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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Gomi Medical Labs Inc. began operations five years ago producing a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for the new instrument was much higher than
Inglewood Landscaping Corp. began constructing a new plant on December 1, 2020. On this date, the company purchased a parcel of land for $184,000 cash. In addition, it paid $2,000 in surveying costs
On September 1, 2020, Rupert Ltd. purchased equipment for $30,000 by signing a two-year note payable with a face value of $30,000 due on September 1, 2022. The going rate of interest for this level
Jamil Jonas is an accountant in public practice as a sole propreitor. Not long ago, Jamil struck a deal with his neighbour Ralph to prepare Ralph’s business income tax and GST returns for 2020 in
Brookfield Asset Management Inc. is a global publicly traded Canadian company. Obtain a copy of Brookfield’s financial statements for the year ended December 31, 2017, through SEDAR (www.sedar.
Canadian Tire Corporation, Limited is one of Canada’s best-known retailers. Obtain a copy of Canadian Tire’s financial statements for each of the years ended December 30, 2017, and December 31,
Diderot Corp. acquired a property on September 15, 2020, for $220,000, paying $3,000 in transfer taxes and a $1,500 real estate fee. Based on the provincial assessment information, 75% of the
Alladin Company purchased a large piece of equipment on October 1, 2020. The following information relating to the equipment was gathered at the end of October:Price
On October 1, 2020, 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
Two well-known company names in the transportation industry in Canada are Canadian National Railway Company and Canadian Pacific Railway Limited. Go to either SEDAR (www.sedar.com) or each
Gambit Corporation purchased a new plant asset on April 1, 2020, at a cost of $769,000. It was estimated to have a useful life of 20 years and a residual value of $300,000, a physical life of 30
On June 15, 2017, a second-hand machine was purchased for $77,000. Before being put into service, the equipment was overhauled at a cost of $5,200, and additional costs of $400 for direct material
Chong Corp. purchased a machine on July 1, 2020, 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
Nickel Strike Mines is a nickel mining company with mines in northern Ontario, Colombia, and Australia. It is a publicly traded company and follows IFRS, and has historically followed industry
Jupiter Wells Corp. purchased machinery for $315,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 240,000 units, and 25,000
Gilles Corp. purchased a piece of equipment on February 1, 2020, for $100,000. The equipment has an estimated useful life of eight years, with a residual value of $25,000, and an estimated physical
Jared Industries Ltd., a public company, presents you with the following information: Instructions a. Complete the table for the year ended December 31, 2024. The company depreciates all assets for
On January 1, 2018, Dayan Corporation, a small manufacturer of machine tools, acquired new industrial equipment for $1.1 million. The new equipment had a useful life of five years and the residual
Odyssey Ltd. purchased machinery on January 1, 2020, 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 2020 depreciation
Howeven Inc. is a private company that expects to ?go public? and become publicly traded soon. Accordingly, it expects to be adopting IFRS by 2020. It is a manufacturing company with extensive
Deluxe Ezra Company purchases equipment on January 1, 2020, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000.Instructionsa. Calculate the
The following data relate to the Plant Assets account of Keller Inc. at December 31, 2019: Note: In the year an asset is purchased, Keller does not record any depreciation expense on the asset. In
Use the information for Odyssey Ltd. in BE11.5.(a) Calculate the 2020 depreciation expense using the double-declining-balance method.(b) Calculate the 2021 depreciation expense using the
Air France-KLM Group and Air Canada are both global airline companies. Both companies report under IFRS. Access the financial statements of Air France-KLM for its year ended December 31, 2017, and
Jon Seceda Furnace Corp. purchased machinery for $260,000 on July 1, 2020. It is estimated that it will have a useful life of 10 years, residual value of $40,000, production of 110,000 units, and
Soon after December 31, 2020, the auditor of Morino Manufacturing Corp. asked the company to prepare a depreciation schedule for semi trucks that showed the additions, retirements, depreciation, and
Use the information for Odyssey Ltd. in BE11.5.(a) Calculate the 2020 depreciation expense using the sum-of-the-years’-digits method.(b) Calculate the 2020 depreciation expense using the
Jiang Company Ltd. buys equipment on January 1, 2020, for $387,000 cash. The asset is expected to have a useful life of 12 years and a residual value of $39,000. Jiang prepares financial statements
Linda Monkland established Monkland Ltd. in mid-2019 as the sole shareholder. The accounts on June 30, 2020, the company?s year end, just prior to preparing the required adjusting entries, were as
Andeo Corporation purchased a truck at the beginning of 2020 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
On April 30, 2020, Oceanarium Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for use as of June 30, 2020. Overall, the cost of the ship was
