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business
intermediate accounting

Questions and Answers of Intermediate Accounting

A company reported $350,000 of pension expense in its income statement. The balance sheet showed that the pension liability increased by $20,000 over the year. No amounts were recorded in other
A company has a defined benefit pension liability of $600,000 at the beginning of the year. The company contributes $3,800,000 to the pension during the year and records a pension expense of
Niagara Inns provides a modest defined benefit pension for its employees. At the end of the current fiscal year, which ended on December 31, the pension plan supplied Niagara with information about
A company’s defined benefit pension plan incurs a current service cost of $2,200,000. Expected income on the pension plan’s assets amounted to $8,700,000, while actual income was $8,800,000. The
Current service cost for a defined benefit pension plan amounted to $6,800,000. This pension plan’s assets generated $5,500,000 of income, which exceeded expectations by $500,000. Pension
Mika Imports Ltd. provided the following pension plan information:Required:a. Calculate the expected value of the plan assets on December 31, 2021. b. Calculate the actual rate of return on plan
At the beginning of the current year, a pension has assets of $45,600,000 and accrued benefit obligation of $57,500,000. During the year, the sponsor recorded $3,200,000 in pension expense and
PEP Corporation has a defined benefit pension plan. As of January 1, the following balances exist:For the year ended December 31, the current service cost as determined by an appropriate actuarial
Jaxxen Exports Ltd. provided the following pension plan information:Required:a. Calculate the expected value of the obligation on December 31, 2021. b. Prepare the journal entry to account for
On December 31, 2019, the pension trust for Taj Singh Consulting Corp. (TSC) made a settlement payment of $450,000 to a recently terminated employee of TSC. The accrued benefit obligation pertaining
Sam’s Golden Lab Corp. (SGL) maintains a defined benefit pension plan for its employees. On January 1, 2019, SGL finalized the sale of a business segment to Gretta’s Great Kittens Ltd. (GGK).
Koffee Corporation provides its employees with a defined benefit pension plan. As of January 1, the following balances exist:For the year ended December 31, the current service cost as determined by
The following tables are the reports of the pension trustee and pension actuary for Macpherson Massage Corp., which started the defined benefit pension plan at the beginning of 2018:Required: a.
The following tables are the reports of the pension trustee and pension actuary for Timmins Industries, which started the defined benefit pension plan at the beginning of 2018:Required:Compute the
The following tables are the reports of the pension trustee and pension actuary for Golf is Good Inc., which started the defined benefit pension plan at the beginning of 2018:Required:a. Prepare the
Muskoka Canoes has had a defined benefit pension plan for three decades. Two years ago, the company improved the benefits at a cost of $2,800,000.Pension plan assets were $84,000,000 while pension
Belle Fragrances Inc. provided the following pension plan information:Required:a. Calculate the expected value of the plan assets on December 31, 2021. b. Approximate the actual rate of return
Zachary Motors Corp. provided the following pension plan information:Required:a. Calculate the expected value of the obligation on December 31, 2021.b. Prepare the journal entry to account for the
The actuarial valuation and accounting for defined benefit pension plans involve a number of different estimates. For each of the following changes in assumptions, identify the likely effect on the
The actuarial valuation and accounting for defined benefit pension plans involves a number of different estimates. For each of the following changes in assumptions, identify the likely effect on the
Changing Assumptions Ltd. has the following details related to its defined benefit pension plan as at December 31, 2019:The actuarial obligation represents the present value of a single benefit
Aegis Air Conditioning Company has three pension plans for three groups of employees: production, service, and administration. Information for the three plans is as follows:Required:Provide an
As of January 1, 2019, Microbyte Computer Company began a defined benefit pension plan that covers all 300 of its employees. Employment levels have remained constant and are expected to remain so in
Brockstone Masons’ balance sheet shows a net defined benefit liability of $1,790,000. Relating to this amount are pension assets of $5,450,000 and pension obligations of $7,240,000. At the
Dovetail Furnishings produces quality household furniture. The company has only one defined benefit pension plan, which covers its 30 carpenters. The company has completed its accounting for the year
DB Company operates a defined benefit pension plan. Until January 1, 2017, DB Company had a defined contribution plan that had been retroactively changed to a defined benefit plan. The plan was on
Corus Manufacturing Ltd. has a defined benefit pension plan that covers its production employees. On September 1, 2008, Corus initiated this plan and had immediately contributed $12 million toward
Dayton Products Ltd. has a separate pension plan for its management. This pension plan was put in place on January 1, 2010. The plan initiation created a pension obligation of $3 million. However,
Generous Co. Ltd. (Gen) operates a defined benefit pension plan that offers its employees an annual retirement income based on years of service and average of the final five years’ earnings prior
Cornwall has a defined benefit pension plan. The company’s balance sheet shows a defined benefit asset of $650,000 at year-end. This balance was composed of $22,800,000 of assets and $22,150,000 of
The following financial statement was prepared by employees of Walters Corporation. InstructionsIdentify and discuss the
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
Charlie Brown, controller for Kelly Corporation, is preparing the company’s income statement at year end. He notes that the company lost a considerable sum on the sale of some equipment it had
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2011, $25,000 in 2012, and $30,000 in 2013. A number of market analysts have recommended that
O’Malley Corporation was incorporated and began business on January 1, 2014. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
Wade Corp. has 150,000 shares of common stock outstanding. In 2014, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2014.
