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Questions and Answers of
Cost Accounting
In preparation for the December 31, 2015, year-end, Carolanne was reviewing the records of Holmes Ltd. She discovered a balance of $32,000 in accounts receivable that related to an account received
In preparation for the October 31, 2016, year-end, Frank was reviewing the records of Berkhout Holdings Ltd. In the Vehicle account, he discovered a balance of $18,000 relating to December 2014
Organic Health Inc. is a distributor of health food products in the Toronto area. The following account balances appear on the balance sheet of Organic Health Inc.: $2 preferred shares (100,000
Selected transactions completed by Carleton Aeronautic Supply Corporation during the current fiscal year were as follows:Mar. 8. Split the common shares 4 for 1. After the split, 400,000 common
Pictou Framing Ltd.'s Shareholders' Equity had the following account balances: $2.25 preferred shares, 100,000 authorized, 5,000 issued and outstanding...............$500,000 Common shares, unlimited
Using the information in Exercise 13-7, prepare the Shareholders' Equity section of the statement of financial position for Pictou Framing Ltd. as at November 1, 2015 In Exercise 13-7 Pictou Framing
MicroChip Corporation's Shareholders' Equity had the following account balances: Common shares, 900,000 authorized, 400,000 issued and outstanding............$1,800,000 Retained earnings
Comp You Solutions Corp. is a national information technology consulting firm. The following selected accounts appear in the ledger of Comp You Solutions Corp. on April 1, 2015, the beginning of the
Rowing Regattas Ltd. is a national organization providing support to Canadian rowers. The following selected accounts appear in the ledger of Rowing Regattas Ltd. on July 1, 2015, the beginning of
ITA Ltd. is a grocery store chain operating in the western provinces. The following selected accounts appear in the ledger of ITA Ltd. on May 1, 2015, the beginning of the current fiscal year:$0.50
Ashton Corporation is a lighting fixture wholesaler located in Manitoba. The following selected accounts appear in the ledger of Ashton Corporation on January 1, 2013, the beginning of the current
Alfred Art Ltd. sells native art to specialty stores in western Canada. The following selected accounts appear in the ledger of Alfred Art Ltd. at June 1, 2015, the beginning of the current fiscal
Branksome Retailing Inc. has the following account balances as at June 30, 2015, its year-end (all numbers are before tax):Branksome Retailing pays income taxes at a rate of 25%. It has no
After all the transactions for the year ended May 31, 2016, had been posted, the data below were taken from the records of Angelos Design Ltd. Assume all accounts have normal balances.Instructionsa.
Bronwyn Medical Labs Ltd. has the following balances in its shareholders' equity accounts as at April 30, 2015: Retained earnings ............................................. $5,214,230 Common
Make a Dream Ltd. has the following selected account balances in the ledger as at May 1, 2015, the beginning of the current year: $3.50 preferred shares (500,000 authorized, 20,000 shares issued and
The following selected account balances are in the ledger of Calhoon Junction Inc. on December 1, 2015, the beginning of the current year:$2.90 preferred shares (1,000,000 authorized,75,000 shares
Max Corporation is a hardware store chain operating in the Atlantic provinces. The following selected accounts appear in the ledger of Max Corporation on June 1, 2015, the beginning of the current
Berry Limited is a fruit wholesaler in Ontario. The following selected accounts appear in the ledger of Berry Limited on January 1, 2015, the beginning of the current fiscal year: $0.50 preferred
Diamond Trucking Ltd. is a trucking company operating in Ontario, Quebec, and the Atlantic provinces. The following selected accounts appear in the ledger of Diamond Trucking Ltd. at June 1, 2015,
Crookmonty Inc. has the following account balances as at November 30, 2015, its year- end (all numbers are before tax):Crookmonty Inc. pays income taxes at a rate of 28%. It has no outstanding
After all the transactions for the year ended May 31, 2016, had been posted the following data were taken from the records of Desmond Shipping Ltd. Assume all accounts have normal
Capri Classic Inc. has the following balances in its shareholders' equity accounts as at October 31, 2015: Retained earnings ..............................................$2,561,000 Common shares
Theoretically, a 2:1 share split should cut the market price of a company's shares in half. On June 9, 2011, lululemon athletica inc. announced a 2:1 share split with shares traded on a post-split
Katula Company reported the following on the company's income statement in 2015 and 2014:a. Determine the times interest earned for 2014 and 2015. Round to one decimal place.b. Is the times interest
On January 1, when the market rate of interest was 5% for similar bonds, a company issued a $15,000,000, 5%, 10-year bond that pays semiannual interest on June 30 and December 31, receiving cash of
On June 1, a company issued at face value a $2,400,000, 4%, five-year bond that pays semiannual interest on April 30 and October 31. Journalize (a) The sale of the bond (b) The interest payment on
A company issues a $10,000,000, 11%, five-year bond that pays semiannual interest of $550,000 ($10,000,000 × 11% × 1⁄2), receiving cash of $10,386,060 for an effective interest rate of 10%.
