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business
intermediate accounting

Questions and Answers of Intermediate Accounting

The financial statements of P&G are presented in Appendix B. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies’ complete annual reports, including the notes to the financial statements, are
Kathleen Battle Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated
Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity.Preferred
Kellogg Company is the world?s leading producer of ready-to-eat cereal products. In recent years, the company has taken numerous steps aimed at improving its profitability and earnings per share.
Wilco Corporation has the following account balances at December 31, 2020.Common stock, $5 par value................................................$ 510,000Treasury
On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 60,000 shares issued and outstanding).......................$600,000Paid-in
On February 1, 2020, Buff alo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2020, journal entry.
Washington Company has the following stockholders’ equity accounts at December 31, 2020.Common Stock ($100 par value, authorized 8,000 shares).......................$480,000Retained
Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2020, Lindsey Hunter took part in the following selected transactions.1. Issued 5,000 shares of
The books of Conchita Corporation carried the following account balances as of December 31,
Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per
Wilco Corporation has the following account balances at December 31, 2020.Share capital—ordinary, $5 par value.......................$ 510,000Treasury
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2020.In 2020, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value)
Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2020, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at
Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2020.InstructionsAnswer the questions
Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2020.InstructionsAnswer the questions in each
Mask Company has 30,000 shares of $10 par value common stock authorized and 20,000 shares issued and outstanding. On August 15, 2020, Mask purchased 1,000 shares of treasury stock for $18 per
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2020.Common stock, $10 par, 300,000 shares issued and
Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2020, and no
Wallace Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Derek Wallace, president. Of the remainder, 10% is held by members of his family and 10% by Kathy
Penn Company was formed on July 1, 2018. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par value, cumulative and nonparticipating preferred
Earnhart Corporation has outstanding 3,000,000 shares of common stock with a par value of $10 each. The balance in its Retained Earnings account at January 1, 2020, was $24,000,000, and it then had
Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On
Teller Corporation?s post-closing trial balance at December 31, 2020, was as follows. At December 31, 2020, Teller had the following number of ordinary and preference shares. The dividends on
Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet.Preferred stock, 10%, $100 par (10,000 sharesauthorized, 2,000 shares
Shown below is the liabilities and stockholders? equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,200,000. For the year, each
Clemson Company had the following stockholders’ equity as of January 1, 2020.Common stock, $5 par value, 20,000 shares issued......................$100,000Paid-in capital in excess of par—common
Matt Schmidt Company’s ledger shows the following balances on December 31, 2020.7% Preferred stock—$10 par value, outstanding 20,000 shares..............$ 200,000Common stock—$100 par value,
Cajun Company has outstanding 2,500 shares of $100 par, 6% preferred stock and 15,000 shares of $10 par value common. The following schedule shows the amount of dividends paid out over the last 4
Morgan Sondgeroth Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations.2018..................$260,000 net loss2019..................$40,000
McNabb Corp. had $100,000 of 7%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2020.a. Assuming that total dividends declared in 2020 were
On January 5, 2020, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par
Guiglano Inc. is a large, publicly held corporation. The following are six selected expenditures that were made by the company during the fiscal year ended April 30, 2020. The proper accounting
From the SEDAR website (www.sedar.com) choose one company from each of four different industry classifications. Choose from a variety of industries, such as real estate (such as Crombie Real Estate
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Fields does not manufacture or sell the products and processes it
As the recently appointed auditor for Daleara Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2020, are prepared. The controller
Echo Corp., a retail propane gas distributor, has increased its annual sales volume to a level that is three times greater than the annual sales of a dealer that it purchased in 2019 in order to
Monsecours Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during
Selected information follows for Mount Olympus Corporation for three independent situations:1. Mount Olympus purchased a patent from Bakhshi Co. for $1.8 million on January 1, 2018. The patent
Azure Industries Ltd. acquired two copyrights during 2020. 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
Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2020:Organization costs
Kolber Manufacturing Limited designs, manufactures, and distributes safety boots. In January 2020, Kolber purchased another business that manufactures and distributes safety shoes, to complement its
Information for Naples Corporation’s intangible assets follows:1. On January 1, 2020, Naples signed an agreement to operate as a franchisee of Copy Service Inc., for an initial franchise fee of
Fit Fixtures Incorporated (FFI) is a manufacturer of exercise equipment such as treadmills, stair climbers, and elliptical machines. The company has a December 31 year end and uses ASPE. The
Access the annual report for British Airways Plc (BA) for the year ended December 31, 2017, from its parent company’s website (www.iagshares.com). British Airways is now a part of the International
Assume the same information as in E11.22, except that at December 31, 2020, Gaurav discontinues use of the equipment and intends to dispose of it in the coming year by selling it to a competitor. It
Perez Corp., a mining company, owns a significant mineral deposit in a northern territory. Perez prepares financial statements in accordance with IFRS. Included in the asset is a road system that
Munro Limited reports the following information in its tax files covering the fiveyear period from 2018 to 2022. All assets are Class 10 with a 30% maximum CCA, and no capital assets had been
Wettlauffer Company Ltd. shows the following entries in its Equipment account for 2020. All amounts are based on historical cost. Instructions a. Prepare any necessary correcting entries. b.
