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intermediate accounting 11th

Questions and Answers of Intermediate Accounting 11th

The condensed balance sheets of Rockford Limited, a small private company that follows ASPE, follow for the periods immediately before, and one year after, it had completed a financial
Callaghan Inc. decided to sell shares to raise additional capital so that it could expand into the rapidly growing service industry. The corporation chose to sell these shares through a subscription
Tsui Corporation went through a financial reorganization by writing down its buildings by $107,000 and eliminating its deficit, which was $182,000 before the reorganization. As part of the
Tsui Corporation went through a financial reorganization by writing down its buildings by $107,000 and eliminating its deficit, which was $182,000 before the reorganization. As part of the
Use the information for Hanover Corporation in BE15-21. Assume now that the company resells the 1,000 treasury shares at $55 per share. Prepare the journal entries for the repurchase and subsequent
Sullivan Limited issued 2,000 shares of no par value common shares for $79,000. Prepare Sullivan's journal entry if (a) the shares have no par value, and (b) the shares have a par value of $11 per
Use the information for Kindey Corporation from BE15-15. Assume instead that Kindey declared a 1-for-5 reverse stock split, and answer the same questions.Data From BE15-15:Kindey Corporation has
Kindey Corporation has 185,000 common shares outstanding with a carrying value of $20 per share. Kindey declares a 4-for-1 stock split. (a) How many shares are outstanding after the split? (b) What
Chadwick Corporation has 450,000 common shares outstanding. The corporation declares a 6% stock dividend when the common shares' fair value is $30 per share. (Their carrying value is $18 per share.)
On April 20, Raule Mining Corp. declared a dividend of $400,000 that is payable on June 1. Of this amount, $150,000 is a return of capital. Raule had no contributed surplus on April 20. Prepare the
Martinez Ltd. has the following equity accounts at January 1, 2017.(a) What was the average issue price of the preferred shares?(b) Of the common shares?(c) If the preferred shares pay a dividend of
Hamza Inc. declared a cash dividend of $0.60 per share on its 1.5 million outstanding shares. The dividendwas declared on August 1 and is payable on September 9 to all shareholders of record on
Abourawes Services Inc. issued 1,000 $2 convertible preferred shares at $75 and 5,000 common shares at $25 each in 2016. Each preferred share is convertible into three common shares. On March 15,
Spencer Limited has 50,000 common shares outstanding, with an average issue price per share of $8. OnAugust 1, 2017, the company reacquired and cancelled 600 shares at $40 per share. There was
Higgins Inc. has 52,000 common shares outstanding. The shares have an average cost of $21 per share. OnJuly 1, 2017, Higgins reacquired 800 shares at $56 per share and retired them. Assume no
Platinum Corporation issued 4,000 of its common shares for $66,000. The company also incurred $1,700 of costs associated with issuing the shares. Prepare a single combined journal entry to record the
On March 1, Kramers Inc. sells 1,000 common shares to its employees at $25 per share and lends the moneyto the employees to buy the new shares. The employees pay 50% of the price on the transaction
Bonata Inc. sells 1,400 common shares on a subscription basis at S65 per share on June 1 and accepts a 45%down payment. On December 1, Bonata collects the remaining 55% and issues the shares. Prepare
Access the financial statements of Air Canada and WestJet Airlines Ltd. for their years ended December 31, 2014 through SEDAR (www.sedar.com) or the companies' websites. Review the financial
DBRS is a large bond-rating agency in Canada that develops credit ratings for companies as a whole and also for its specific securities.InstructionsAccess the agency's website at www.dbrs. com and,
Access the financial statements for Loblaw Companies Limited for the year ended January 3, 2015 and Empire Company Limited for the year ended May 2, 2015, through SEDAR (www.sedar. com) and then
Refer to the year-end financial statements and accompanying notes of Brookfield Asset Management Inc. in the Appendix at the end of Volume 2 of this text.Brookfield Asset ManagementThe following
Lindall Limited (LL) has a 10-year loan issued by the bank that is due in five years. The VP Finance feels that the company is carrying too much debt on its statement of financial position and would
Daniel Perkins is the sole shareholder of Perkins Inc., which is currently under bankruptcy court protection. As a debtor in possession, he has negotiated a revised loan agreement with United Bank.