Wallace Contracting Ltd. is planning a new venture that is expected to generate $1,000,000 annual income before interest and taxes. Greenfield is considering the following alternative plans for
On the first day of its fiscal year, Mainland Company issued $12,500,000 of 10-year, 6% bonds to finance its operations of producing and selling video equipment, receiving cash of $11,611,724.79.
Gary Corporation wholesales bike parts to bicycle manufacturers. On March 1, 2015, the first day of its first fiscal year, Gary Corporation issued $8,000,000 of five-year, 7% bonds at an effective
The long-term liabilities section of the balance sheet of Trend Electronics appeared as follows:1. Assuming interest is paid annually, what is the annual interest payment? 2. Will the interest
On January 1, 2015, Crozier Company, a privately held company, sold $20,000,000 of five-year, 5% bonds to finance its expansion of operations. The bonds, which pay interest on June 30 and December
On April 1, 2015, Dot Equipment Ltd., a heavy equipment distributor, issued $50,000,000 of five-year, 5% bonds. The bonds, which pay interest on October 1 and April 1, were issued at an effective
On March 1, 2015, Bruce Graham Corporation issued $10,000,000 of five-year, 6% bonds to finance its expansion of operations. The bonds, which pay interest on August 31 and February 28 or 29, were
Mack Corporation produces and sells sporting equipment. To finance development of a wakeboard line, Mack Corporation issued $5,000,000 of 10-year, 7% bonds on June 1, 2015. The bonds pay interest on
Solecki Corporation assembles and distributes fans. Solecki Corporation sold $4,000,000 five-year, 8% bonds on January 1, 2011. The bonds pay interest on June 30 and December 31 and were issued at an
Potter Corp., a wholesaler of office equipment, issued $16,000,000 of 20-year, 8% call- able bonds on April 1, 2015, with interest payable on April 1 and October 1. The fiscal year of the company is
Vidovich Corp. produces and sells soccer equipment. To finance its operations, Vidovich Corp. issued $15,000,000 of 30-year, 14% callable bonds on January 1, 2015, with interest payable on January 1
Anders Co., which produces and sells skiing equipment, is financed as follows:Bonds payable, 8% (issued at principal amount)...................$10,000,000Common shares, 400,000 issued and
Trask Company is a privately owned residential construction company in Whitby, Ontario. Trask Company sold $10,000,000 five-year, 4% callable bonds on January 1, 2012. The bonds pay interest on June
Wakefield Construction Company sold $10,000,000 five-year, 6% callable bonds on June 30, 2011. The bonds pay interest on December 31 and June 30 and were issued at an effective interest rate of 7%,
On January 1, 2015, Guiado Company obtained a $140,000, 10-year, 11% installment note from Scotiabank. The note requires annual payments of $23,772, beginning on December 31, 2015. Journalize the
On January 1, 2015, Zinn Company obtained a $52,000, four-year, 6.5% installment note from RBC Royal Bank. The note requires annual payments of $15,179, beginning on December 31, 2015.a. Prepare an
Using the bond from Exercise 14-11 show the reporting of the bond on the balance sheet at January 31, 2016. Round to the nearest dollar. In Exercise 14-11 Gary Corporation wholesales bike parts to
Using the bond from Exercise 14-13, show the reporting of the bond on the balance sheet at October 31, 2015. Round to the nearest dollar. In Exercise 14-13 On January 1, 2015, Crozier Company, a
The following data were taken from recent annual reports of TELUS Corporation, a leading national telecommunications company in Canada.a. Determine the times interest earned ratio for the current and
Based on the data in Exercise 14-2, discuss the factors other than earnings per share that should be considered in evaluating such financing plans.
Grant Co. produces and distributes semiconductors for use by computer manufac- turers. Grant Co. issued $24,000,000 of 20-year, 6% bonds on April 1 of the current year, with interest payable on April
Tyee Trading Corporation has a fiscal year ending on December 31. Tyee sold $12,000,000 of 5%, five-year bonds at face value plus accrued interest on March 1, 2015. Interest on the bonds is payable
Thunder Bay Parts Corporation (TBPC) has a fiscal year ending on April 30. To finance expansion, TBPC sold $12,000,000 of 4%, five-year bonds at face value plus accrued interest on June 1, 2014.
