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intermediate accounting volume 2

Questions and Answers of Intermediate Accounting Volume 2

Kawani Corporation has been operating for several years. On December 31, 2023, it presented the following SFP.Cost of goods sold in 2023 was $420,000, operating expenses were $51,000, and net income
Refer to the information for Jupiter Corp. in BE13.25. (a) Prepare entries for the warranty that recognize the sale as a multiple deliverable with the warranty as a separate service that Jupiter
Henry Corporation sells home entertainment systems. The corporation also offers to sell its customers a two-year warranty contract as a separate service. During 2023, Henry sold 20,000 warranty
Islim Limited manufactures faux fur coats of all types and sizes that are sold to specialty stores throughout Canada. Sales to retailers provide for payment within 60 days of delivery, and the
Jupiter Corp. provides at no extra charge a two-year warranty with one of its products, which was first sold in 2023. In that year, Jupiter sold products for $2.5 million and spent $68,000 servicing
On July 10, 2023, Nguyen Ltd. sold $1.7 million worth of compressors to retailers on account. Nguyen had paid $960,000 for these compressors. Nguyen grants the right to return compressors that do not
Wynn Corp. offers a set of building blocks to customers who send in three codes from Wynn cereal, along with $1. Wynn purchased 100,000 building block sets in 2023 for $2.50 each, and paid for them
St. Thomas Auto Repairs is preparing the financial statements for the year ended November 30, 2023. As the accountant, you are looking over the information regarding short-term liabilities, and
Four independent situations follow.Situation 1: During 2023, Sugarpost Inc. became involved in a tax dispute with the Canada Revenue Agency. Sugarpost’s tax lawyers have told management that
Yuen Corporation shows the following financial position and results for the three years ended December 31, 2023, 2024, and 2025 (in thousands):(a) For each year, calculate the current ratio and quick
You work for a major airline company in Canada, MarwanJet. You started a new position as a business analyst in the Loyalty AirPlan Miles department during the COVID-19 pandemic. The program has a
You work as a senior analyst for the HR department of Dajani Agriculture Inc. The company offers its employees entitlement to vacation days above the legal requirement. These vacation days, if
Consider each scenario below, and classify each type of lease from the perspective of the lessor:Case A On 15 March 20X5, Edaby Inc. (Lessor) enters into an arrangement with Telemin (Lessee) to
Hruska Corp. provides post-employment benefits to its retirees for dental and supplementary health care. The following information relates to these benefits:Required:1. Compute the benefit obligation
Tony Ling is an analyst working to support the loans department at Tuned Bank. He is currently recasting his clients? financial statements so that they reflect income tax expense on a taxes payable
Camani Corp. (CC) is involved in the production, distribution, and marketing of consumer products that encompass a broad range of items, from hair care products, to cosmetics and perfume, to vitamins
Bryant Co.?s statement of financial position (condensed and unclassified) for two years is shown below:Required:1. Prepare a comparative SFP in good form, including vertical percentage analysis.
Refer to the data in TR19-2 and solutions to TR19-3 to TR19-5.Data From TR19-2The following data are to be used for TR19-2 to TR19-6. Good day Ltd., a public company, has a defined benefit pension
Buslines Inc.?s income statement (condensed) for two years is shown below:Required:1. Prepare vertical percentage analysis of the income statement. Round to the nearest percent. Comment on any
At the end of 20X6, the records of Security Systems Corp. showed the following:Required:Compute basic EPS. Show computations. Bonds payable, 9%, nonconvertible Preferred shares: Class A, no-par,
You are evaluating two public companies in the forest industry. Both companies follow IFRS and are integrated companies that own or lease timber properties (biological assets), harvest trees, and
Financial Metrics Ltd. provides life insurance and dental coverage to retirees. The yield rate on long-term debt is 5%. The following information relates to these benefits:Required:1. Compute the
Refer to the information provided in TR22-1 along with the selected additional information below.Data From TR22-1Riyers Inc. has the following selected information for its years ended June