The following account balances were included in the trial balance of Twain Corporation at June 30, 2014. The Retained
Maher Inc. reported income from continuing operations before taxes during 2014 of $790,000. Additional transactions occurring in 2014 but not considered in the $790,000 are as follows. 1. The
Presented below is the trial balance of Thompson Corporation at December 31, 2014. A physical
At December 31, 2013, Shiga Naoya Corporation had the following stock outstanding.10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000Common stock, $5 par,
The following are selected ledger accounts of Spock Corporation at December 31, 2014. Spock’s effective tax
The stockholders’ equity section of Tkachuk Corporation appears below as of December 31, 2014.
Presented below is information related to Ivan Calderon Corp. for the year 2014. Instructions (a) Prepare a
Presented below are selected ledger accounts of Tucker Corporation as of December 31, 2014.Cash
Elgin Company had the following shareholders’ equity account balances on December 31, 2021:During 2022, the following transactions occurred:i. May 1: Elgin resold 800 of the treasury shares at $48
Select transactions and other information pertaining to Bedford Whale Watching Ltd. (BWW) are detailed below. Facts: a. BWW is domiciled in Bedford, Nova Scotia, and all purchases and sales
The following is an extract from the balance sheet of Zach’s Fashion Inc. as at December 31, 2018:The company did not declare dividends in 2018.On October 31, 2019, Zach’s declared the stipulated
The following is an extract from the balance sheet of Belle Beauty World Ltd. as at December 31, 2020:The company did not declare dividends in either 2019 or 2020.On October 31, 2021, Belle declared
Select transactions and other information pertaining to Anne Greene Ltd. (AGL) are detailed below. Facts: a. AGL is domiciled in Vancouver, British Columbia, and all purchases and sales are
Select transactions and other information pertaining to Flat and Fertile Inc. (FFI) are detailed below.Facts: a. FFI is domiciled in Saskatoon, Saskatchewan, and all purchases and sales are made
Gail Fisher signed a five-year franchise agreement that gave her the exclusive rights to sell Yummy Yoghurt products in Cloverdale, British Columbia. The terms of the agreement require Gail to pay
On January 1, 2020, Zoe Robinson signed a 10-year franchise agreement that gave her the exclusive rights to sell Exclaim donuts in Halifax, Nova Scotia. The terms of the agreement required Zoe to pay
On May 1, 2020, St. John’s Brew Supplies Inc. borrowed US$140,000 from its bank. St. John’s year-end is December 31, 2020. Exchange rates were as follows:Required:Prepare the required journal
On December 15, 2020, Edmonton Horticulture Society (EHS) received supplies on account costing US$5,000 from a vendor in Washington. EHS, whose year-end is December 31, 2020, paid the account in full
In 2020, Surinder’s Cycles Inc. sold 2,500 mountain bikes. For the first time, Surinder offered an in-store, no-charge, two-year warranty on each bike sold. Company management estimates that the
The text identified three primary methods of offering awards under customer loyalty programs: 1. The company offers awards that it supplies itself. 2. The business offers awards supplied by
I Love Debt Inc. is in the process of acquiring another business. In light of the acquisition, shareholders are currently re-evaluating the appropriateness of the firm’s capital structure (the
A number of independent situations are set out below. The underlined entity is the reporting entity. 1. Montreal Pool and Skeet Corp.’s debt to equity ratio is 1.6:1, based on its draft
a. Provide two reasons why companies may be motivated to keep debt off the balance sheet.b. Give three examples of obligations that IFRS now requires to be reported on the balance sheet when this was
Australian Balloon Rides Ltd. issues $4,000,000 of five-year, 4% bonds dated January 1, 2018. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the
A list of liabilities follows. For each item, indicate by using the letter F that it is a financial liability or N that it is a non-financial liability. For obligations that are non-financial in
What are the three criteria of a liability? Describe how trade accounts payable meet each of the criteria.
