{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:50:03-04:00", "answer_date": "2024-06-28 09:50:03", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4288789", "url": "\/study-help\/questions\/problem-1-current-liabilities-in-each-box-of-cereal-that-4288789", "question_creation_date_js": "2024-06-28T09:50:03-04:00", "question_creation_date": "Jun 28, 2024 09:50 AM", "meta_title": "[Solved] Problem 1: Current Liabilities In each bo | SolutionInn", "meta_description": "Answer of - Problem 1: Current Liabilities In each box of cereal that it produces, Snoopy Cereal Corp. includes a special coupon. | SolutionInn", "meta_keywords": "problem,1,current,liabilities,box,cereal,produces,snoopy,corp,includes,special,coupon", "question_title_h1": "Problem 1: Current Liabilities In each box of cereal that it produces, Snoopy Cereal Corp. includes a special coupon. The purchaser may redeem 10 coupons", "question_title": "Problem 1: Current Liabilities In each box of cereal that it produces,", "question_title_for_js_snippet": "Problem 1 Current Liabilities In each box of cereal that it produces, Snoopy Cereal Corp includes a special coupon The purchaser may redeem 10 coupons for a cheese grater (premium) Each grater costs Snoopy $0 90 During 2017, Snoopy purchased 6,000 graters and sold 200,000 boxes of cereal $3 50 per box Based on past experience, Snoopy estimates that 60 of the coupons will be redeemed During 2017, 45,000 coupons were presented for redemption During 2018, 8,000 graters were purchased As well, Snoopy sold 300,000 boxes of cereal at $3 75per box, and 90,000 coupons were presented for redemption Instructions (show any calculations) Prepare the journal entries that would be made regarding the cereal sales and the premium plan in both 2017 and 2018 Problem 2 Convertible Bonds On January 1, 2017, Charlie Corp issued $5,000,000 (par value) 8 , 10 year convertible bonds at par Interest is to be paid annually on December 31 Each $10,000 bond carries the right to purchase 100 Charlie common shares for $20 each during the life of the bond The current market rate for similar non convertible bonds is 9 Instructions a Calculate how much of the bond proceeds to allocate to the bond and how much to the option Charlie adheres to IFRS b Prepare the journal entry to record the issuance of the bond Problem 3 Basic and Diluted Earnings per Share The following data relate to Schroeder Ltd for the calendar year 2017 Net income (30 tax rate)$3,250,000 Average number of common shares outstanding during 20171,200,000shares 8 , cumulative convertible preferred shares convertible into 90,000 common shares$1,800,000 6 convertible bonds convertible into 60,000 common shares$2,000,000 Stock options, exercisable at $30 per share105,000shares All the convertible securities and stock options were outstanding all year The average market price of the common shares in 2017 was $35 Instructions Calculate a basic earnings per share b diluted earnings per share Problem 4 Long Term Liabilities 1 On March 31, 2013, Peppermint Patty Corp sold $1,000,000 (par value) 8 , 10 year bonds for $961,500 including accrued interest The bonds were dated January 1, 2013 Interest is paid semi annually on January 1 and July 1 On April 1, 2017, Peppermint Patty purchased half of the bonds on the open market at 99 plus accrued interest and retired them The corporation uses the straight line method for amortization of bond premiums and discounts Instructions a Calculate the amount of the gain or loss on retirement of the bonds b Prepare the journal entries required on April 1, 2017 to record retirement of the bonds Assume that interest and premium or discount amortization have been recorded through January 1, 2017 c Prepare the journal entry on July 1, 2017 to record interest and premium or discount amortization 2 On January 1 of the current year, Franklin Ltd issued $500,000 (par value) 10 , six year bonds when the market rate was 9 , receiving $522,430 cash proceeds Interest is payable annually on December 31 The corporation uses the effective interest method for amortization of bond premium or discount Instructions a Calculate the interest expense for the first year b Calculate the interest expense for the second year 3 On July 1, 2017, Peanuts Inc issued $400,000 (par value) 10 , ten year bonds, with interest payable semi annually on January 1 and July 1 The bonds were issued at $454,360 to yield 8 The corporation uses the effective interest method for amortization of bond premium or discount Instructions a Prepare the journal entry on the date the bonds were issued b Prepare the adjusting entry at December 31, 2017, the end of the fiscal year c Prepare the entry for the interest payment on January 1, 2018 Problem 5 Income Taxes In 2017, the first year of its existence, Spider Ltd's accountant, in preparing both the income statement and the tax return, developed the following list of items creating differences between accounting and taxable income 1 The company sells its merchandise on an installment contract basis In 2017,Spider elected, for tax purposes, to report the gross profit from