The SFP for Bold Chocolates Ltd. is as follows:Required:1. Prepare a comparative vertical percentage analysis. Round to the nearest percent.2. Prepare a horizontal percentage analysis of the
Riyers Inc. has the following selected information for its years ended June 30:Required:Calculate the gross profit margin and operating margin for each of the three years. Comment on the trend. What
Jaytag Ltd. (JL) is a public company listed on the TSX. Additional information on selected transactions/ events is provided below:1. At the beginning of 20X4, EC purchased some equipment for
Contract A:This contract is a lease. CTC has an identified the asset in a specific location of the mall. During the duration of the 2-year contract, CTC has a right to use the kiosk and
Winter Fun Incorporated (WFI) has been operating since the 1990s. It owns and operates over 25 ski clubs across Canada. WFI also owns and operates ski shops where customers can rent or buy ski
Ng Holdings Ltd. had its first audit in 20X4. Its preliminary income figure, before tax, was $786,000. The following items were discovered:a. Ng issued a bond payable at the beginning of 20X1 and
Refer to the information in A22-15; Zandi?s financial statements contain the following note disclosure:Commitments:The company has commitments for operating lease payments for the next five years as
PWX Inc. has the following information for its years ended June 30:Required:Calculate the accounts receivable turnover and average collection period for 20X3 and 20X2. Comment on the trend. What
Farmhill Ltd. had 1,400,300 common shares outstanding on 1 January 20X6, the beginning of its 20X6 fiscal year. During the year, on 1 May, the company issued 520,000 preferred shares convertible into
Wilcox Ltd. has total assets of $35,000,000, and manufactures fine hand tools. Selected financial ratios for Wilcox and industry averages are as follows:Required:Referring to the information
The following situations all involve a change in accounting. Assume the company is public unless specified otherwise.a. A private company adopted percentage-of-completion for a long-term construction
You have recently been hired as an internal analyst at Hone Inc., reporting directly to the owner. The owner has requested you compare the operations and financial position of Hone Inc. with Poot
Arctic Charm Corp. is a privately owned Canadian company. The company experienced poor operating results in the years 20X0 to 20X3, and, in 20X3, it reorganized and refinanced its operations.
It is 5 December 20X0 and you work in the accounting department for JBC Manufacturing. You have been asked to prepare an analysis on the estimated useful life of the manufacturing equipment.
Kathleen Inc. during a review of its books in 20X3 found the following error: Overhead costs that were not directly attributable to inventory were included in the amount capitalized for inventory.
Greta Inc. is a private company that follows ASPE. The company has always had a policy to expense development costs. However, it is now looking to acquire some funding from an independent investor.
KLB Corp., a private company, has used the completed-contract method to account for its longterm construction contracts since its inception in 20X3. On 1 January 20X7, management decided to change to
PPR is a manufacturer of medical-grade cleaning products. The company has two main categories of customers: corporate and municipal customers (hospitals and community centres). The company sells all
Wuhan Corp. is a Vancouver-based company that engages in a large volume of international activities. The company had a largely independent wholly owned subsidiary in Hong Kong. Wuhan had been
EC Construction Ltd. (EC) has 100,000 common shares outstanding in public hands. The balance of retained earnings at the beginning of 20X7 was $2,400,000. On 15 December 20X7 EC declared dividends of
In 20X6, Black Oil Inc. changed its method of accounting for oil exploration costs from the successful efforts method (SE) to full costing (FC) for financial reporting because of a change in
Purple Ltd. reported the following in its 31 December financial statements:After the draft 20X9 financial statements were prepared but before they were issued, Purple discovered that a capital asset
Late in 20X6, the management of Richter Minerals Inc., a Canadian private company, decided to change the company’s inventory valuation method and, concurrently, its revenue recognition method.
