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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Prescott Appliances is a relatively new producer of commercial grade appliances. To enhance the competitiveness of its products, on July 2, 2017, the company introduced a warranty against defects for
Arthur and Doyle Ltd. is a company involved in the construction of small residential complexes. Until the end of 2017, the company used the cost ratio method to estimate the percentage complete.
Selkirk Inc. issued a 10-year bond on July 1, 2017. The $20,000,000 par bond pays $600,000 of interest on December 31 and June 30. The company has a calendar year-end. It is now February 2021.
On January 1, 2017, Timmins Resorts signed a long-term rental agreement with Uxbridge Properties. The agreement gave Timmins the exclusive right to use the specified property for a period of 10 years
Financial information for Solnickova Inc. follows:Additional information: ■ Preferred shares were converted to common shares during the year at their book value. ■ The face value of the
Quitzau’s Supplies Inc.’s income statement for the year ended December 31, 2021, follows:Additional information: ■ Accounts receivable decreased $20,000 during the year. ■ Accounts
Angela’s Angels Corp.’s policy is to report all cash inflows from interest and dividends in the investing section and cash outflows arising from interest and dividends in the financing section.
Financial information for Robinson Inc. follows:Additional information: ■ Ordinary shares were redeemed during the year at their book value. ■ The face value of the bonds is $400,000;
Information pertaining to select activities of Rosamelia Corp. during 2021 is set out below: 1. On January 1, 2021, Rosamelia leased right-of-use equipment. The lease calls for five annual
Coastal Cares Inc.’s (CCI) policy is to report all cash flows arising from interest and dividends in the operating section. The company’s activities for the year ended December 31, 2021, included
Zippo’s financial statements as at December 31, 2021, appear below:Additional information: ■ Property, plant, and equipment costing $570,000 was sold for $422,000. ■ 100,000 ordinary
Valli Ltd.’s financial statements as at December 31, 2021, appear below:Supplemental information: ■ During the year, Valli exchanged 5,000 ordinary shares for plant assets having a fair
Luke and Angie Inc.’s financial statements as at December 31, 2021, appear below:Supplemental financial information for the year ended December 31, 2021: ■ Luke and Angie exchanged 1,500
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/_assets/downloads/Marks-and
Rainmaker Company prepares its financial statements in accordance with IFRS. In 2014, Rainmaker recorded the following revaluation adjustments related to its buildings and land: The company’s
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What format(s) did these companies
The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be accessed at the book’s companion
The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2014.
The assets of Fonzarelli Corporation are presented below (000s omitted). structionsIndicate the deficiencies,
In an examination of Arenes Corporation as of December 31, 2014, you have learned that the following situations exist. No entries have been made in the accounting records for these items. 1.
Aero Inc. had the following balance sheet at December 31, 2013. During 2014, the following
Lansbury Inc. had the following balance sheet at December 31, 2013. During 2014,
Inc. had the following balance sheet at December 31, 2013. During 2014, the
Presented below is the balance sheet of Sargent Corporation for the current year, 2014. The following information is
The adjusted trial balance of Eastwood Company and other related information for the year 2014 are presented as follows.
Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014.
Presented below is a list of accounts in alphabetical order.Accounts Receivable
Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows.
Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2014.
Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year. (a) On
Presented below are selected accounts of Yasunari Kawabata Company at December 31, 2014.The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market
Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion.
Martinez Corporation engaged in the following cash transactions during 2014.Sale of land and building $191,000Purchase of
Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2014: Retained Earnings $120,000; Common Stock $750,000; Bonds Payable $100,000; Paid-in Capital in
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2014: Bonds Payable (due in 3 years) $100,000; Accounts Payable $72,000; Notes Payable (due in
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Prepaid Rent $12,000; Goodwill $50,000; Franchise Fees Receivable $2,000; Franchises
Crane Corporation has the following accounts included in its December 31, 2014, trial balance: Equity Investments (trading) $21,000; Goodwill $150,000; Prepaid Insurance $12,000; Patents $220,000;
Identify whether each of the following descriptions of pension plans describes defined contribution plans, defined benefit plans, or both. a. Must use a pension trust to hold the plan's assets. b.