On the first day of its fiscal year, Preston Company issued $5,000,000 of five-year, 8% bonds to finance its operations of producing and selling home improvement products. Interest is payable
Daan Corporation wholesales repair products to equipment manufacturers. On March 1, 2015, Daan Corporation issued $24,000,000 of five-year, 8% bonds at an effective interest rate of 6%, receiving
On January 1, 2015, Grave Suppliers Ltd., a publicly traded company, sold $20,000,000 of five-year, 5% callable bonds to finance its expansion of operations. The bonds, which pay interest on June 30
On July 1, 2015, Brower Industries Ltd. issued $32,000,000 of 10-year, 6% bonds at an effective interest rate of 7%, receiving cash of $29,726,144. Interest on the bonds is payable semiannually on
On September 1, 2015, Grand Forks Ltd. issued $16,000,000 of five-year, 6% bonds at an effective interest rate of 5%, receiving cash of $16,700,189 plus accrued interest. Interest on the bonds is
On July 1, 2015, Rashid Wholesalers Ltd. issued $3,000,000 of 15-year, 6% bonds at an effective interest rate of 5%, receiving cash of $3,313,946. Interest on the bonds is payable semiannually on
On July 1, 2015, Swift Current Industries Ltd. issued $16,000,000 of 10-year, 6% bonds at an effective interest rate of 7%, receiving cash of $14,863,007.74. Interest on the bonds is payable
The following items were selected from among the transactions completed by Pot of Gold Coffee Ltd., a private coffee importing company with a May 31 year-end. 2015 Jul. 10. Purchased merchandise on
On April 1, 2015, GTI Industries Ltd. issued $10,000,000 of five-year, 5.5% bonds at an effective interest rate of 6%, receiving cash of $9,786,744.93. Interest on the bonds is payable semiannually
The following transactions were completed by Hocking Inc., a publicly traded company, whose fiscal year is the calendar year:2015Jul. 1. Issued $18,000,000 of five-year, 5% callable bonds dated July
On March 1, 2015, Elden Distributors Ltd., a privately held company, sold $5,000,000 of 10-year, 6% callable bonds to finance its expansion of operations. The bonds, which pay interest on July 1 and
On April 1, 2015, Vital Suppliers Ltd, a publicly traded company, sold $10,000,000 of five-year, 5% callable bonds to finance its expansion of operations. The bonds, which pay interest on September
On July 1, 2015, Linux Corporation, a wholesaler of electronics equipment, issued $45,000,000 of 10-year, 5% bonds at an effective interest rate of 7%, receiving cash of $38,604,600. Interest on the
On September 1, 2015, Bathurst Ltd. issued $30,000,000 of four-year, 7% bonds at an effective interest rate of 6%, receiving cash of $31,052,974 plus accrued interest. Interest on the bonds is
Proust Corporation produces and sells hockey equipment. On July 1, 2015, Proust Corporation issued $60,000,000 of 10-year, 6% bonds at an effective interest rate of 5%, receiving cash of $64,676,688.
On July 1, 2015, Lemer Corporation, a wholesaler of limited edition jewelry, issued $15,000,000 of 10-year, 5% bonds at an effective interest rate of 7%, receiving cash of $12,868,139.50. Interest on
The following items were selected from among the transactions completed by Trainor Equipment Ltd., a company with a May 31 year-end.2015Jul. 10. Purchased equipment on account from Wholesalers Co.,
On April 1, 2015, Tandem Corporation Ltd. issued $20,000,000 of 10-year 5.5% bonds at an effective interest rate of 6%, receiving cash of $19,256,126.26. Interest on the bonds is payable semiannually
The following transactions were completed by Hamilton Ltd., whose fiscal year is the calendar year:2015Jul. 1. Issued $10,000,000 of 10-year, 7% callable bonds dated July 1, 2015, at an effective
On February 1, 2015, Landra Corp. Ltd., a privately held company, sold $15,000,000 of five-year, 6% callable bonds to finance its expansion of operations. The bonds, which pay interest on July 1 and
When is the fair value method appropriate for accounting for equity investments?
How does the fair value method of accounting for a received dividend differ from the equity method?
How are brokerage commissions treated under the fair value method of accounting for equity investments?