Refer to P14-11 and Taylor Corp.InstructionsRepeat the instructions of P14-11 assuming that Taylor Corp. uses the effective interest method. Provide an effective interest table for the bonds for two
On June 1, 2017, MacDougall Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $240,000 for the land and MacDougall saw that there was some
Vargo Limited owes $270,000 to First Trust Inc. on a 10-year, 12% note due on December 31, 2017. The note was issued at par. Because Vargo is in financial trouble, First Trust Inc. agrees to extend
Use the information in E14-24 and the assumptions in E14-26 and answer the following questions related to Green Bank (the creditor).Instructions(a) What interest rate should Green Bank use to
On June 30, 2010, Auburn Limited issued 12% bonds with a par value of $800,000 due in 20 years. They were issued at 98 and were callable at 104 at any date after June 30, 2017. Because of lower
Refer to E14-18 and Auburn Limited.InstructionsRepeat the instructions of E14-18 assuming that Auburn Limited follows IFRS and uses the effective interest method. Provide an effective-interest table
Cinderella Shoes Inc. is having difficulty meeting its working capital requirements. As a result, on January 1, 2017, the company sold bonds with a face value of $1 million, receiving $800,000 in
Anaconda Inc. has issued three types of debt on January 1, 2017, the start of the company's fiscal year:1. $10 million, 10-year, 13% unsecured bonds, with interest payable quarterly, priced to yield
Buchanan Corporation issues $500,000 of 11% bonds that are due in 10 years and pay interest semiannually. At the time of issue, the market rate for such bonds is 10%. Using time value of money
There are many interesting company programs and circumstances that relate to the definition, recognition, and measurement of liabilities. Examples include customer loyalty programs, retail gift
Conduit Corporation has 45 current employees: 5 managers and 40 non-managers. The average wage paid is $250 per day for non-managers. The company has just finished negotiating a new employee contract
Conduit Corporation has 45 current employees: 5 managers and 40 non-managers. The average wage paid is $250 per day for non-managers. The company has just finished negotiating a new employee contract
City Goods Limited (CG) is a sports clothing and equipment retailer that has a chain of 10 stores across Canada. You have just been hired as the new controller for the company. You are currently
You, the ethical accountant, are the new controller at ProVision Corporation. It is January 2018 and you are currently preparing the December 31, 2017 financial statements. ProVision manufactures
The consolidated financial statements of Deutsche Lufthansa AG for the year ended December 31, 2014 are available in the company's 2014 Annual Report on the www.lufthan sagroup.com
The 2014 financial statements (for its 53-week period ended January 3, 2015) and 10-year financial review of Canadian Tire Corporation, Limited can be found at www.sedar.com or on the company's
Access the annual financial statements of Empire Company Limited for its year ended May 2, 2015 at www.sedar.com or the company's website.InstructionsReview Empire Company Limited's consolidated
Candelabra Limited (CL) is a manufacturing company that is privately owned. The company's production facilities produce a significant amount of carbon dioxide, and currently the town is suing CL for
Envirocompany Limited (EL) is a pulp and paper company that has been in operation for 50 years. Its shares trade on a major stock exchange. It is located in a small town in Northern Ontario and
Sultanaly Limited, a private company following ASPE, pays its office employees each week. A partial list follows of employees and their payroll data for August. Because August is the vacation period,
Healy Corp., a leader in the commercial cleaning industry, acquired and installed, at a total cost of $110,000 plus 15% HST, three underground tanks to store hazardous liquid solutions needed in the
Healy Corp., a leader in the commercial cleaning industry, acquired and installed, at a total cost of $110,000 plus 15% HST, three underground tanks to store hazardous liquid solutions needed in the
Hrudka Corp. has manufactured a broad range of quality products since 1988. The operating cycle of the business is less than one year. The following information is available for the company's fiscal
The following are selected transactions of Pendlebury Department Store Ltd. (PDSL) for the current year ending December 31. PDSL is a private company operating in the province of Manitoba.1. On
