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Questions and Answers of Accounting

The financial statements of Jean Coutu are presented in Appendix B following the financial statements for Shoppers Drug Mart in Appendix A.Instructions(a) Refer to the statement of earnings for
Boston Pizza Royalties Income Fund is a public company that has over 340 Boston Pizza locations in Canada. Pizza Pizza Limited is a privately held company that has over 500 locations in
Depinder Singh is a friend of yours who has worked at a number of restaurants. He has always wanted to own his own business and his dream can now come true because he just won $1 million in a
Flambeau Corporation has paid 60 consecutive quarterly cash dividends (15 years' worth). The last six months have been a real cash drain on the company, however, as profit margins have been greatly
In this chapter, you learned about equity financing and in Chapter 10 you learned about debt financing. You are evaluating the financial statements of a private company that is considering
Natalie, Janet, and Brian are thrilled with the success of Koebel's Family Bakery Ltd. That success, however, has meant that the Koebels have had no time to enjoy personal interests. When Natalie was
What are the reasons why corporations invest in debt and equity securities?
Identify what is included in the carrying amount of a strategic equity investment using the (a) Cost model and(b) Equity method?
Explain how, and why, the investment revenue differs when a strategic long-term equity investment is accounted for using the (a) Cost model and (b) Equity method?
Indicate how (a) Trading investments, (b) Investment in associates, and (c) Debt investments held to maturity are classified on the statement of financial position?
Identify the proper statement presentation of the following accounts: (a) Unrealized Gain on Trading Investments, (b) Realized Loss on Trading Investments, (c) Revenue from Investment in Associates,
Distinguish between other comprehensive income and accumulated other comprehensive income. Indicate how each is reported in the financial statements. Explain how closing entries for other
Explain how the income statement, statement of comprehensive income, statement of changes in equity, and statement of financial position are interrelated?
George Weston Ltd. owns 63% of the common shares of Loblaw Companies Ltd. (a) What method should George Weston Ltd. use to account for this investment? (b) Which company is the parent? The
Compare the accounting for a debt investment in bonds with the accounting for a bond liability?
Explain why premiums and discounts on bond investments must be amortized when using the amortized cost model and why no amortization occurs when using the fair value through profit or loss model?
When bonds mature, a journal entry is recorded on the books of both the investor and the investee (issuer). However, when bonds are sold by the investor prior to maturity on the open market, the sale
Cumby Corporation is a golf equipment retailer that owns 1,000 common shares of Suncor Energy Inc. It intends to sell these shares if it needs cash. (a) Is the investment in Suncor considered a
At what amount-cost, amortized cost, or fair value-are each of the following most likely to be reported at on a statement of financial position: (a) Common shares in a publicly traded company that
Communications Inc. reported trading investments at their fair value of $255 million on its year-end statement of financial position. These securities were purchased earlier in the year at a cost of
Timmerman Ltd. purchased $1 million of 10- year bonds at face value (100) in 2015. The bonds were trading at 105 (recall that a bond price in this case means that the bond trades at 105% of its
Music Makers Ltd. reported trading investments with an original cost of $115,000 and a fair value of $130,000 at December 31, 2014. It also reported an unrealized gain of $15,000 relating to the
What constitutes "significant influence"? Is it safe to conclude that there is significant influence when a company owns 20% of the common shares of another company?
Identify whether each of the following is most likely(a) A debt or equity investment, and(b) A non-strategic or strategic investment.(c) Identify the most likely reason (such as earning gains,
Rosewater Corporation, a publicly traded company, reported a realized gain in the year ended April 30, 2015, on the sale of a long-term bond investment that was held to earn interest revenue. For the
Sabre Corporation, which reports under IFRS, has the following investments at December 31, 2015: 1. Trading investments: common shares of National Bank, cost $25,000, fair value $29,000. 2.
Brookfield Asset Management Inc., a publicly traded company, reported in its financial statements for the year ended December 31, 2012, the following information: purchases of investments in
On June 30, $150,000 of five-year, 10% Orbite bonds are issued at $138,960 to yield a market interest rate of 12%. Interest is payable semi-annually each June 30 and December 31. (a) Record the
On January 1, 2015, Columbia Ltd. purchased $200,000 of 10%, 10-year bonds at face value (100) with the intention of selling the bonds early next year. Interest is received semi-annually on July 1
Using the data presented in BE12-2, assume that the bonds were sold for $194,000 on January 2, 2016. Record the sale of the bonds?
On August 1, 2015, McLellan Ltd. purchased 1,000 Data-wave common shares for $45,000 cash with the intention of trading the shares and using the fair value through profit or loss model. On December
Using the data presented in BE12-4, assume that the shares were sold for $47,000 on February 1, 2016. Record the sale?