On March 10, 2020, Lucas Limited sold equipment that it bought for $192,000 on August 20, 2013. It was originally estimated that the equipment would have a useful life of 12 years and a residual
On January 1, 2019, Locke Company, a small machine-tool manufacturer, acquired a piece of new industrial equipment for $1,260,000. The new equipment had a useful life of five years, and the salvage
Wildcat Mining Limited is nearing the end of the useful life of its only remaining natural resource that it is mining in northern Quebec. The balance of its Common Shares account is $2,500,000,
Gibbs Inc. purchased a machine on January 1, 2020, at a cost of $60,000. The machine is expected to have an estimated residual value of $5,000 at the end of its five year useful life. The company
Chuckwalla Limited purchased a computer for $7,000 on January 1, 2020. Straight-line depreciation is used for the computer, based on a five-year life and a $1,000 residual value. In 2022, the
Conan Logging and Lumber Company, a small private company that follows ASPE, owns 3,000 hectares of timberland on the north side of Mount Leno, which was purchased in 2008 at a cost of $550 per
Rachel Timber Inc., a small private company that follows ASPE, owns 9,000 hectares of timberland purchased in 2007 at a cost of $1,400 per hectare. At the time of purchase, the land without the
Darby Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the
Marmon Drilling Limited leases property on which oil has been discovered. Wells on this property produced 21,000 barrels of oil during the current year, sold at an average of $80 per barrel. The
Roland Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $10 million and had an estimated useful life of eight years with no
Hambrecht Corp. is preparing its financial statements for the fiscal year ending November 30, 2020. Certain specialized equipment was scrapped on January 1, 2021. At November 30, 2020, this
The management of Luis Inc., a small private company that uses the cost recovery impairment model, was discussing whether certain equipment should be written down as a charge to current operations
At the beginning of 2020, Kao Company, a small private company, acquired a mine for $850,000. Of this amount, $100,000 was allocated to the land value and the remaining portion to the minerals in the
Greentree Properties Ltd. is a publicly listed company following IFRS. Assume that on December 31, 2020, the carrying amount of land on the statement of financial position (SFP) is $500,000.
Machinery purchased for $56,000 by Wong Corp. on January 1, 2015, was originally estimated to have an eight-year useful life with a residual value of $4,000. Depreciation has been entered for five
Sung Corporation, a manufacturer of steel products, began operations on October 1, 2019. Sung?s accounting department has begun to prepare the capital asset and depreciation schedule that
In 1991, Lincoln Limited completed the construction of a building at a cost of $1.8 million; it occupied the building in January 1992. It was estimated that the building would have a useful life of
Consider the following independent situations.Situation 1: Ducharme Corporation purchased electrical equipment at a cost of $12,400 on June 2, 2017. From 2017 through 2020, the equipment was
Finlay Limited constructed a building at a cost of $2.8 million and has occupied it since January 2000. It was estimated at that time that its life would be 40 years, with no residual value. In
Caley Inc. owns a building with a carrying amount of $1.5 million, as at January 1, 2020. On that date, Caley’s management determined that the building’s location is no longer suitable for the
Kitchigami Limited was attracted to the Town of Mornington by the town’s municipal industry commission. Mornington donated a plant site to Kitchigami, and the provincial government provided
Volumetrics Corporation owns machinery that cost $20,000 when purchased on January 1, 2020. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated
Use the information presented for Volumetrics Corporation in BE11.19, but assume that the machinery is sold for $5,200 instead of $13,500. Prepare journal entries to (a) Update depreciation for
Green Thumb Landscaping Limited has determined that its lawn maintenance division is a cash-generating unit under IFRS. The carrying amounts of the division’s assets at December 31, 2020, are as
In its 2020 annual report, Winkler Limited reports beginning-of-the-year total assets of $1,923 million, end-of-the-year total assets of $2,487 million, total revenue of $2,687 million, and net
The information that follows relates to equipment owned by Gaurav Limited at December 31, 2020:Cost
Fong Limited purchased an asset at a cost of $45,000 on March 1, 2020. 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
Onkar Corporation bought a machine on June 1, 2016, for $31,800, f.o.b. the place of manufacture. Freight costs were $300, and $500 was spent to install it. The machine’s useful life was estimated
Consider the following independent situations for Kwok Corporation. Kwok applies ASPE.Situation 1: Kwok purchased equipment in 2013 for $120,000 and estimated a $12,000 residual value at the end of
On December 31, 2019, Grey Inc. owns a machine with a carrying amount of $940,000. The original cost and accumulated depreciation for the machine on this date are as follows:Machine
On April 1, 2020, Lombardi Corp. was awarded $460,000 cash as compensation for the forced sale of its land and building, which were directly in the path of a new highway. The land and building cost
Phoenix Corp. purchased Machine no. 201 on May 1, 2020. The following information relating to Machine no. 201 was gathered at the end of May:Price
The 2020 annual report of Trocchi Inc. contains the following information (in thousands): Instructions a. Finance Calculate the following ratios for Trocchi Inc. for 2020. Round answers to two
On August 1, 2020, Iroko Corporation purchased a new machine for its assembly process at a cost of $136,400. The company estimated that the machine would have a trade-in value of $14,200 at the end
During 2020, 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
Barnett Inc. purchased computer equipment on March 1, 2020, for $31,000. The computer equipment has a useful life of five years and a residual value of $1,000. Barnett uses a double-declining-balance
On December 31, 2020, McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,000 shares of its common stock
Calaf’s Drillers erects and places into service an off -shore oil platform on January 1, 2021, at a cost of $10,000,000. Calaf is legally required to dismantle and remove the platform at the end of
Streep Factory provides a 2-year warranty with one of its products which was first sold in 2020. Streep sold $1,000,000 of products subject to the warranty. Streep expects $125,000 of warranty costs
Presented below are three independent situations. Answer the question at the end of each situation.1. During 2020, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS. Salt-n-Pepa’s
Leppard Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract. During 2020, Leppard sold 20,000 warranty contracts at $99 each. The corporation spent
Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The block sets cost Wynn $1.10 each to purchase and 60¢ each to mail to
Presented below is information related to Carver Inc. Instructions a. Compute the following ratios or relationships of Carver Inc. Assume that the ending account balances are representative
On January 1, 2020, Nichols Company issued for $1,085,800 its 20-year, 11% bonds that have a maturity value of $1,000,000 and pay interest semiannually on January 1 and July 1. The following are
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
Presented below are various account balances of K.D. Lang Inc.a. Unamortized premium on bonds payable, of which $3,000 will be amortized during the next year.b. Bank loans payable of a winery, due
Venezuela Co. is building a new hockey arena at a cost of $2,500,000. It received a down-payment of $500,000 from local businesses to support the project, and now needs to borrow $2,000,000 to
On March 1, 2020, Sealy Company sold its 5-year, $1,000 face value, 9% bonds dated March 1, 2020, at an effective annual interest rate (yield) of 11%. Interest is payable semiannually, and the first
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
The Colson Company issued $300,000 of 10% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare
Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low down-payment and low car payments for
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. Prepare the company’s journal
Presented below are two independent situations.1. On January 1, 2020, Simon Company issued $200,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and
Holiday Company issued its 9%, 25-year mortgage bonds in the principal amount of $3,000,000 on January 2, 2006, at a discount of $150,000, which it proceeded to amortize by charges to expense over
The following information is taken from the 2020 annual report of Bugant, Inc. Bugant?s fiscal year ends December 31 of each year. Bugant?s December 31, 2020, balance sheet is as
Assume the bonds in IFRS14.3 were issued for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for(a) The January 1 issuance,(b) The July 1 interest payment,(c)
Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and January 1. Dion Company uses the straight-line method of
In each of the following independent cases, the company closes its books on December 31.1. Sanford Co. sells $500,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1.
Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2020, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1. Prepare the journal entries to record(a)
Devers Corporation issued $400,000 of 6% bonds on May 1, 2020. The bonds were dated January 1, 2020, and mature January 1, 2023, with interest payable July 1 and January 1. The bonds were issued at
Assume the same information as in E14.4, except that Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%.In
On December 31, 2020, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2024. Faital Company’s credit
Presented below are selected transactions on the books of Simonson Corporation.May 1, 2020 Bonds payable with a par value of $900,000, which are dated January 1, 2020, are sold at 106 plus accrued
Assume the same information as in IFRS14.5, except that the bonds were issued at 84.95 to yield 12%. Prepare the journal entries to record(a) The issuance of the bonds,(b) The payment of interest and
On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS uses the effective-interest
Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January
On April 1, 2020, Seminole Company sold 15,000 of its 11%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of
Assume the same information as E14.6.InstructionsSet up a schedule of interest expense and discount amortization under the eff ective-interest method.In E14.6.Devon Harris Company sells 10% bonds
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

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