Comco Tool Corp. records depreciation annually at the end of the year. Its policy is to take a full year?s depreciation on all assets that are used throughout the year and depreciation for half a
Martin Corporation purchased a truck by issuing an $80,000, 8% note to Equinox Inc. Interest is payable annually and the note is payable in four years. Prepare the journal entry to record the truck
The following are two independent situations.Situation 1: Lauren Inc. received dividends from its common share investments during the year ended December 31, 2020, as follows:• A cash dividend of
On January 1, 2020, Rae Corporation purchased 30% of the common shares of Martz Limited for $196,000. Martz Limited shares are not traded in an active market. The carrying amount of Martz’s net
The following information is available about Kao Corp.?s investments at December 31, 2020. This is the first year Kao has purchased securities for investment purposes. Assume that Kao Corp. follows
Use the information from BE9.24, except that Julip Corporation is a private enterprise that applies ASPE. Prepare Julip’s 2020 entries to record all transactions and events related to its
Harnish Inc. acquired 25% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,250,000 for 62,500 shares, and is equal to 25% of Gregson’s carrying
Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2020, for $1,000. At that time, the carrying amount of Krov’s net assets was $3,600. Any excess of the cost of the
Holmes Inc. purchased 30% of Nadal Corporation’s 30,000 outstanding common shares at a cost of $15 per share on January 3, 2020. The purchase price of $15 per share was based solely on the book
Ramirez Company has an investment in 6%, 10-year bonds of Soto Company. The investment was originally purchased at par for $100 in 2019 and it is accounted for at amortized cost. Early in 2020,
Weekly Corp., a December 31 year-end company that applies IFRS, acquired an investment of 1,000 shares of Credence Corp. in mid-2016 for $29,850. Between significant volatility in the markets and in
On January 1, 2018, Mamood Ltd. paid $322,744.44 for 12% bonds of Variation Ltd. with a maturity value of $300,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2018,
Tsui Corporation owns corporate bonds at December 31, 2020, accounted for using the amortized cost model. These bonds have a par value of $800,000 and an amortized cost of $788,000. After an
In early 2020, for the first time, HTSM Corp. invested in the common shares of another Canadian company. It acquired 5,000 shares of Toronto Stock Exchange–traded Bayscape Ltd. at a cost of
Niger Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method:Cost
At December 31, 2020, the equity investments of Wang Inc. that were accounted for using the FV-OCI model without recycling were as follows: Because of a change in relationship with Ahn Inc., Wang
The following information relates to Cortez Corp. for 2020: net income of $672,683; unrealized loss of $20,830 related to investments accounted for at FV-OCI during the year; and accumulated other
On December 31, 2019, Acker Ltd. reported the following statement of financial position.? The accumulated other comprehensive income was related only to the company?s non-traded equity investments.
Assume the same information as in E9.14 and also assume that the bond is the only investment held by Miron Aggregates Ltd.Instructionsa. Prepare a partial comparative statement of financial position
Early in its 2020 fiscal year (December 31 year end), Hayes Company purchased 10,000 Kenyon Corporation common shares for $26.18 per share, plus $1,800 in brokerage commissions. These securities were
On January 1, 2020, Melbourne Corporation, a public company following IFRS, acquired 15,000 of the 50,000 outstanding common shares of Noah Corp. for $25 per share. Noah’s statement of financial
On July 1, 2020, Miron Aggregates Ltd. purchased 6% bonds having a maturity value of $100,000 for $103,585. The bonds provide the bondholders with a 5% yield. The bonds mature four years later, on
Fellows Inc., a publicly traded manufacturing company in the technology industry, has a November 30 fiscal year end. The company grew rapidly in its first 10 years and made three public offerings
Assume the same information as in E9.12, except that the bonds are carried at FV-OCI. The fair value of the bonds at December 31 of each year end is as follows:2019
Harper Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV-OCI method: Early in 2021, Harper sold all the Frank Inc.