TXL Corp. has tentatively computed income before tax as $660,000 for 20X4. Retained earnings at the beginning of 20X4 had a balance of $3,600,000. Dividends of $270,000 were paid during 20X4. There
On 1 January 20X5, Teal Ltd. decided to change the inventory costing method used from average cost (AC) to FIFO to conform to industry practice. The annual reporting period ends on 31 December. The
Linfei Ltd. has a 31 December year-end, and a tax rate of 25%. Management has asked you to respond to the following situations:Required:1. The company has always used the FIFO method of determining
Plastics Ltd. (PL) had been a public company for the past 15 years. However this year, 20X6, PL’s senior management acquired 90% of the shares outstanding in public hands and, as permitted by
Excerpts from the 31 December financial statements of Tungston Ltd., before any corrections:After these financial statements were prepared, but before they were issued for 20X7, a routine review
Gunnard Ltd. was formed in 20X4 and has a 31 December year-end. Gunnard changed from successful efforts (SE) to full costing (FC) for its resource exploration costs in 20X5. SE is still used for tax
Catherine Ltd. has an investment with an original cost of $400,000. The investment was accounted for using the cost method in 20X0, 20X1, and 20X2. This year, 20X3, the company must conform to new
Hasimoto Ltd. is a public company that follows IFRS. In 20X6, the company purchased new computer equipment for several employees. However, due to an error in processing, the company expensed the
In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $52,000 in both 20X4 and 20X5 for financial reporting purposes. Net income in
On 4 July 20X2, Giovanni Inc. leased computer equipment through the leasing subsidiary of Giovanni’s bank. The lease was for five years at $240,000 per year, payable at the beginning of each lease
In early 20X1 Picton Ltd., a public company, entered into a finance lease that required Picton to make $100,000 beginning-of-year payments for six years. The interest rate implicit in the lease was
Waves Corp., which has a calendar fiscal year, purchased its only depreciable capital asset on 1 January 20X3. Information related to the asset:In 20X5, Waves decreased the estimated residual value
Swift Corp. reports the following situations in 20X6 with respect to its high-tech manufacturing equipment:a. Machine 1 was acquired at a cost of $1,106,000 in 20X3. The machine was depreciated on a
Brockton Ltd. began applying IFRS in 20X8. One of the necessary adjustments was to adjust past inventory records to remove warehousing expenses from the balances of the ending inventories for 20X5,
Dutta Ltd. signed an operating lease on 1 January 20X0. The lease was a 60-year term on a piece of land. The land reverts to the lessor at the end of the lease term. The lease requires annual
Stacey Corp. has been depreciating equipment over a 10-year life on a straight-line basis. The equipment, which cost $24,000, was purchased on 1 January 20X1. It has an estimated residual value of
D Ltd. has an investment with an original cost of $100,000, purchased in 20X1. The investment was accounted for using the cost method in 20X1, 20X2, and 20X3. The investment had a fair value of
In its 20X4 year-end review, JTL Corporation discovered the following issues:• JTL has accounts receivable of $190,000 and an allowance for doubtful accounts of $32,000. Bad debts have been
The following data relate to Freeman Inc.:From the disclosure notes:• The $0.20 convertible preferred shares are callable by the company after 31 March 20X14, at $60 per share. Each share is
Analyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.a. Used the instalment sales method in the past five years; an
New Corp Ltd. has been in operation for five years but only recently has become profitable. In 20X5, the company had significant accumulated tax loss carryforwards of $3,000,000 that were not
Eddison Inc. purchased a capital asset for $220,000 in 20X2. Management estimated that the asset would have a 8-year life with an estimated residual value of $16,200. Management depreciated assets
Analyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.a. A private company changed from the percentage-of-completion
Cleat Corp. changed its policy for accounting for certain staff training costs in 20X5. Previously, the costs were capitalized and amortized straight-line over three years, starting with the year of
M-Halon Corp. is a public company that trades on the TSX. It adopts IFRS for financial reporting and has a 31 December year-end.The capital structure of M-Halon Corp. included the following for 20X9
Tianan Corp. acquired equipment in 20X1 for $200,000. Management instructed the accounting staff to depreciate the equipment on a 20% declining balance rate. In 20X3, as the year-end financial
At 31 December 20X1, Regina Realty Ltd. had the following items on the statement of financial position:The Class A preferred shares are redeemable in 20X11 at the investors’ option and are
In 20X7, after the 20X6 annual financial statements had been issued, Marcella Stores Inc. discovered that a significant transposition error had been made in recording the ending inventory for 20X6.
MacDonald Corp. had the following securities outstanding at its fiscal year-end 31 December 20X7:Additional information:a. 20X7 net earnings were $790,000. There were no discontinued operations.b.