these sales in the years the receivables are collected However, for financial statement purposes, the company recognized all the gross profit in 2017 These procedures created a $240,000 difference between book and taxable incomes for 2017 Future collections of installment receivables are expected to result in taxable amounts of $120,000 in each of the next two years 2 The company depreciates all of its property, plant and equipment using CCA for tax purposes and straight line for accounting purposes This resulted in $42,000 excess CCA over accounting depreciation This temporary difference will reverse equally over the three year period from 2018 2020 3 On July 1, 2017, Spider leased part of its building to Swift Books Ltd on a two year operating lease The monthly rent is $30,000, and Swift paid the first year's rent in advance (July 1, 2017 to June 30, 2018) Spider reported the entire amount on its tax return This resulted in a $180,000 difference between book and taxable incomes 4 Spider sold $150,000 of bonds issued by the Government of Canada at a gain of $18,000, which was included as other income in its income statement A taxable capital gain of $9,000 was reported for tax purposes 5 In 2017, Spider insured the lives of its chief executives The premiums paid were $12,000 and this amount was shown as an expense on the income statement However, this amount was not deductible for tax purposes Spider is a publicly accountable enterprise adhering to IFRS Their 2017 income statement showed Income before income taxes of $900,000 The currently enacted income tax rate (and for the foreseeable future) is 40 Except for those items mentioned above, there are no other differences between book and taxable incomes Instructions a Calculate the income tax payable for 2017 b Prepare schedule of future taxable deductible amounts at the end of 2017 c Prepare the journal entry (entries) recording income tax expense, income tax payable for 2017 d How would the income tax expense be disclosed on the financial statements Problem 6 Pension Calculations and Accounting On January 1, 2017, Hulk Ltd reported the following balances relating to their defined benefit pension plan Defined benefit obligation $1,600,000 Fair value of plan assets 1,600,000 Other data related to the pension plan for calendar 2017 are Current service cost 70,000 Contributions to the plan 102,000 Benefits paid 100,000 Actual return on plan assets 96,000 Interest (discount) rate 9 Instructions a Calculate the defined benefit obligation at December 31, 2017 b Calculate the fair value of plan assets at December 31, 2017 c Calculate pension expense for 2017 d Prepare the journal entries to record the pension expense and the contributions for 2017 Problem 7 Leases On January 1, 2017, Galactus Corp (lessor) entered into a non cancellable lease agreement with Blade Corp (lessee) for machinery which was carried in Galactus's accounting records at $2,265,000 and had a fair value of $2,400,000 Minimum lease payments under the lease agreement, which expires on December 31, 2026, total $3,550,000 Payments of $355,000 are due each January 1 The first payment was made on January 1, 2017 when the lease agreement was finalized The interest rate of 10 which was stipulated in the lease agreement is the implicit rate set by the lessor The effective interest method is being used Blade expects the machine to have a ten year life with no residual value, and be depreciated on a straight line basis Collectability of the rentals is reasonably assured, and there are no important uncertainties surrounding the costs yet to be incurred by Galactus Both entities are small private corporations that follow ASPE Instructions a From the lessee's viewpoint, what kind of lease is the above agreement From the lessor's viewpoint, what kind of lease is the above agreement b Ignoring income taxes, what should be the income reported by Galactus from the lease for calendar2017 c Ignoring income taxes, what should be the expenses incurred by Blade from this lease for the calendar2017 d What journal entries should be recorded by Blade Corp on January 1, 2017 e What journal entries should be recorded by Galactus Corp on January 1, 2017 Problem 8 Statement of Cash Flows (Indirect Method) BIRCH CORPORATION Comparative Statements of Financial Position December 31 2017 2016 Cash $43,000 $24,000 Accounts receivable, net 31,000 38,000 Inventory 118,000 82,000 Land 120,000 190,000 Building 200,000 200,000 Accumulated depreciation (50,000) (40,000) Equipment 1,030,000 600,000 Accumulated depreciation (118,000 ) (94,000 ) $1,374,000 $1,000,000 Accounts payable $115,000 $100,000 4 Bonds payable 320,000 0 Common shares 750,000 750,000 Retained earnings 189,000 150,000 $1,374,000 $1,000,000 Additional data 1 Net income for the year was $84,000 2 Cash dividends were paid 3 Land was sold for $80,000 4 Old equipment was sold for $70,000 This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale New equipment was purchased to replace it Instructions Prepare statement of cash flows for calendar 2017, using the indirect method", "question_description": "