On January 1, 2019, Hi and Lois Company purchased 12% bonds having a maturity value of $300,000 for $322,744.72. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2019,
Brooks Corp. is a medium-sized corporation that specializes in quarrying stone for building construction. The company has long dominated the market, and at one time had 70% market penetration. During
Octavio Corp. prepares financial statements annually on December 31, its fiscal year end. The company follows IFRS. At December 31, 2020, the company has the account Investments in its general
On July 1, 2020, Menard Concrete Ltd. purchased 5% bonds having a maturity value of $50,000 for $48,645.70. The bonds provide the bondholders with a 6% yield. The bonds mature July 1, 2023, with
Activet Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the
Finance NB Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2019, for $104,490 plus accrued interest. The bond pays interest annually each November 1 at a rate of 9%. On
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, 2020, Lachapelle paid $99,509
On December 31, 2019, Zurich Corp. provided you with the following pre-adjustment information regarding its portfolio of investments held for short-term profit-taking: During 2020, the Bilby Corp.
On January 1, 2020, Novotna Company purchased $400,000 worth of 8% bonds of Aguirre Co. for $369,114. The bonds were purchased to yield 10% interest. Interest is payable semi-annually, on July 1 and
On December 31, 2019, Nodd Corp. acquired an investment in GT Ltd. bonds with a nominal interest rate of 10% (received each December 31), and the controller produced the following bond amortization
Refer to the information in E9.3, except assume that Mustafa hopes to make a gain on the bonds as interest rates are expected to fall. Mustafa accounts for the bonds at fair value with changes in
Pascale Corp. has the following securities (all purchased in 2020) in its investment portfolio on December 31, 2020: 2,500 Anderson Corp. common shares, which cost $48,750; 10,000 Munter Ltd. common
On January 1, 2020, Phantom Corp. acquires $300,000 of Spider Products Inc. 9% bonds at a price of $278,384. The interest is payable each December 31, and the bonds mature on December 31, 2022. The
Gain access to the 2017 financial statements of Potash Corporation of Saskatchewan from the company’s website or www.sedar.com. On January 1, 2018, PotashCorp and Agrium completed a merger and
The following amortization schedule is for Flagg Ltd.?s investment in Spangler Corp.?s $100,000, five-year bonds with a 7% interest rate and a 5% yield, which were purchased on December 31, 2019, for
On January 1, 2020, Mustafa Limited paid $537,907.40 for 12% bonds with a maturity value of $500,000. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature on
The following information relates to the 2020 debt and equity investment transactions of Wildcat Ltd., a publicly accountable Canadian corporation. All of the investments were acquired for trading
On January 1, 2020, Kenn Corp. purchased at par 10% bonds having a maturity value of $300,000. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31
MacAskill Corp. has the following portfolio of securities acquired for trading purposes and On October 8, 2020, the Yuen shares were sold for $4.30 per share. On November 16, 2020, 3,000 common
Refer to the annual financial statements of Hudson’s Bay Company for its fiscal year ended February 3, 2018 (fiscal 2017), found at the end of the book.Instructionsa. Review Hudson’s Bay’s
EMI Inc. is a public company that operates numerous movie theatres in Canada. Historically, it operated as a trust and its business model consisted of distributing all of its earnings to shareholders
Furniture Madness Inc. recently purchased 1,000 mattresses from a supplier for its big box stores. The cost for these mattresses was $140,000, or $140 per mattress. Furniture Madness established the
Delicious Foods Inc. reported inventory of $5,706 million at the end of its 2020 fiscal year and $5,310 million at the end of its 2019 fiscal year. It reported cost of goods sold of $35,350 million
The financial statements of Trifolium Corporation for fiscal 2018 to fiscal 2020 are as follows (in thousands): Instructions a. Finance Calculate Trifolium?s (1) inventory turnover and (2) average

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