On January 1, Rook Corporation, a publicly traded company, purchased 25% of Hook Ltd. common shares for $400,000. At December 31, Hook paid a $32,000 dividend (Rook received its share that day) and
Using the data presented in BE12-6, assume that Rook Corporation reports under ASPE and has chosen to account for its investment in Hook Ltd. using the cost model because the shares do not trade in
Chan Inc., a publicly traded company, purchased 20% of Dong Ltd.'s common shares for $225,000 on January 1. During the year, Dong reported profit of $350,000 and paid a dividend of $40,000. The
Indicate on which financial statement (the statement of financial position, income statement, or statement of changes in equity) each of the following accounts would be reported. Also give the
Gleason Telecommunications Ltd. has several investments in debt and equity securities of other companies: 1. 15% of the common shares of Morrison Telecommunications Inc., with the intent of
On June 30, 2015, Imperial Inc. purchased $500,000 of Acme Corp. 5% bonds at a price to yield a market interest rate of 6%. The bonds pay interest semi-annually on June 30 and December 31, and mature
Kroshka Holdings Corporation has several investments in debt and equity securities of other companies:1. 10-year BCE bonds, intended to be held until the bonds mature2. 10-year GE bonds, intended to
Matthews Ltd. purchased $700,000 of 10-year, 10% bonds on July 1, 2015, at 106.5 (this means 106.5% of maturity value). The purchase price was based on a market interest rate of 9%. Interest is
During the year ended December 31, 2015, McCormick Inc. had the following transactions for its trading investments:Jan. 1 ........ Purchased 2,000 Starr Corporation $5, preferred shares for $210,000
At December 31, 2015, the trading investments for Yanik Inc. are as follows:Instructions (a) Prepare the adjusting entry at December 31 to report the trading investment portfolio at fair value. (b)
Aurora Cosmetics Ltd. acquired 40% of Diner Corporation's 30,000 common shares for $16 per share on January 1, 2015. On June 15, Diner paid a cash dividend of $70,000 and Aurora received its share of
Lovell Corporation purchased 200,000 of the 1 million common shares of Abacus Ltd. on October 1, 2015, at $2.50 per share. Near the end of the fourth quarter, Abacus declared and paid dividends on
Grimsby Holdings Ltd., a publicly traded company, has two portfolios of investments: trading investments using the fair value through profit or loss model and investments in associates using the
The following Givarz Corporation transactions are for bonds that were purchased as trading investments for the year ended December 31, 2015:Feb. 1 Purchased $100,000 of Leslye Corporation 9% bonds at
The following bond transactions occurred during 2015 for the University of Higher Learning (UHL) and Otutye Ltd.: Feb. 1 UHL issued $10 million of five-year, 8% bonds at 98 (this means 98% of
During 2015, Kakisa Financial Corporation had the following trading investment transactions:Feb. 1 Purchased 600 CBF common shares for $36,000.Mar. 1 Purchased 800 RSD common shares for $24,000.Apr.
Data for Kakisa Financial's trading investments in 2015 are presented in P12-2A. Kakisa had the following trading investment transactions in 2016: Mar. 1 Sold 400 CBF common shares for $23,600. June
On December 31, 2015, Val d'Or Ltée held the following debt and equity investments:(a) Calculate the cost and fair value of Val d'Or's investment portfolio at December 31. (b) If Val d'Or
Lai Inc. had the following investment transactions:1. Purchased Chang Corporation preferred shares as a trading investment and accounts for them using the fair value through profit or loss model.2.
Drummond Services Ltd. acquired 25% of the common shares of Bella Roma Ltd. on January 1, 2015, by paying $1.8 million for 100,000 shares. Bella Roma paid a $0.50-per-share cash dividend in each
Hat Limited has a total of 200,000 common shares issued. On October 3, 2014, CT Inc. purchased a block of these shares in the open market at $50 per share to hold as a long-term equity investment.
Sandhu Travel Agency Ltd. has 400,000 common shares authorized and 120,000 shares issued on December 31, 2014. On January 2, 2015, Kang Inc. purchased shares of Sandhu Travel Agency for $40 per
On January 1, 2015, Jackson Corp. purchased $1.6 million of 10-year, 7% bonds for $1,658,157. The purchase price was based on a market interest rate of 6.5%. Interest is received semi-annually on
The following Liu Corporation transactions are for bonds that were purchased as trading investments for the year ended December 31, 2015:Jan. 1 Purchased $100,000 of RAM Corporation 8% bonds at 96
On January 1, 2015, CASB Incorporated issued $1 million of 10-year, 8% bonds at 102 (this means 102% of maturity value). They were sold at a premium because the market interest rate was 7.7%. The
During 2015, Cheque Mart Ltd. had the following trading investment transactions:Feb. 1 Purchased 1,000 IBF common shares for $30,000.Mar. 1 Purchased 500 RST common shares for $29,000.Apr. 1
Data for Cheque Mart's trading investments in 2015 are presented in P12-2B. Cheque Mart had the following trading investment transactions in 2016: Mar. 1 Sold 650 IBF common shares for $22,100. June
On January 1, 2015, Sturge Enterprises Inc. held the following debt and equity investments:During the year, Sturge made the following purchases:There were no differences between cost and fair value
Olsztyn Inc. had the following investment transactions:1. Purchased Arichat Corporation common shares as a trading investment and accounts for them using the fair value through profit or loss
Cassidy Concrete Corp. acquired 20% of Enda Inc.'s common shares on January 1, 2015, by paying $3 million for 100,000 shares. Enda paid a $0.50-per-share cash dividend, which Cassidy received on June
Sub Corporation has a total of 500,000 common shares issued. On January 2, 2015, Partridge Inc. purchased a block of these shares in the open market at $10 per share to hold as a long-term equity
On January 2, 2015, Hadley Inc. purchased shares of Letourneau Cycles Corp. for $10 per share. Hadley intends to hold these shares as a long-term investment. During 2015, Letourneau Cycles reported
On January 1, 2015, Morissette Inc. purchased $800,000 of 10-year, 6% bonds for $770,921. The purchase price was based on a market interest rate of 6.5%. Interest is received semi-annually on July 1
The financial statements of Shoppers Drug Mart are presented in Appendix A at the end of this textbook. Instructions (a) Does Shoppers Drug Mart report any investments on its statement of financial
The financial statements of Jean Coutu are presented in Appendix B, following the financial statements for Shoppers Drug Mart in Appendix A. Instructions (a) Compare the statements of financial
Two brothers, Adam and Robert Merkle, began A&R Plumbing Ltd. (ARP), a private company, approximately five years ago. Adam performs all administrative tasks (inventory ordering, accounting, payroll,
At the beginning of 2015, Bering Limited purchased three investments: Government of Alberta bonds, which are to be held to maturity; common shares in Atlas Inc., representing only 1% of the
Kreiter Financial Services Ltd. recently purchased a portfolio of debt and equity securities. Financial vice-president Vicki Lemke and controller Ula Greenwood are in the process of classifying the
In this chapter, you learned that saving is an important part of personal financial planning and that without savings you cannot make investments. One way to invest your savings is to open a tax-free
The year ended June 30, 2016, has been another successful year for Koebel's Family Bakery Ltd. The success, however, has meant that Natalie, Daniel, Janet, and Brian have spent many long hours in the
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year, the company reports the following amounts:In addition, the company had common stock of
Below are incomplete financial statements for Bulldog, Inc.Required:Calculate the missing amounts?
Cornhusker Company provides the following information at the end of 2012.Cash remaining..........................................................................$ 3,800Rent expense for the
What are the two components of relevance? What are the three components of faithful representation?
What is meant by the terms cost effectiveness and materiality in financial reporting?
Each of the following independent situations represents amounts shown on the four basic financial statements. 1. Revenues = $25,000; Expenses = $17,000; Net income = __________. 2. Increase in
During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows.Required:Calculate the balance of retained earnings at the end of each year. Note
Below is information related to retained earnings for five companies. 1. Coca-Cola reports an increase in retained earnings of $2.2 billion and net income of $4.9 billion. What is the amount of
Below is balance sheet information for five companies. 1. ExxonMobil reports total assets of $208 billion and total liabilities of $97 billion. What is the amount of stockholders' equity? 2.
Below is cash flow information for five companies. 1. Kraft Foods reports operating cash flows of $3.5 billion, investing cash flows of $0.5 billion, and financing cash flows of −$4.0 billion. What
Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $40,000; Liabilities =
Cougar's Accounting Services provides low-cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Assets = $17,000;
Below are the account balances for Cowboy Law Firm at the end of December. Accounts.......................... Balances Cash.................................$ 4,400 Salaries
At the beginning of the year (January 1), Buffalo Drilling has $10,000 of common stock outstanding and retained earnings of $7,200. During the year, Buffalo reports net income of $7,500 and pays
Wolf pack Construction has the following account balances at the end of the year. Accounts............................... Balances Equipment..............................$21,000 Accounts
Tiger Trade has the following cash transactions for the period.Accounts................................................................................AmountsCash received from sale of products to
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts:In
Below are incomplete financial statements for Cyclone, Inc.Required: Calculate the missing amounts?
Tar Heel Corporation provides the following information at the end of 2012. Salaries payable to workers at the end of the year ................................................$ 2,300 Advertising
Tony Matheson plans to graduate from college in May 2012 after spending four years earning a degree in sports and recreation management. Since beginning T-ball at age five, he's been actively
Financial information for The Buckle is presented in Appendix B at the end of the book.Required:1. Determine the amounts The Buckle reports for total assets, total liabilities, and total
Below are the account balances of Bruins Company at the end of November.Required:Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of
Pirates Incorporated had the following balances at the beginning of September.The following transactions occur in September.September 1 .......Provide services to customers for cash, $3,700.September
The following transactions occur for the Wolf pack Shoe Company during the month of June:a. Provide services to customers for $25,000 and receive cash.b. Purchase office supplies on account for
Using the following information, prepare a trial balance. Assume all asset, dividend, and expense accounts have debit balances and all liability, stockholders' equity, and revenue accounts have
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Prepare a corrected trial balance by placing each account balance in the correct debit or credit
Suppose a local company has the following balance sheet accounts: Accounts ...........................Balances Land .................................$ 8,000 Equipment
The following transactions occur for Badger Biking Company during the month of June: a. Provide services to customers on account for $40,000. b. Receive cash of $32,000 from customers in (a)

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