Problem 1:<\/u><\/strong> Current Liabilities<\/u><\/p>

<\/p>

In each box of cereal that it produces, Snoopy Cereal Corp. includes a special coupon. The purchaser may redeem 10 coupons for a cheese grater (premium).Each grater costs Snoopy $0.90.<\/p>

<\/p>

During 2017, Snoopy purchased 6,000 graters and sold 200,000 boxes of cereal @ $3.50 per box. Based on past experience, Snoopy estimates that 60% of the coupons will be redeemed. During 2017, 45,000 coupons were presented for redemption.<\/p>

<\/p>

During 2018, 8,000 graters were purchased. As well, Snoopy sold 300,000 boxes of cereal at $3.75per box, and 90,000 coupons were presented for redemption.<\/p>

<\/p>

Instructions<\/strong>(show any calculations)<\/p>

Prepare the journal entries that would be made regarding the cereal sales and the premium plan in both 2017 and 2018.<\/p>

<\/p>

<\/p>

Problem 2:<\/u><\/strong> Convertible Bonds<\/u><\/p>

<\/u><\/p>

On January 1, 2017, Charlie Corp. issued $5,000,000 (par value) 8%, 10-year convertible bonds at par. Interest is to be paid annually on December 31. Each $10,000 bond carries the right to purchase 100 Charlie common shares for $20 each during the life of the bond. The current market rate for similar non-convertible bonds is 9%.<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Calculate how much of the bond proceeds to allocate to the bond and how much to the option. Charlie adheres to IFRS.<\/p>

b.Prepare the journal entry to record the issuance of the bond.<\/p>

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Problem 3:<\/u><\/strong> Basic and Diluted Earnings per Share<\/u><\/p>

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The following data relate to Schroeder Ltd. for the calendar year 2017:<\/p>

Net income (30% tax rate)$3,250,000<\/p>

Average number of common shares <\/p>

outstanding during 20171,200,000shares<\/p>

8%, cumulative convertible preferred shares:<\/p>

convertible into 90,000 common shares$1,800,000<\/p>

6% convertible bonds; convertible into 60,000<\/p>

common shares$2,000,000<\/p>

Stock options, exercisable at $30 per share105,000shares<\/p>

<\/p>

All the convertible securities and stock options were outstanding all year. The average market price of the common shares in 2017 was $35.<\/p>

<\/p>

Instructions<\/strong><\/p>

Calculate:<\/p>

a. basic earnings per share<\/p>

b. diluted earnings per share.<\/p>

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Problem 4:<\/u><\/strong> Long-Term Liabilities<\/u><\/p>

<\/u><\/p>

1.On March 31, 2013, Peppermint Patty Corp. sold $1,000,000 (par value) 8%, 10-year bonds for $961,500 including accrued interest. The bonds were dated January 1, 2013. Interest is paid semi-annually on January 1 and July 1. On April 1, 2017, Peppermint Patty purchased half of the bonds on the open market at 99 plus accrued interest and retired them. The corporation uses the straight-line method for amortization of bond premiums and discounts.<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Calculate the amount of the gain or loss on retirement of the bonds.<\/p>

b.Prepare the journal entries required on April 1, 2017 to record retirement of the bonds. Assume that interest and premium or discount amortization have been recorded through January 1, 2017.<\/p>

c.Prepare the journal entry on July 1, 2017 to record interest and premium or discount amortization.<\/p>

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2.On January 1 of the current year, Franklin Ltd. issued $500,000 (par value) 10%, six year bonds when the market rate was 9%, receiving $522,430 cash proceeds. Interest is payable annually on December 31.The corporation uses the effective interest method for amortization of bond premium or discount.<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Calculate the interest expense for the first year.<\/p>

b.Calculate the interest expense for the second year.<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