a. Explain what provisions are. b. Explain what financial liabilities are and how they differ from non-financial liabilities. c. Provide three examples of financial liabilities and three
A list of liabilities follows. For each item, indicate by using the letter C that it will be reported as a current liability, N that it will be reported as a non-current liability, or B that it
a. Identify the three broad categories of liabilities. b. Explain how each of these three classes of liabilities is initially measured. c. Explain how each of these three classes of
Select transactions and other information pertaining to Best City in the World Inc. (BCW) are detailed below. Facts: a. BCW is domiciled in Charlottetown, Prince Edward Island, and all
Build a Deck Inc. (BaD) enters into a contract to construct six decks adjacent to a commercial building. The purchaser has agreed to pay $5,000 for each deck (total $30,000). The terms of the
In an effort to stimulate lagging sales of its XLT converter, Rchris Enterprises Corp. implemented a manufacturer’s rebate program at the beginning of 2020. Customers that purchased an XLT
On January 1, 2018, GFF Transmission Services Co. issued a $20,000, non-interest bearing note, due on January 1, 2019, in exchange for a custom-built computer system. The fair value of the computer
On July 1, 2020, XXT Satellite Services Ltd. purchased an automobile for $40,000. The company paid $10,000 cash and issued a $30,000 note due on April 1, 2021, for the balance. The 4% annual
North Vancouver Laundry (NVL) recently hired Fred as its payable clerk, a position that has been vacant for two months. While the other accounting staff have taken care of the “must do’s,”
On December 1, 2018, Joy Vasek Importers Inc. borrowed US$1,000,000 from its bank. The loan is payable in full on July 1, 2019. Interest is payable each month end at 5% per annum. Pertinent exchange
Ranjit was recently hired by Montreal Express Inc. (MEI) to assist its payable clerk in bringing the accounts up to date. Ranjit was asked to record the following transactions: August 15,
Explain how a long-term loan maturing within one year of the balance sheet date is reported in the financial statements, assuming that the company intends to renew the liability for a further five
Explain how a non-current obligation in default is reported in the financial statements.
GHF Computer Systems Inc. maintains office equipment under contract. The contracts are for labour only; customers must reimburse GHF for parts. GHF’s rate schedule follows: GHF’s 2018 sales
HF Magazines Corp. sells three-year magazine subscriptions for $180 cash each. The cost of producing and delivering each magazine is $2 paid in cash at the time of delivery. HF’s sales activity for
MVD News Inc. sells one-year newspaper subscriptions for $72 cash each. Newspapers are delivered daily. The average cost of producing and delivering papers each month is $3 paid in cash at the time
Muscles Gym Corp. offers a variety of fitness packages to its members: ■ A pay-as-you-go membership for the use of the fitness facilities costing $40 per month ■ A one-year,
SST Jetski Corp. has sold motorized watercraft for a number of years. SST includes a three-year warranty on each watercraft they sell. Management estimates that the cost of providing the warranty
Refer to the 2016 financial statements for Canadian Tire Corporation in Appendix C.Required:a. What was the amount of current liabilities reported in Canadian Tire’s financial statements as at
Winnipeg Air Corp. offers a customer loyalty program that grants members award miles for each flight taken. Members can redeem the miles, which expire 10 years after issuance, for future flights.
Zoebug’s Emporium Inc. rewards its frequent shoppers with gift cards. The premium program awards members one point for every dollar spent. Zoebug’s provides members with a $10 gift card for every
Hacker’s Superstore Inc. (HSI) borrowed $4,000,000 on January 1, 2020, at a fixed rate of 4%. The loan was repayable over five years at $898,508 per annum. The loan agreement included various
Stanger Educational Services Corp. sells multimedia presentation systems. In its first year of operations in 2018, the company sold 1,000 units for $5,000 cash each, representing a 25% markup over
Halifax Air Shuttle Inc. offers a customer loyalty program that grants members award miles for each flight taken. Members can redeem the miles, which expire five years after issuance, for future
It is early in February 2021 and you are conducting the audit of Adventuresome Airlines Ltd.’s 2020 financial statements. Through discussion with Adventuresome’s chief financial officer, you
a. Explain what contingencies are. b. Describe how to account for contingent liabilities. c. Describe how to account for contingent assets.
Discuss the terms “probable,” “possible,” and “remote” in relation to contingencies. In what circumstances are contingencies provided for in the financial statements, and when are they
The following are six independent situations. The underlined entity is the reporting entity. 1. The Supreme Court of Canada ordered a supplier to pay Pangay Strobes Inc. $100,000 for breach of
Aaron Robinson’s Architecture Ltd. (ARAL) is a private company that reports its financial results in accordance with ASPE. Unfortunately, a three-story apartment building that ARAL designed
The following are two independent situations. The underlined entity is the reporting entity. 1. Broken Horse Stables Inc. sued Topnotch Equestrian Inc. for $1 million alleging breach of
ZSK Interiors Ltd. guarantees SIL Exterior Co.’s $150,000 bank loan. Describe how ZSK will initially account for the guarantee and discuss the nature of the required disclosure.
Explain what onerous contracts are and how they are accounted for.
Kaitlyn’s Cats Inc. (KCI) is a chain of pet stores that specializes in the sale and veterinary care of felis catus, more commonly known as domestic cats. On October 1, 2021, KCI raised a net of
Kitchener Distributors Inc. entered into a non-cancellable contract to buy 10,000 litres of linseed oil for $3 per litre for resale purposes. Kitchener intends to resell the oil to retail paint
Waterloo Wholesale Corp. entered into an irrevocable contract to buy 1,000 kilograms of amorphous silica for $40 per kilogram for resale purposes. Waterloo intends to resell the silica to local
A number of independent situations are set out below. 1. A former employee of Moncton Minimarket Inc. sued the company for $500,000 alleging that the company’s owner sexually harassed her.
A number of independent situations are set out below. 1. Truro TV Superstore Inc. received 20 52" XZT widescreen televisions from its supplier in New York, shipped on an FOB destination basis.

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