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accounting

Questions and Answers of Accounting

The chief accounting officer of Platt Productions Ltd. is considering how to report long term notes. The company's financial accountant has assembled the following for long-term notes payable: Note
Pacific Spirit Corp. borrowed $500,000 in the form of a mortgage on January 1, 2014, to finance the purchase of a small warehouse. The mortgage rate is 5 percent and the term 20 years, and semiannual
HMR Associates Inc. includes the following selected accounts in its general ledger at December 31, 2014:Required Prepare the liabilities section of HMR Associates Inc.'s balance sheet at December
A capital lease agreement for equipment requires Granger Transport Ltd. to make 10 annual payments of $40,000, with the first payment due on January 2, 2014, the date of the inception of the lease.
Sea-Link Distributors Inc. issues $2,000,000 of 4-percent, semiannual, 20-year bonds dated on April 30. Record(a) The issuance of bonds at par on April 30 and(b) The next semiannual interest payment
Kerr Consulting Corporation is considering raising capital for a planned business expansion to a new market. Alex Kerr believes the company will need $500,000 and plans to raise the capital by
The (partial) advertisement below appeared in the Financial Post.Interest is payable on November 16 and May 16. Required Answer these questions about Gaz Métropolitain, Inc.'s secured
Refer to the bond situation of Gaz Métropolitain, Inc. in Exercise 15-21. Assume Gaz Métropolitain, Inc. issued the bonds at a price of 98.50 and that the company uses the
On February 1, Lasquiti Logistics Inc. issues 20-year, 3-percent bonds payable with a maturity value of $20,000,000. The bonds sell at par and pay interest on January 31 and July 31. Record (a)
Saturna Corp. issues 20-year, 8-percent bonds with a maturity value of $5,000,000 on April 30. The bonds sell at par and pay interest on March 31 and September 30. Record(a) Issuance of the bonds on
Refer to the data for Saturna Corp. in Exercise 15-4. If Saturna Corp. issued the bonds on June 30, how much cash would Saturna Corp. receive upon issuance of the bonds?Data From Exercise 15-4Saturna
On February 1, Harvard Logistics Inc. issued 20-year, 3.5-percent bonds with a maturity value of $5,000,000. The bonds sell at 98.00 and pay interest on January 31 and July 31. Harvard Logistics Inc.
Lafayette Corp. issues $1,500,000 of 20-year, 8-percent bonds on March 31, 2014. The bonds sell at 102.00 and pay interest on March 31 and September 30. Assume Lafayette Corp. amortizes the premium
Playfair Sports Ltd. is authorized to issue $6,000,000 of 5-percent, 10-year bonds. On January 2, 2014, the contract date, when the market interest rate is 6 percent, the company issues $4,800,000 of
On September 30, 2014, when the market interest rate is 6 percent, Yale Ltd. Issues $8,000,000 of 8-percent, 20-year bonds for $9,849,182. The bonds pay interest on March 31 and September 30. Yale
The following questions are not related. 1. IMAX Corporation obtains the use of most of its theatre properties through leases. IMAX Corporation prefers operating leases over capital leases. Why is
Cavell Products Inc., a manufacturer of electronic devices, borrowed heavily during the early 2000s to exploit the advantage of financing operations with debt. At first, Cavell Products Inc. was able
The board of directors of Zumbalta Production Co. Ltd. authorizes the issuance of 8-percent, 10-year bonds with a maturity value of $12,000,000. The semiannual interest dates are May 31 and November
The accounting records of Babine Resources Inc. include the following items:RequiredShow how these items would be reported on the Babine Resources Inc. balance sheet, including headings for property,
On March 1, 2014, Shaw Systems Ltd. issues 8.5-percent, 20-year bonds payable with a maturity value of $5,000,000. The bonds pay interest on February 28 and August 31. Shaw Systems Ltd. amortizes
The notes to Capshaw Biotech Inc.'s financial statements recently reported the following data on September 30, 2014, the company's yearend: NOTE 4: INDEBTEDNESS Long-term debt at September 30, 2014,
On December 31, 2014, Wynn Holdings Ltd. issues 6-percent, 10-year convertible bonds with a maturity value of $6,000,000. The semiannual interest dates are June 30 and December 31. The market
Journalize the following transactions of Mecina Technologies Inc.: 2014 Jan. 2 Issued 7-percent, 10-year bonds with a maturity value of $5,000,000 at 97.00.Jan. 2 Signed a five-year capital