3.On July 1, 2017, Peanuts Inc. issued $400,000 (par value) 10%, ten year bonds, with interest payable semi-annually on January 1 and July 1. The bonds were issued at $454,360 to yield 8%.The corporation uses the effective interest method for amortization of bond premium or discount.<\/p>

<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Prepare the journal entry on the date the bonds were issued.<\/p>

b.Prepare the adjusting entry at December 31, 2017, the end of the fiscal year.<\/p>

c. Prepare the entry for the interest payment on January 1, 2018<\/p>

<\/p>

<\/p>

<\/p>

Problem 5: <\/u><\/strong>Income Taxes<\/u><\/p>

<\/p>

In 2017, the first year of its existence, Spider Ltd's accountant, in preparing both the income statement and the tax return, developed the following list of items creating differences between accounting and taxable income:<\/p>

<\/p>

1.The company sells its merchandise on an installment contract basis. In 2017,Spider elected, for tax purposes, to report the gross profit from these sales in the years the receivables are collected. However, for financial statement purposes, the company recognized all the gross profit in 2017. These procedures created a $240,000 difference between book and taxable incomes for 2017. Future collections of installment receivables are expected to result in taxable amounts of $120,000 in each of the next two years.<\/p>

<\/p>

2.The company depreciates all of its property, plant and equipment using CCA for tax purposes and straight-line for accounting purposes. This resulted in $42,000 excess CCA over accounting depreciation. This temporary difference will reverse equally over the three year period from 2018-2020.<\/p>

<\/p>

3.On July 1, 2017, Spider leased part of its building to Swift Books Ltd. on a two-year operating lease. The monthly rent is $30,000, and Swift paid the first year's rent in advance (July 1, 2017 to June 30, 2018).Spider reported the entire amount on its tax return. This resulted in a $180,000 difference between book and taxable incomes.<\/p>

<\/p>

4.Spider sold $150,000 of bonds issued by the Government of Canada at a gain of $18,000, which was included as other income in its income statement. A taxable capital gain of $9,000 was reported for tax purposes.<\/p>

<\/p>

5.In 2017, Spider insured the lives of its chief executives. The premiums paid were $12,000 and this amount was shown as an expense on the income statement. However, this amount was not deductible for tax purposes.<\/p>

<\/p>

Spider is a publicly accountable enterprise adhering to IFRS. Their 2017 income statement showed \"Income before income taxes\" of $900,000.The currently enacted income tax rate (and for the foreseeable future) is 40%. Except for those items mentioned above, there are no other differences between book and taxable incomes.<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Calculate the income tax payable for 2017.<\/p>

b.Prepare schedule of future taxable\/deductible amounts at the end of 2017.<\/p>

c.Prepare the journal entry (entries) recording income tax expense, income tax payable for 2017.<\/p>

d.How would the income tax expense be disclosed on the financial statements?<\/p>

<\/p>

<\/strong><\/p>

Problem 6:<\/u><\/strong> Pension Calculations and Accounting<\/u><\/p>

<\/p>

On January 1, 2017, Hulk Ltd. reported the following balances relating to their defined benefit pension plan:<\/p>

..... Defined benefit obligation................................... ......................................................................... $1,600,000<\/p>

..... Fair value of plan assets..................................... 1,600,000<\/p>

<\/p>

Other data related to the pension plan for calendar 2017 are:<\/p>

..... Current service cost........................................... 70,000<\/p>

..... Contributions to the plan..................................... 102,000<\/p>

..... Benefits paid...................................................... 100,000<\/p>

..... Actual return on plan assets............................... 96,000<\/p>

..... Interest (discount) rate........................................ 9%<\/p>

<\/p>

<\/p>

Instructions<\/strong><\/p>

a.Calculate the defined benefit obligation at December 31, 2017.<\/p>

b.Calculate the fair value of plan assets at December 31, 2017.<\/p>

c.Calculate pension expense for 2017.<\/p>

d.Prepare the journal entries to record the pension expense and the contributions for 2017.<\/p>

<\/p>

<\/p>

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Problem 7<\/u><\/strong>: Leases<\/u><\/p>