Four independent situations follow.Situation 1: During 2017, Sugarpost Inc. became involved in a tax dispute with the CRA. Sugarpost's tax lawyers have informed management that Sugarpost will likely
Timo van Leeuwen operates a very busy roadside fruit and vegetable stand from May to October every year as part of his farming operation, which has a December 31 year end and uses ASPE. Each time a
Three independent situations follow.Situation 1: Marquart Stamp Corporation records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. The
Refer to the information for Whirled Inc. in BE13-15. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI
Refer to the information about Clausius Ltd. in BE13-11. Assume instead that the tax return indicated 2017 income tax of $10,200. (a) Prepare the adjusting year-end entry to recognize the 2017 income
Clausius Ltd. made four quarterly payments of $3,200 each to the CRA during 2017 as instalment payments on its estimated 2017 corporate tax liability. At year end, Clausius's controller completed the
Louise Inc. operates in Alberta, where it is subject to GST of 5%. In August, Louise purchased $29,400 ofmerchandise inventory, and had sales of $45,000 on account. Louise uses a periodic inventory
Wellson Ltd. has current assets, including cash, accounts receivable, and inventory, and current liabilities, including accounts payable and short-term notes payable. Wellson manages its working
Compare the cost recovery impairment model used under ASPE with the rational entity model used under IFRS. Which model provides better information for financial statement users?
What is value in use, and how is it calculated under the rational entity impairment model by companies following IFRS? How can the use of big data assist companies performing value-in-use
Hambrecht Corp. is preparing its financial statements for the fiscal year ended November 30, 2023. Certain specialized equipment was scrapped on January 1, 2024. At November 30, 2023, this equipment
Andeo Corporation purchased a truck at the beginning of 2023 for $48,000. The truck is estimated to have a residual value of $3,000 and a useful life of 275,000 km. It was driven for 52,000 km in
Chuckwalla Limited purchased a computer for $7,000 on January 1, 2023. Straight-line depreciation is used for the computer, based on a five-year life and a $1,000 residual value. In 2025, the
Valued Assets Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2023, the date of revaluation, accumulated depreciation amounted to $110,000. The fair
Fresh Oranges Inc. planted an orchard of orange trees that produce 1,500 kg of oranges per year. The orange trees have an expected life of 50 years. Fresh Oranges follows ASPE.(a) Explain how the
Industries Ltd., a public company, presents you with the following information:Instructions a. Complete the table for the year ended December 31, 2027. The company depreciates all assets for a
How can big data be used to help properly measure property, plant, and equipment at fair value for large real estate companies, such as Brookfield Asset Management Inc.?
Chong Corp. purchased a machine on July 1, 2023, for $30,000. Chong paid $200 in title fees and a legal fee of $100 related to the machine. In addition, Chong paid $500 in shipping charges for
On October 1, 2023, Ocean Airways Ltd. purchased a new commercial aircraft for a total cost of $100 million. Included in the total cost are the aircraft’s two engines, at a cost of $10 million
Gilles Corp. purchased a piece of equipment on February 1, 2023, for $100,000. The equipment has an estimated useful life of eight years, with a residual value of $25,000, and an estimated physical
Odyssey Ltd. purchased machinery on January 1, 2023, for $60,000. The machinery is estimated to have a residual value of $6,000 after a useful life of eight years. (a) Calculate the 2023
Volumetrics Corporation owns machinery that cost $20,000 when purchased on January 1, 2023. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated
Fong Limited purchased an asset at a cost of $45,000 on March 1, 2023. The asset has a useful life of seven years and an estimated residual value of $3,000. For tax purposes, the asset belongs in CCA
During 2023, Laiken Limited sold its only Class 3 asset. At the time of sale, the balance of the undepreciated capital cost for this class was $37,450. The asset originally cost
Bountiful Industries Ltd. had one patent recorded on its books as at January 1, 2023. This patent had a book value of $365,000 and a remaining useful life of eight years. During 2023, Bountiful
Azure Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $36,000. This textbook is estimated to have a useful life of
Lakeshore Corporation purchased a patent from MaFee Corp. on January 1, 2023, for $87,000. The patent had a remaining legal life of 16 years. Prepare Lakeshore’s journal entries to record the 2023