Shield Transport Ltd. is authorized to issue 10-year, 6 percent convertible bonds with a maturity value of $16,000,000. Interest is payable on June 30 and December 31. The bonds are convertible on
Castlegar Systems Inc. had the following information available on bonds payable outstanding at December 31, 2014, its year end:• $5,000,000-Bonds Payable, 9-percent, interest paid on April 2 and
Andreas Wines Ltd. issued an $800,000, 5-year, 6 percent mortgage note payable on December 31, 2014, to help finance a new warehouse. The terms of the mortgage provide for semiannual blended payments
Two businesses must consider how to raise $10,000,000. Blackburn Inc. is in the midst of its most successful period since it began operations 48 years ago. For each of the past 10 years, net income
The board of directors of Farrell Communications Ltd. authorizes the issuance of 6-percent, 20-year bonds with a maturity value of $10,000,000. The semiannual interest dates are March 31 and
The accounting records of Carter Technologies Inc. include the following items:RequiredShow how these items would be reported on the Carter Technologies Inc. balance sheet, including headings for
On April 1, 2014, Pettington Corp. issues 7-percent, 10-year bonds payable with a maturity value of $3,000,000. The bonds pay interest on March 31 and September 30, and Pettington Corp. amortizes
Assume that the notes to Pemberton Ltd.'s financial statements reported the following data on September 30, 2014:NOTE E: LONG-TERM DEBT5-percent debentures due 2033, net of unamortized discount of
On December 31, 2014, Monashee Corp. issues 4-percent, 10-year convertible bonds with a maturity value of $4,500,000. The semiannual interest dates are June 30 and December 31. The market interest
Journalize the following transactions of Fayuz Communications Inc.:2014 Jan. 2 Issued $8,000,000 of 7-percent, 10-year bonds payable at 97.00.2 Signed a five-year capital lease on machinery. The
Tasis Ventures Inc. is authorized to issue 10-year, 5-percent convertible bonds with a maturity value of $9,000,000. Interest is payable on June 30 and December 31. The bonds are convertible on the
Moncton Manufacturing Ltd. had the following information available on bonds payable outstanding at December 31, 2013, its year end:• $7,500,000-Bonds Payable, 6 percent, interest paid on April 2
Werstirener Brewing Ltd. issued a $600,000, 5-year, 6 percent mortgage note payable on December 31, 2014, to help finance a new distribution centre. The terms of the mortgage provide for semiannual
Marketing studies have shown that consumers prefer upscale restaurants, and recent trends in industry sales have supported the research. To capitalize on this trend, Orca Ltd. is embarking on a
A friend tells you that she always buys bonds that are at a discount because "You always get more than you paid when the bond matures." Required Discuss your friend's understanding of present value.
You have just inherited $50,000 and have decided to buy shares. You have narrowed your choice down to QT Logistics Inc. and Next Systems Ltd. You carefully read each company's annual report to
Business is going well for Valley Forest Products Inc. The board of directors of this family owned company believes that the company could earn an additional $9,000,000 in income after interest and
The following questions are not related. a. Why do you think corporations prefer operating leases over capital leases? How do you think a shareholder would view an operating lease? b. If you were to
Why are intercompany items eliminated from consolidated financial statements? Name two intercompany items that are eliminated.
What distinguishes a short-term investment in shares from a long-term investment in shares?
Show the positions of short-term investments and long term investments on the balance sheet.
At the end of a fiscal period, all equity investments that are traded on public stock exchanges must be revalued on the balance sheet to their market value. Does this policy provide better
How does an investor record the receipt of a cash dividend on an investment accounted for by the fair-value method? How does this investor record receipt of a stock dividend?
An investor paid $30,000 for 1,000 common shares and later that same year received a 10-percent stock dividend. Compute the gain or loss on sale of 500 common shares for $15,000 before the year end.
When is an investment accounted for by the equity method? Outline how to apply the equity method. Include in your answer how to record the purchase of the investment, the investor's proportion of the
Identify three transactions that cause debits or credits to an equity-method investment account.
Gildan Activewear Inc.'s financial statements appear in Appendix A at the end of this book and on MyAccountingLab. Required 1. The financial statements are labelled "consolidated." What evidence
The Rainmaker Entertainment Inc. December 31, 2011, financial statements appear on My Accounting Lab. Required 1. What information can you find about Rainmaker Entertainment Inc.'s policy on
Compute the cost of each of the following short-term investments. Round to the nearest dollar. a. 550 shares of Grey Ltd. at $16.50 per share. Brokerage fees were $175. b. 600 shares of Red Corp. at
Heinz Ltd. owns vast amounts of corporate bonds. Suppose the company buys $1,000,000 of Kuzawa Corporation bonds on January 2, 2014, at a price of 97. The Kuzawa bonds pay cash interest at the annual
Return to Starter 16-11 , the Heinz Ltd. investment in Kuzawa Corporation bonds. Journalize the following transactions on Heinz Ltd.'s books, along with an explanation:a. Purchase of the bond
Suppose Fleetstar Ltd. sells athletic shoes to a German company on March 14. Fleetstar agrees to accept 2,000,000 euros. On the date of sale, the euro is quoted at $1.56. Fleetstar collects half the
Fill in the blanks to indicate how investments are reported under IFRS.a. Financial instruments are measured at ______________.b. Gains or losses on equity investments with no significant influence
Heat Publishing Ltd. completed the following transactions during 2013 and 2014. 2013 Dec. 6 Purchased 1,000 shares of Georgian Graphics Inc. at a price of $41.00 per share, intending to sell the
McBain Electronics completed the following investment transactions during 2013 and 2014. 2013 Dec. 12 Purchased 1,500 shares of Blackmore Ltd. at a price of $62.00 per share, intending to sell the
Gerber Ltd. buys 2,000 of the 100,000 shares of Efron Inc., paying $35.00 per share. Suppose Efron distributes a 10-percent stock dividend. Later the same year, Gerber Ltd. sells the Efron shares for
Marsland Inc. completed these long-term investment transactions during 2014. Disregard commissions. 2014 Jan. 14 Purchased 1,000 shares of Crew Ltd., paying $41.00 per share. Marsland intends to hold
Use the data given in Starter 16-7 . On August 4, 2015, Marsland Inc. sold its investment in Crew Ltd. for $53.00 per share. Disregard commissions.1. Journalize the sale. No explanation is
Suppose on January 6, 2014, Ling Corp. paid $5,000,000 for its 40-percent investment in True World Inc. Assume True World earned net income of $1,800,000 and paid cash dividends of $800,000 during
Cummins Corp. reports its annual financial results on June 30 each year. Cummins Corp. purchased 1,000 shares in each of three companies. Classify each investment as a short term or long-term
Pettigrew Holdings Ltd. owns an 80-percent interest in Shortland Inc. Prepare a consolidation work sheet using the information below. Assume that the fair values of Shortland Inc.'s assets and
Credit Crunchers Ltd. has a large investment in corporate bonds. Suppose Credit Crunchers Ltd. buys $6,000,000 of Government of Alberta bonds at a price of 98. The Government of Alberta bonds pay
On March 31, 2014, Kingpin Corp. paid 98.25 for 4-percent bonds of Quest Limited as an investment. The maturity value of the bonds is $100,000 at September 30, 2018; they pay interest on March 31 and
Ace Properties Ltd, purchased a 5-year, 4.5% Scotia bond on May 1, 2014, and intends to hold it until it matures. The market rate at the time was 5.2 percent. Interest is paid annually each April 30.
Journalize the following foreign-currency transactions for Kingsway Import Inc.:2014 Nov. 17 Purchased goods on account from a Japanese company. The price was 500,000 yen, and the exchange rate of
Indicate the appropriate financial reporting standard by completing each sentence with either "ASPE" or "IFRS" in the blank. a. Gains and losses are recorded under "other comprehensive income" under
After issuing bonds in Chapter 15 , Kerr Consulting Corporation has some excess cash on hand. Alex Kerr, the Corporation's major shareholder, intends to invest some of the cash for different time
Canfor Corporation is a major integrated forest products company based in Vancouver. Suppose Canfor's financial statements reported the following items for affiliated companies whose shares Canfor
Journalize the following investment transactions of Russell Corp.: 2014 Nov. 6 Purchased 1,200 common shares of Aveda Corporation at $78.00 per share, with brokerage commission of $500. The shares
Research in Motion (RIM) Limited (now called BlackBerry) reported the following (adapted) information in the notes accompanying its 2011 financial statements:Current Assets (in millions of U.S.
Suppose Carlton Ltd. completed the following investment transactions in 2014 and 2015: 2014 Nov. 6 Purchased 2,000 McGill Corporation common shares for $60,000. Carlton plans to sell the shares in
Journalize the following investment transactions of Vantage Inc.: 2014 Aug. 6 Purchased 900 Rhodes Corporation common shares as a long-term investment, paying $90.00 per share. Vantage Inc. exerts no
Kinross Gold Corp., introduced in the chapter-opening story, owns equity-method investments in several companies. Suppose Kinross paid $12,000,000 to acquire a 40-percent investment in Minecraft Ltd.