<\/p>

On January 1, 2017, Galactus Corp.(lessor) entered into a non-cancellable lease agreement with Blade Corp.(lessee) for machinery which was carried in Galactus's accounting records at $2,265,000 and had a fair value of $2,400,000. Minimum lease payments under the lease agreement, which expires on December 31, 2026, total $3,550,000. Payments of $355,000 are due each January 1.The first payment was made on January 1, 2017 when the lease agreement was finalized. The interest rate of 10% which was stipulated in the lease agreement is the implicit rate set by the lessor. The effective interest method is being used. Blade expects the machine to have a ten-year life with no residual value, and be depreciated on a straight-line basis. Collectability of the rentals is reasonably assured, and there are no important uncertainties surrounding the costs yet to be incurred by Galactus. Both entities are small private corporations that follow ASPE.<\/p>

<\/p>

Instructions<\/strong><\/p>

<\/strong><\/p>

a.From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement?<\/p>

<\/p>

b.Ignoring income taxes, what should be the income reported by Galactus from the lease for calendar2017?<\/p>

<\/p>

c.Ignoring income taxes, what should be the expenses incurred by Blade from this lease for the calendar2017?<\/p>

<\/p>

d.What journal entries should be recorded by Blade Corp. on January 1, 2017?<\/p>

<\/p>

e.What journal entries should be recorded by Galactus Corp. on January 1, 2017<\/p>

<\/p>

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Problem 8:<\/u><\/strong> Statement of Cash Flows (Indirect Method)<\/u><\/p>

<\/p>

BIRCH CORPORATION<\/p>

Comparative Statements of Financial Position<\/p>

December 31<\/p>

2017<\/u>2016<\/u><\/p>

Cash................................................................................ $43,000........................................................................ $24,000<\/p>

Accounts receivable, net...................................... 31,000.................................................................. 38,000<\/p>

Inventory.............................................................. 118,000................................................................ 82,000<\/p>

Land.................................................................... 120,000................................................................ 190,000<\/p>

Building................................................................ 200,000................................................................ 200,000<\/p>

Accumulated depreciation..................................... (50,000)............................................................... (40,000)<\/p>

Equipment............................................................ 1,030,000............................................................. 600,000<\/p>

Accumulated depreciation................................................... (118,000<\/u>).................................................................... (94,000<\/u>)<\/p>

$1,374,000<\/u>$1,000,000<\/u><\/p>

<\/p>

Accounts payable............................................................. $115,000...................................................................... $100,000<\/p>

4% Bonds payable................................................ 320,000................................................................ -0-<\/p>

Common shares................................................... 750,000................................................................ 750,000<\/p>

Retained earnings.............................................................. 189,000<\/u>...................................................................... 150,000<\/u><\/p>

$1,374,000<\/u>$1,000,000<\/u><\/p>

Additional data:<\/p>

1.Net income for the year was $84,000.<\/p>

2.Cash dividends were paid.<\/p>

3.Land was sold for $80,000.<\/p>

4.Old equipment was sold for $70,000.This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it.<\/p>

<\/p>

Instructions<\/strong><\/p>

<\/p>

Prepare statement of cash flows for calendar 2017, using the indirect method<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

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<\/p>

<\/p>", "transcribed_text": "", "related_book": { "title": "Principles Of Accounting Volume 2 Managerial Accounting", "isbn": "0357364805, 9780357364802", "edition": "1st Edition", "authors": "OpenStax", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2022\/04\/626124ab6f7b1_547626124ab246f0.jpg", "uri": "\/textbooks\/principles-of-accounting-volume-2-managerial-accounting-1st-edition-9780357364802", "see_more_uri": "" }, "free_related_book": { "isbn": "101600768X", "uri": "\/textbooks\/the-canadian-forestry-corps-its-inception-development-and-achievements-prepared-by-request-of-sir-albert-h-stanley-by-c-w-bird-and-j-b-davies-1st-edition-978-1016007689-312537", "name": "The Canadian Forestry Corps Its Inception Development And Achievements Prepared By Request Of Sir Albert H Stanley By C W Bird And J B Davies", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:50:03", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/kegler-bowling-installs-automatic-scorekeeping-equipment-with-an-invoice-cost", "description": "Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $ 190,000. 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If...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/after-studying-the-laws-of-wealth-content-what-ideas-beliefs-4288788", "next": "\/study-help\/questions\/due-to-rapid-turnover-in-the-accounting-department-several-transactions-4288790" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Problem 1: Current Liabilities In each box of cereal that it produces,", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/problem-1-current-liabilities-in-each-box-of-cereal-that-4288789" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }