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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Farmer Brown Industries Inc. is in the business of producing organic foods for sale to restaurants and in local markets. The company uses IFRS and has a June 30 fiscal year end.As an experiment, the
The inventory of 3T Company on December 31, 2020, consists of the following items. Instructions a. Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value
As a result of its annual inventory count, Tarweed Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2019, and December 31, 2020. December
Bluebell Enterprises Ltd.’s records reported an inventory cost of $55,600 and a net realizable value of $54,000 at December 31, 2018. At December 31, 2019, the records indicated a cost of $68,700
Schonfeld Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $20 per unit. None of this
Some of the information found on a detailed inventory card for Soave Stationery Ltd. for May is as follows: Instructions a. From the above data, calculate the ending inventory based on each of the
Doors Unlimited Ltd. purchases units of wood frames that have manufacturer’s volume rebates from Traders Inc. The rebate requires Doors Unlimited to purchase a minimum number of units in a calendar
The records for the Clothing Department of Ji-Woon’s Department Store are summarized as follows for the month of January:1. Inventory, January 1: at retail, $28,000; at cost, $18,0002. Purchases in
Two or more items are omitted in each of the following tabulations of income statement data for a business following ASPE. Instructions Fill in the amounts that are missing. 2019 2018 2020 Sales
The Eserine Wood Corporation manufactures desks. Most of the company?s desks are standard models that are sold at catalogue prices. At December 31, 2020, the following finished desks appear in the
In fiscal 2020, Ivanjoh Realty Corporation purchased unimproved land for $55,000. The land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were
Angus Enterprises Ltd. reported cost of goods sold for 2020 of $2.5 million and retained earnings of $4.0 million at December 31, 2020. Angus later discovered that its ending inventories at December
Sier Specialty Corp., a division of FH Inc., manufactures three models of bicycle gearshift components that are sold to bicycle manufacturers, retailers, and catalogue outlets. Since beginning
Best Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1 million. At December 31, 2019,
Reena Corp. lost most of its inventory in a fire in December, just before the year-end physicalinventory was taken. The corporation?s books disclosed the following:? Merchandise with a selling
Iqbal Corporation uses the lower of FIFO cost and net realizable value method on an individual item basis, applying the direct method. The inventory at December 31, 2019, included product AG.
Riverdale Farms Ltd. operates dairy farms. The following are selected transactions that occurred during the fiscal years ended December 31, 2020 and 2021, for one dairy cow and its calf.1. A calf was
The net income per books of Russell Industries Limited was determined without any knowledge of the following errors. The 2015 year was Russell?s first year in business. No dividends have been
Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2018, 2019, and 2020, as follows: Instructions a. Prepare the journal entries
Eureka Limited has a calendar-year accounting period. The following errors were discovered in 2020.1. The December 31, 2018 merchandise inventory had been understated by $51,000.2. Merchandise
Astro Languet established Languet Products Co. as a sole proprietorship on January 5, 2020. At the company’s year end of December 31, 2020, the accounts had the following balances (in
Salamander Limited makes the following errors during the current year. Each error is an independent case.1. Ending inventory is overstated by $1,020, but purchases are recorded correctly.2. Both
The summary financial statements of Langford Landscaping Ltd. on December 31, 2020, are as follows: The following errors were made by the inexperienced accountant on December 31, 2019, and were
At December 31, 2020, Igor Ltd. has outstanding noncancellable purchase commitments for 32,500 litres of raw material at $2.00 per litre. The material will be used in Igor’s manufacturing process,
Loblaw Companies Limited and Empire Company Limited Instructions From SEDAR (www.sedar.com) or the company websites, access the financial statements of Loblaw Companies Limited for its year ended
Lupulin Limited stocks a variety of sports equipment for sale to institutions. The following stock record card for basketballs was taken from the records at the December 31, 2020 year end: A
Access the annual financial statements of Andrew Peller Limited for the year ended March 31, 2017, on SEDAR (www.sedar.com) or the company’s website (www.andrewpeller.com).InstructionsRefer to
Halm Skidoos Limited, a private company that began operations in 2017, always values its inventories at their current net realizable value. The company uses ASPE. Its annual inventory figure is
In an annual audit of Solaro Company Limited, you find that a physical inventory count on December 31, 2020, showed merchandise of $441,000. You also discover that the following items were excluded
Refer to the 2016 and 2017 annual reports of Canadian Tire Corporation, Limited, available at SEDAR (www.sedar.com) or the company’s website (www.canadiantire.ca). Note that the company provides a
Ianthe Limited, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020: Inventory at December 31, 2020 (based on physical
Stora Enso Oyj described itself in its annual report as the “leading provider of renewable solutions in packaging, biomaterials, wooden constructions, and paper globally.”InstructionsAccess the
Findit Gold Inc. (FGI) was created in 2012 and is 25% owned by Findit Mining Corporation (FMC). FGI’s shares trade on the local exchange and its objective is to become a substantial low-cost
On February 1, 2020, Akeson Ltd. began selling electric scooters that it purchased exclusively from Ionone Motors Inc. Ionone Motors offers volume rebates based on the volume of annual sales to its
Jaeco Corporation asks you to review its December 31, 2020 inventory values and prepare the adjustments that are needed to the books. The following information is given to you:1. Jaeco uses the
Hudson’s Bay Company (HBC), as described in Note 1 to its financial statements, is a Canadian corporation that “owns and operates department stores in Canada, United States and . . . Europe.”