Why does a gain or loss result from the sale of a bond investment?
On December 31, 2015, Cosmetics for Animals Ltd. had the following costs and fair values for its held-for-trading investments:Journalize the adjusting entry required on December 31, 2015, to
On January 18, 2016, Cosmetics for Animals Ltd. sold half of its investment in Pebble Beech Corp. The full investment was reduced to its fair value of $6,000 on December 31, 2015. Cosmetics for
Journalize the entries to record the following selected held-to-maturity investment transactions for Oregon Technologies Inc:Oct. 21. Purchased for cash $100,000 of Krump Industries Ltd. 7% bonds at
Journalize the entries to record the following selected held-to-maturity investment transactions for Green Corp.: 1. Purchased for cash $2,000,000 of ABC Corp. eight-year, 5% bonds at 98.98 on their
Using the information from Practice Eaxercise 15-4, journalize the following transactions using the straight-line method of amortization: In exercise 15-4 Journalize the entries to record the
On December 31, 2015, Cookin' Pans Ltd., a publicly traded corporation using IFRS, had the following costs and fair values for its available-for-sale investments:Journalize the adjusting entry
On June 12, 2015, Eastern Power and Electric Ltd.'s common shares had a market price of $48 per share. For the previous year, Eastern Power and Electric paid an annual dividend of $2.88. Compute the
On March 13, Android Corporation acquired 4,500 shares of the 100,000 outstanding Tannis Inc. common shares at $32 per share plus brokerage fees of $250. On August 16, a cash dividend of $1.20 per
The following held-to-maturity investment transactions were completed during 2015 by Torrence Inc.:Jan. 21. Purchased 30 $1,000 par value Government of Canada bonds at 100 plus 20 days' accrued
On September 1, 2015, Johnson Investments purchased $180,000 of 10-year, 5% Manhattan Ltd. bonds at par, plus 31 days accrued interest. Interest payment dates are August 1 and February 1. Johnson
On July 1, 2015, Swanson Manufacturing Ltd. purchased $75,000 of 10-year, 7% Government of Canada bonds at par plus accrued interest to be held to maturity. The interest is received semiannually on
On June 1, 2015, Firefly Ltd. purchased $120,000 of 10-year, 6% Barron Company bonds at 93. The interest is received semiannually on June 1 and December 1. The company uses the effective interest
Using the data from Exercise 15-13, record the entries using the straight-line method for amortization of discounts and premiums. In exercise 15-13 On June 1, 2015, Firefly Ltd. purchased $120,000 of
Journalize the entries to record the following selected held-to-maturity investment transactions for ABC Company:1. Purchased for cash $16,000,000 of Cummins Corporation eight-year, 6% bonds at 96.9
Using the data from Exercise 15-15, record the entries using the straight-line method for amortization of discounts and premiums. In exercise 15-15 Journalize the entries to record the following
On January 2, 2015, when the market interest rate was 6.5%, Maureen Company purchased $80,000, 10-year, 7% bonds at 103.6 with the intent to hold them to matu- rity. January 2 is the interest payment
Using the data from Exercise 15-17, record the entries using the straight-line method for amortization of discounts and premiums.In exercise 15-17On January 2, 2015, when the market interest rate was
Journalize the entries to record the following selected held-to-maturity investment transactions for XYZ Corp: 1. Purchased for cash $20,000,000 of Dognaught Corporation five-year, 6% bonds at 101.7
Crop Tech Corp. manufactures farming equipment. Journalize the entries to record the following selected available-for-sale investment transactions completed by Crop during 2015. Crop Tech Corp.
Montrose Corp. manufactures lawn care equipment. Journalize the entries to record the following selected available-for-sale investment transactions completed by Montrose Corp. during 2015. Montrose
The following available-for-sale investment-related transactions were completed by Lance Inc. in 2015. Lance Inc. includes brokerage fees as part of the cost of investments. Jan. 12. Purchased 1,800
During 2015, its first year of operations, Gold North Corporation purchased the following available-for-sale investments. Brokerage fees are added to the cost of the investments.a. Record the
Whitehorse Company purchased the following available-for-sale investments during 2014, its first year of operations:The market price per share for the available-for-sale investment portfolio on
During 2015, its first year of operations, Welland Ltd. purchased two available-for-sale investments as follows:Assume that as at December 31, 2015, the Kitchener shares had a market value of $38 per
During 2015, Toney Corporation held a portfolio of available-for-sale investments having a cost of $190,000. There were no purchases or sales of investments during the year. The market values at the
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