Sarto Co. purchased a $350,000 asset on 1 January 20X2. In 20X6, the company changed the total useful life from 20 years to 14 years. The asset was originally expected to be sold for $50,000 at the
Duncan Inc. (DI) is a chemical manufacturer located in Southwestern Ontario. The company develops and produces a variety of chemicals that are sold to manufacturing companies across the country.Their
Gannon Ltd. reported earnings as follows:The capital structure of Gannon included the following:Required:1. Calculate 20X2 basic EPS, including the comparative 20X1 calculation.2. Interpret the trend
Huron Resources is a public oil field services company. Selected information follows:Required:1. Calculate basic EPS for 20X4 and 20X3.2. Interpret the trend in basic EPS.3. Repeat requirement 1,
Targeted Ltd. (TL) reports the following calculations for basic EPS, for the year ended 31 December 20X4:Assume two different scenarios for Targeted Ltd.—Case A versus Case B as shown below:Case
Maria Corp. reported 20X6 earnings from continuing operations of $4,045,600 and a loss from discontinued operations of $1,355,600 after tax. The tax rate was 25%. Maria reports the following
Information regarding Fujing Ltd:• Common shares outstanding on 31 December 20X1: 80,000. The company had issued 30,000 shares under a contingent share agreement on 1 December 20X2. It had also
Sea Products Corp. (SPC) reported $6,080,000 of earnings from continuing operations for the 20X4 fiscal year, and an after-tax loss from discontinued operations of $7,610,000. Preferred dividends and
The shareholders’ equity of Cameron Corp. as of 31 December 20X6, the end of the current fiscal year, is as follows:Additional information:• On 1 July 20X6, 150,000 preferred shares were
Bytol Corp. had the following common share transactions and balances during 20X8:• 1 January—160,000 shares outstanding• 30 April—60,000 shares issued on conversion of $5,500,000 bonds
At the end of 20X7, the records of Info Solutions Ltd. reflected the following:Required:Compute the required EPS amounts. Show computations, and round to two decimal places. Statement of financial
Ashante Sports Collections Ltd. (ASCL) ended 20X5 with 700,000 common shares outstanding, after issuing 200,000 common shares for cash on 31 December. The tax rate is 40%. There were no other common
Select SFP data for Emin Corp. for the 31 December 20X5 year-end is as follows:Additional information:a. On 1 April 20X5, 100,000 common shares were issued.b. Common share options are outstanding
Accounting staff at Linfei Corp. have gathered the following information:• Common shares outstanding on 31 December 20X4, 150,000.• A 3-for-1 stock split was distributed on 1 April 20X4.•
Bolshevik Ltd.’s statement of financial position at 31 December 20X2 reported the following:Additional information:a. 50,000 common shares were issued at $50 on 1 July 20X2.b. Common share options
For the year ended 31 December 20X7, Daffy Daisy Donut Corp. (DDD) had earnings from continuing operations of $6,500,000 before taxes and a loss on discontinued operations of $2,520,000 before tax.
On 31 December 20X3, the capital structure of Victor Varieties Ltd. was as follows:• $4,500,000 face value of 12% debentures, due 1 April 20X10, convertible into eight common shares per $1,000.
The Birch Corp. has the following items in its capital structure at 31 December 20X7, the end of the fiscal year:a. Options to purchase 400,000 common shares were outstanding for the entire period.
The Duckworth Ltd. 20X5 financial statements include the following:The company declared and paid preferred dividends of $20,000 during the year and had an effective tax rate of 25%.Required:1.
Balor Corp. has a 31 December year-end. The following information relates to 20X8, 20X7, and 20X6.Net earnings for 20X8 is $645,100.Required:1. For purposes of calculating EPS at the end of each
Ramca Corp.’s accounting year ends on 31 December. During the three most recent years, its common shares outstanding changed as follows:Required:1. For purposes of calculating EPS at the end of
The following information pertains to Archibald Acquisitions Ltd. (AAL) for the year ended 31 December 20X7:a. AAL had 150,000 common shares outstanding at the end of 20X7. Of that number, 30,000 had
Martin Inc. is a public company that is IFRS compliant. It has a 31 December year-end date. The following select SCI information is provided for Martin Inc. for the 31 December 20X5 year-end:• Net
On 1 January 20X5, Aker Aviation Services Ltd. entered into an agreement to purchase Moore Fuels Ltd. The agreement included the following terms:1. Aker agreed to issue an additional 3,000,000 shares
On 1 January 20X1, Barnhill Information Technologies reported 3,650,000 common shares outstanding. During the prior year, 20X0, the company had acquired Semere Systems, a supplier company, in a cash

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