The following independent situations relate to inventory accounting: 1. Sanderson Company?s inventory of $1.1 million at December 31, 2020, was based on a physical count of goods priced at cost and
The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The
Eli Corp. has just received its August 31, 2020 bank statement, which is summarized as follows: The general ledger Cash account contained the following entries for the month of August: Deposits
Ling Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Instructions a. Determine the amount of deposits in transit
Kali Corp. established a petty cash fund early in 2020 to increase the efficiency of accounting for small cash transactions and to improve control over many of the small expenditures it makes. The
Use the information in BE7.20. Assume that Genesis decides(a) To increase the size of the petty cash fund to $600 immediately after the reimbursement,(b) to reduce the size of the petty cash to $250
The Becker Milk Company Limited, a real estate and investment management company, reports the following information in its financial statements for the years ended April 30, 2017, 2016, and
Genesis Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of $400. The fund is reimbursed when the cash in the fund is at $57. Petty cash receipts show that funds
The financial statements of BCE Inc. reported net sales of $21,719 million for its year ended December 31, 2016, and $21,514 million for its year ended December 31, 2015. Accounts receivable (net)
Lute Retail Ltd. follows ASPE. It transfers $355,000 of its accounts receivable to an independent trust in a securitization transaction on July 11, 2020, receiving 96% of the receivables balance as
The financial statements of winery Andrew Peller Limited reported net sales of $342,606 thousand for its year ended March 31, 2017. Accounts receivable were $26,973 thousand at March 31, 2017, and
Information follows for Quartz Industries Ltd.: Additional information: 1. One June 26 transaction was for bank service charges. 2. One June 30 transaction was a bank debit memo for $1,050.00 for a
Chessman Corporation factors $600,000 of accounts receivable with Liquidity Financing, Inc. on a with recourse basis. Liquidity Financing will collect the receivables. The receivable records are
The cash account of Villa Corp. shows a ledger balance of $3,969.85 on June 30, 2020. The bank statement as at that date shows a balance of $4,150. When the statement was compared with the cash
On April 1, 2020, Ibrahim Corporation assigns $400,000 of its accounts receivable to First National Bank as collateral for a $200,000 loan that is due July 1, 2020. The assignment agreement calls
Joseph Kiuvik is reviewing the cash accounting for Connolly Corporation, a local mailing service. Joseph?s review will focus on the petty cash account and the bank reconciliation for the month ended
By December 31, 2020, Clearing Corp. had performed a significant amount of environmental consulting services for Rank Ltd. Rank was short of cash, and Clearing agreed to accept a $200,000,
On October 1, 2020, Alpha Inc. assigns $3 million of its accounts receivable to Alberta Provincial Bank as collateral for a $2.6-million loan evidenced by a note. The bank’s charges are as
The Patchwork Corporation manufactures sweaters for sale to athletic-wear retailers. The following information was available on Patchwork for the years ended December 31, 2019 and 2020: During
On July 1, 2020, Agincourt Inc. made two sales:1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,101,460. The land’s carrying value
On September 1, 2020, Myo Inc. sold goods to Khin Corporation, a new customer. Before shipping the goods, Myo’s credit and collections department conducted a procedural credit check and determined
In 2020, Ibran Corp. required additional cash for its business. Management decided to use accounts receivable to raise the additional cash and has asked you to determine the income statement effects
Little Corp. was experiencing cash flow problems and was unable to pay its $105,000 account payable to Big Corp. when it fell due on September 30, 2020. Big agreed to substitute a one-year note for
Logo Limited follows ASPE. It manufactures sweatshirts for sale to athletic-wear retailers. The following summary information was available for Logo for the year ended December 31, 2019:Cash
Desrosiers Ltd. had the following long-term receivable account balances at December 31, 2019:Notes receivable .................................................... $1,800,000Notes
Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2020, accepting Acme’s $20,000, six-month, 6% note.(a) Prepare Emil’s November 1 entry, December 31 annual adjusting
On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price of $91,844.10. In payment, Zhang accepted $36,000 cash and agreed to receive the balance in four equal instalments
Use the information for Battle Tank Limited in BE7.7 and assume instead that the unadjusted balance in Allowance for Doubtful Accounts is a debit balance of $3,000. Based on this, prepare the
On October 1, 2020, Healy Farm Equipment Corp. sold a harvesting machine to Homestead Industries. Instead of a cash payment, Homestead Industries gave Healy Farm Equipment a $150,000, twoyear, 10%
At January 1, 2020, the credit balance of Andy Corp.’s Allowance for Doubtful Accounts was $400,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales
Battle Tank Limited had net sales in 2020 of $2.3 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $350,000 debit;
Fortini Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $475,000 and an Allowance for Doubtful Accounts of $33,000. Fortini recognized credit sales during
The SFP of Alice Inc. at December 31, 2019, includes the following: Transactions in 2020 include the following: 1. Accounts receivable of $146,000 were collected. 2. Customer accounts of $39,500
At the end of 2020, Perez Corporation has accounts receivable of $2.5 million and an allowance for doubtful accounts of $120,000. On January 16, 2021, Perez determined that its $20,000 receivable
Use the information for Ropers Ltd. in BE7.5, but assume instead that Ropers follows ASPE and records expected outstanding returns to Allowance for Sales Returns and Allowances. Prepare the required
Loblaw Companies Limited and Empire Company LimitedInstructionsFrom SEDAR (www.sedar.com) or the company websites, access the financial statements of Loblaw Companies Limited for its year ended
The following information relates to Shea Inc.?s accounts receivable for the 2020 fiscal year: 1. An aging schedule of the accounts receivable as at December 31, 2020, is as follows: 2. The
To promote the sale of some specialty goods, Ropers Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no
Soon after beginning the year-end audit work on March 10 for the 2020 year end at Arkin Corp., the auditor has the following conversation with the controller:Controller: The year ending March 31,
From its first day of operations to December 31, 2020, Campbell Corporation provided for uncollectible accounts receivable under the allowance method: 1. Entries for bad debt expense were made
Staj Co., a clothing manufacturer, is preparing its statement of financial position at December 31, 2020. For each of the following amounts as at December 31, 2020, state whether the amount is (a)
LeBlanc Inc. shows a balance of $519,289 in the Accounts Receivable account on December 31, 2020. The balance consists of the following:Instalment accounts due in 2021
Stowe Enterprises owns the following assets at December 31, 2020: If Stowe follows ASPE, what amount should be reported as cash and cash equivalents? Explain how your answer would differ if Stowe
TELUS Corporation is one of Canada’s largest telecommunications companies and provides both products and services. Its shares are traded on the Toronto and New York stock exchanges, and its credit
A series of unrelated situations follow for several companies that use ASPE: 1. Atlantic Inc.?s unadjusted trial balance at December 31, 2020, included the following accounts: 2. An analysis and
Access the annual financial statements for Maple Leaf Foods Inc. for the year ended December 31, 2017. These statements are available from the company’s website or from SEDAR
Dev Equipment Corp. usually closes its books on December 31, but at the end of 2020 it held its cash book open so that a more favourable statement of financial position could be prepared for credit
The controller for Fashion Co. is trying to determine the amount of cash to report on the December 31, 2020 statement of financial position. The following information is provided:1. A commercial
On January 3, 2020, Mego Limited purchased 3,000 (30%) of the common shares of Sonja Corp. for $438,000. The following information is provided about the identifiable assets and liabilities of Sonja
In early January 2020, Chi Inc., a private enterprise that applies ASPE, purchased 40% of the common shares of Washi Corp. for $410,000. Chi was now able to exercise considerable influence in
Air Canada’s December 31, 2017 consolidated statement of financial position lists property and equipment at $9 billion and total assets of $17.7 billion.Air Canada’s Note 4 to the financial
Iskra Vremec and Colin McFee are experienced scuba divers who have spent many years in the salvage business. About a year ago, they decided to start their own company to recover damaged and sunken
Access the financial statements of Magna International Inc. for the company’s year ended December 31, 2017. These are available at www.sedar.com or the company’s website. Review the information
Adamski Corporation manufactures ballet shoes and is in a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its products, the company
Access the annual financial statements of Stora Enso Oyj for the company’s year ended December 31, 2017. These are available at the company’s website, www.storaenso.com. Review the information
At December 31, 2019, certain accounts included in the property, plant, and equipment section of Golden Corporation’s statement of financial position had the following balances:Land
Webb Corporation prepares financial statements in accordance with IFRS. Selected accounts included in the property, plant, and equipment section of the company’s statement of financial position at
Access the financial statements of Brookfield Asset Management Inc. for the company’s year ended December 31, 2017, contained in the company’s annual report, available from the company’s
Kiev Corp. was incorporated on January 2, 2020, but was unable to begin manufacturing activities until July 1, 2020, because new factory facilities were not completed until that date. The Land and
Access the financial statements of BHP Billiton plc (BHP) for the company’s year ended June 30, 2017. Also access the financial statements of Newfield Exploration for the company’s year ended
On June 28, 2020, in relocating to a new town, Kerr Corp. purchased a property consisting of two hectares of land and an unused building for $225,000 plus property taxes in arrears of $4,500. The
Vidi Corporation, a private enterprise, made the following purchases related to its property, plant, and equipment during its fiscal year ended December 31, 2020. The company uses the straight-line
The production manager of Chesley Corporation wants to acquire a different brand of machine by exchanging the machine that it currently uses in operations for the brand of equipment that others in
Hamm Inc. purchased land, a building, and equipment from Spamela Corporation for a cash payment of $406,000. The assets’ estimated fair values are land $95,000, building $250,000, and equipment

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