Identify whether the following are lease characteristics relevant to the classification of a lease as a finance (capital) lease for the lessor. ਜੇ b. C. d. C. f. Lease transfers title to the
Identify whether the following are characteristics relevant to the classification of a lease as a finance (capital) lease for the lessor. a. b. C. d. c. f. Present value of minimum lease payments
A company issued 100,000 preferred shares and received proceeds of $6,540,000. These shares have a par value of $60 per share and pay cumulative dividends of 8%. Buyers of the preferred shares also
Brandy Dudas Maternity Wear Ltd. (BDM) had 100,000 ordinary shares outstanding during all of 2019. In 2017, BDM issued $500,000, 3% non-cumulative preferred shares. Each $100 preferred share is
English as a second language (ESL) has been a significant part of the Canadian education landscape for several decades, and its importance continues to grow with the increasing amount of immigration
A pension plan promises to pay $30,000 at the end of each year for 25 years of the retirement period.Required:Compute the funds required to fund this pension plan at the start of the retirement
It is January, and Ms. Deb. T. Laden, president of Debt Laden Inc. (Debt Laden), has just returned from an annual visit with the company’s banker, Mr. Green, to present Debt Laden’s December
The following are the characteristics of a lease:Required:Determine the present value of the lease payments and the appropriate classification of this lease for the lessor. Fair value of leased
On January 1, 2019, Star Company leased equipment to Planet Company. The terms of the lease are as follows:Planet uses straight-line depreciation for its property, plant, and equipment, and its year
Parcels Delivered Quickly (PDQ) is a public company that provides shipping and delivery services for household and commercial parcels ranging from a few grams to several hundred kilograms. The
Accounting standards for leases require an assessment of whether the lease transfers substantially all the risks and rewards of ownership.Required:Discuss how these standards relate to the definition
The following are the characteristics of a lease:Required:Determine the present value of the lease payments and the appropriate classification of this lease for the lessor. Fair value of leased
Part 1The Lilliput Transport Authority (LTA) provides public transport services in a major metro-politan area. On October 1, 2019, it entered a deal with Bus Finance Co. (BFC) to lease 100 new buses
Accounting standards for leases require an assessment of whether the lease transfers substantially all the risks and rewards of ownership. Required: Discuss how these standards relate to
On January 1, 2019, Hanover Company (lessor) entered a lease to rent out office space. The lease requires the lessee to pay Hanover $200,000 per year, at the beginning of each year, for 10 years. The
Longview Corporation started operations on March 1, 2019. It needs to acquire a special piece of equipment for its manufacturing operations. It is evaluating the following two options: Option 1:
Five years ago, Tobey’s Well Being Inc. recognized an ROU asset for $50,000. Today, on January 1, 2019, Tobey exercised its option to purchase the equipment for $10,000. This ROU asset has been
Cappy Ltd. leased equipment to Swen Company on July 1, 2019. The terms of the lease are:Swen uses straight-line depreciation for its property, plant, and equipment, and its year end is December
Six years ago, Tidball Valuations Corp. leased office equipment. A $30,000 ROU asset was recognized at that time. Tidball depreciated the asset on a straight-line basis over the lease term.
On January 1, 2019, Archibald Industries entered into an agreement to lease office space for a five-year period. Details of the lease are: ■ Payments: $55,000 per annum first due at the
On January 1, 2019, Mackenzie Yoga Studios leased exercise equipment for a four-year period. Payments are $10,000 per year, first payable at the commencement date. Of this, $9,900 of the payment is
Brow Corp. leased equipment from Rachel Finance, with the following details: ■ Commencement date: January 1, 2019. ■ Term of lease: 4 years.■ Payments: $45,000 per annum first due at
A lessee has the following amortization schedule for a particular lease: The company entered into the lease at the beginning of its fiscal year, on January 1, 2019. Depreciation follows the
A lessee has the following amortization schedule for a particular lease:The company entered into the lease at the beginning of its fiscal year, on January 1, 2019. Depreciation follows the
LaSalle Leasing Company (lessor) agrees on January 1, 2019, to rent Rockwood Winery (lessee) the equipment that Rockwood requires to expand its production capacity to meet customers’ demands for
Adams Leasing (lessor) agrees on January 1, 2019, to rent Healthy Diner (HD) (lessee) the equipment that HD requires to expand its restaurant. The lease agreement calls for 10 annual lease payments
Yucatil Leasing (lessor) signs a lease on January 1, 2019, with Zebra Charters (lessee). The lease agreement calls for five annual lease payments of $80,000 at the beginning of each year. Yucatil’s
On April 1, 2019, Help Company entered into a five-year lease for equipment. Annual lease payments are $25,000, payable at the beginning of each lease year (April 1). At the end of the lease,
The details of the equipment lease agreement that Taj Corp. (lessee) recently entered into with Stanger Leasing (lessor) are: ■ Commencement date: January 1, 2019. ■ Term of lease: 12
