delivery services, and other freight services. Capital assets include a broad range of assets,
For organizations with defined benefit pension plans, the actuary's estimate of the organization's obligation for pension benefits must be disclosed. The market value of pension plan assets available
Warmth Home Comfort Limited (WHCL) is a Canadian manufacturer of furnaces and air-conditioning units. The company was acquired by a group of 15 investors eight years ago. Three of the investors are
Sandsupport Corporation (SC) is a privately-owned company based in Alberta. The company provides support services for the oil and gas industry, especially for new exploration not only in Canada, but
Michael Bliss is the President, CEO, and controlling shareholder of Bliss Air Line Limited (BALL). He started the company four years ago to provide low-cost charter service to holiday destinations.
Sigma Auto Parts Ltd. is an Ontario-based manufacturer of automobile parts. The Canadian operations supply automotive components and parts to three U.S. states and two Japanese auto manufacturers.
Ellis Ingram Corporation (EIC) is a manufacturer of household appliances. The company is privately held with a broad shareholder group. The company has sizable loans outstanding, and audited
At the beginning of the fiscal year, a tenant signs a three-year lease to rent office space at the rate of \(\$ 1,000\) per month. The first six months are free. How much rent expense should be
Under what circumstances is a lease normally considered a finance lease? What role does judgement play?
Give three reasons that a company might enter into a long-term lease instead of buying an asset outright.
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