Sweet Tooth Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,000 in direct labour costs between January and March 2023 to develop a new product. In May 2023, the
Use the information in BE12.13 and assume that in January 2025, Lakeshore spends $26,000 successfully defending a patent suit. In addition, Lakeshore now feels the patent will be useful only for
Coffee Company Limited has a trademark with a carrying amount of $83,750 and an expected useful life of 10 years. On December 31, 2023, due to a change in customer tastes, Coffee Company gathered the
You are a financial analyst at McKlean’s Department Store. McKlean’s has been selling clothing at its stores across Canada for the past 25 years. Your team is responsible for measuring potential
In November 2023, a consumer report was issued related to CleanCar Corp. stating that carbon emissions from a specific model of vehicle produced by CleanCar were 25% greater than advertised. Explain
On September 1, 2023, Pipeline Corporation acquired Tunneling Limited for a cash payment of $954,000. At the time of purchase, Tunneling’s statement of financial position showed assets of $780,000,
Assume the facts given in BE6.39 for Martin. Prepare the December 31, 2024 year-end journal entry to record any loss from the contract, assuming Martin uses the completed-contract method.Data from in
MacAskill Corp. has the following portfolio of securities acquired for trading purposes and accounted for using the FV-NI model at September 30, 2023, the end of the company’s third quarter:On
On January 1, 2023, Kenn Corp. purchased at par 10% bonds with a maturity value of $300,000. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December 31 of
Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2023, for $1,000. At that time, the carrying amount of Krov’s net assets was $3,600. Any excess of the cost of the
Lachapelle Traders Inc. has cyclical cash flows and decided to invest some excess cash on hand by purchasing a 60-day Government of Canada treasury bill. On December 15, 2023, Lachapelle paid $99,509
Use the information from BE9.24, except assume that Julip Corporation is a private enterprise that applies ASPE. Prepare Julip’s 2023 entries to record all transactions and events related to its
Ramirez Company has an investment in 6%, 10-year bonds of Soto Company. The investment was originally purchased at par for $100 in 2022, and it is accounted for at amortized cost. Early in 2023,
The following information relates to Cortez Corp. for 2023: net income of $672,683; unrealized loss of $20,830 related to investments accounted for at FV-OCI during the year; and accumulated other
You are a junior investment associate at Number One National Bank, a top-tier Canadian bank. It is your first day on the job and your manager asks you the following question regarding investments:
Environmental, social, and governance issues are becoming part of the core values of many companies. With corporate investments geared toward ESG, ESG bonds are increasing in popularity. Explain what
Information for 2023 follows for Rolling Thunder Corp.:Rolling Thunder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On
Income statement information for Flett Tire Repair Corporation for the year 2023 follows:The effective tax rate on all income is 25%, and Flett follows ASPE.Instructions a. Prepare a multiple-step
The following information was taken from the records of Biscay Inc. for the year 2023:The following additional information was also available: income tax applicable to income from continuing
The trial balance follows for Thompson Corporation at December 31, 2023:A physical count of inventory on December 31 showed that there was $64,000 of inventory on hand.InstructionsPrepare a condensed
Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following
Stakeholders are increasingly concerned with environmental, social, and governance (ESG) issues. If you were given authority to develop financial reporting standards, what 3 ESG factors would you
During the audit of MBL Limited, a large manufacturing company, you come across a large piece of specialized equipment that is completely destroyed by fire. Upon further inquiry and investigation,
The following are selected ledger accounts of Holland Rose Corporation at December 31, 2023:Holland Rose’s effective tax rate on all items is 25%. A physical inventory shows that the ending
Given the legalization of cannabis in certain parts of North America, there has been growth in this business sector. CPAB inspected a total of 42 cannabis audit files over 2019–2020 and found

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