Using the information from Exercise 16-6, calculate the balance in the Investment in Minecraft Ltd. Common Shares account. Assume that after all the above transactions took place, Kinross sold its
Windsor Corporation paid $760,000 for a 35-percent investment in the common shares of Semmi Systems Inc. For the first year, Semmi Systems Inc. reported net income of $360,000 and at year end
Penfold Ltd. owns all the common shares of Simmons Ltd. Prepare a consolidation work sheet, using the following information. Assume that the fair value of the assets and liabilities of Simmons Ltd.
Sophie Bu inherited some investments, and she has received the annual reports of the companies in which the funds are invested. The financial statements of the companies are puzzling to Sophie, and
Sherman Inc. owns 18 percent of the voting shares of Arbor Corporation. The remainder of the Arbor Corporation shares are held by numerous investors with small holdings. Ken Tung, president of
Oliver Corp., the conglomerate, owns numerous investments in the shares of other companies. Assume Oliver Corp. completed the following investment transactions: 2014 May 1 Purchased 12,000 common
The balance sheet of Spottified Corp. recently included:Investments in significantly influenced and other companies............$2,500,000Spottified Corp. included its short-term investments among
The accounting for equity investments changes with the amount of shares held. BF Ltd has a total of 30,000 shares outstanding. Complete the chart below to show the accounting differences between two
Pluto Corp. paid $750,000 to acquire all the common shares of Saturn Inc., and Saturn Inc. owes Pluto Corp. $170,000 on a note payable. The fair market value of Saturn Inc.'s net assets equaled the
On July 18, 2014, Patrone Holdings Ltd. paid $1,920,000 to purchase 90 percent of the common shares of Smirnoff Inc., and Smirnoff Inc. owes Patrone Holdings Ltd. $240,000 on a note payable. All
Financial institutions such as insurance companies and pension plans hold large quantities of bond investments. Suppose Sun Life Insurance Company purchases $1,000,000 of 3.00 percent bonds of
On December 31, 2014, when the market interest rate is 6 percent, an investor purchases $700,000 of Tennis Bubbles Ltd. 10-year, 5-percent bonds at issuance for $647,929. Interest is paid
Global Networking Corporation completed the following transactions:2014 Dec. 1 Sold equipment on account to a Japanese company for $45,000. The exchange rate of the Japanese yen is $0.0113, and the
Sparta Investments Ltd. had the following short-term investments in marketable securities at fair value at December 31, 2013: Alberta Energy Co ..........................$310,000 Finning Ltd
Big Seven Insurance Ltd. owns numerous investments in the shares of other companies. Assume Big Seven Insurance Ltd. completed the following investment transactions: 2014 Feb. 12 Purchased 30,000
The December 31, 2013, balance sheet of Fire Towing Corporation included Investments-Associated Companies at Equity $15,000,000Suppose the company completed the following investment transactions
The accounting for equity investments changes with the amount of shares held. Hughes Ltd has a total of 35,000 shares outstanding. Complete the chart below to show the accounting differences between
Pisa Inc. paid $1,040,000 to acquire all the common shares of Sienna Ltd., and Sienna Ltd. owes Pisa Inc. $120,000 on a note payable. The fair market value of Sienna's net assets equalled the book
On March 22, 2014, Primary Investments Corp. paid $1,575,000 to purchase 70 percent of the common shares of Secondary Products Inc., and Primary Investments Corp. owes Secondary Products Inc.
Financial institutions such as insurance companies and pension plans hold large quantities of bond investments. Suppose Meridian Credit Union purchases $2,000,000 of 3.0-percent bonds of the Province
Suppose, on December 31, 2014, when the market interest rate is 6 percent, an investor purchases $5,000,000 of Belmont Products Inc.'s six-year, 5.5-percent bonds at issuance for $4,873,675. Interest
Suppose Pickel Corp. completed the following transactions:2014 Dec. 4 Sold product on account to a Mexican company for $110,000. The exchange rate of the Mexican peso was $0.078, and the customer
Portal Holdings Ltd. had the following short-term investments in marketable securities on December 31, 2013, at fair value and book value:Canadian Utilities Limited.....................$310,000TELUS
The text lists general rules for accounting for long-term investments in the voting shares of another corporation. However, the management of the investing company may decide that, in their judgment,

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