On January 1, 2019, Dudas Inc. entered into a 12-month, non-renewable lease to rent office equipment. The lease payment is $1,500 per month first due on January 31, 2019. The interest rate implicit
Thornhill Equipment (lessor) leased a construction crane to Vanier Construction (lessee) on January 1, 2019. The following information relates to the leased asset and the lease agreement:Both
Hicks Co. leased a new computer for three years on January 1, 2019, with the following details: ■ Payments: $1,200 per annum first due at the commencement date. ■ Interest rate implicit
Gail Inc. leased new office furniture for two years on January 1, 2019, with the following details: ■ Payments: $2,000 per annum first due at the commencement date. ■ Interest rate
Gidget Corp. entered into a lease on January 1, 2019, to rent a car for a three-year period. Payments are $700 per month, $600 of which is for the car rental and $100 of which is for a repairs and
Sam Inc. leased a photocopier on January 1, 2019, for a three-year period. Payments, which are first due on the commencement date, are $3,000 per year. The $3,000 is comprised of $2,500 for the
Trucks for Sale Corp. (TFS) manufactures tractor-trailer units at a cost of $89,000 per unit. On January 1, 2019, TFS offered Nate’s Trucking Inc. (NTI) the option of buying a unit for $122,000
William Corp. (the lessee) leased equipment from Daniel Finance (the lessor), details of which are: ■ Commencement date: January 1, 2019. ■ Fair value of equipment: $150,000. ■
Salem Creamery (lessee) leases its ice cream making equipment from Big City Finance Company (lessor) under the following lease terms: ■ The lease term is five years, non-cancellable, and
On January 1, 2019, a lessor agrees to rent a truck with fair value and carrying value of $129,999 for a period of four years at an annual rental of $34,478 first payable at the commencement date.
Prairie Railroad Inc. (PRI) (the lessee) and Loco-Motive Corporation (LMC) (the lessor) enter into an agreement that requires LMC to build a diesel-electric engine to PRI’s specifications. Upon
On January 1, 2019, Amelia Company (seller-lessee) sold a plane to Lewis Financial (buyer lessor) for its fair value of $14,000,000 and immediately leased it back under a 10-year lease at $1,676,199
On January 1, 2019, Amelia Company (seller-lessee) sold a plane to Lewis Financial (buyer lessor) for its fair value of $14,000,000 and immediately leased it back under a 10-year lease at $1,676,199
On January 1, 2019, Devlin Company (seller-lessee) sold heavy-duty equipment to Bancroft Bank (buyer-lessor) for its fair market value of $6,400,000 and immediately leased it back under a 20-year
On January 1, 2019, Devlin Company (seller-lessee) sold heavy-duty equipment to Bancroft Bank (buyer-lessor) for its fair market value of $6,400,000 and immediately leased it back under a 20-year
On January 1, 2019, Tobey Company (seller-lessee) sold excavating equipment to Eli Bank (buyer-lessor) for its fair market value of $6,400,000 and immediately leased it back under a fiveyear
On January 1, 2019, Archibald Inc. (seller-lessee) sold a cargo ship to MacPherson Capital (buyer-lessor) for its fair value of $24,000,000 and immediately leased it back under a 10-year
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2014: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance
Harding Corporation has the following accounts included in its December 31, 2014, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents
Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reported in the statement, if at all. Assume that net income is reported as
The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2014, 16 of the 40 home games had been played. What amount should be reported as a current liability at December
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at
Below is the income statement for a British company, Avon Rubber plc. Avon prepares its financial statements in accordance with IFRS.
Counting Crows Inc. provided the following information for the year 2014. AccountingPrepare (a) a
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What type of income format(s) is
Identify whether the following financial instruments are (i) A basic financial asset, financial liability, or equity instrument; (ii) A derivative; or (iii) A compound financial
Identify whether each of the following is a financial instrument.a. Account payableb. Note payablec. Warranty provisiond. Long-term debte. Common share
Ultramart is a chain of large discount supermarkets with 30 locations primarily in southern Ontario. The company was founded about 40 years ago. Although the company is now publicly traded, the
In relation to stock options, identify whether each of the following statements is true or false. Item a. A stock option provides a right to buy but not a right to sell a share. b. An option's fair
Identify whether the following financial instruments are (i) A basic financial asset, financial liability, or equity instrument; (ii) A derivative; or (iii) A compound financial
Identify whether each of the following is a financial liability.a. Account payableb. Note payablec. Warranty provisiond. Long-term debte. Deferred tax liability
Lord Motor Co. is a large carmaker famous for the high-quality automobiles it manufactures. The Company recently completed a debt restructuring initiative that substantially reduced its debt and

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