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intermediate accounting
Intermediate Accounting 15th edition Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield - Solutions
a. Describe financial leverage and outline the principal benefit and drawbacks of borrowing funds to finance the acquisition of assets.b. What is the function of debt-rating agencies like DBRS and Moody’s Investors Service?c. What are financial liabilities?d. What is the primary advantage to
a. What is a bond indenture?b. What are covenants? What are the two general categories of covenants?c. Why do companies issue bonds instead of borrowing from a bank?d. How do companies normally sell a new bond issue to the investing public?
LowTolerance Ltd. is a Canadian public corporation that manufactures high-precision tools used by companies in the semiconductor industry. Recently, demand for LowTolerance’s tools has been on the rise, and the company is looking to expand its business. The company did not have the cash needed
Briefly describe the distinguishing characteristics of the bonds listed below:■ Callable bonds■ Convertible bonds■ Debentures■ Real-return bonds■ Perpetual bonds■ Secured bonds■ Serial bonds■ Stripped (zero-coupon) bonds
Shangri-La Inc. reports its financial results in accordance with ASPE and employs the straight-line method of amortization. The company issues $5,000,000 of five-year, 4% bonds dated January 1, 2018. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were
On May 1, 2019, Ripley Ltd. purchases a new automobile for $36,000 from the dealer who provides the financing. The three-year, interest-free loan is repayable at $1,000 per month. The market rate of interest for similar transactions is 0.5% per month.Required:Prepare journal entries to record:a.
Patrice Wall Accounting Inc. takes advantage of a well-known office furnishings store’s low interest rate financing. Patrice buys furniture on the first day of its fiscal year, signing a $10,000, three-year note. The note is payable in full at maturity. Interest is payable annually at 2%. The
Golf Is Great Corp. sells bonds to friends and families to finance the acquisition of a driving range. On January 1, 2018, Golf Is Great sells $3,000,000 in four-year, 5% bonds priced to yield 4% for $3,109,882. Interest is payable on June 30 and December 31 each year. The corporate year-end is
Utopia Corp. reports its financial results in accordance with ASPE and employs the straight-line method of amortization. The company issues $5,000,000 of six-year, 6% bonds dated January 1, 2019. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the
On the River Co. (OTRC) sells $1,000,000 of 10-year, 4% bonds at par plus accrued interest. The bonds are dated January 1, 2021, but due to market conditions are not issued until May 1, 2021. Interest is payable on June 30 and December 31 each year.Required:Prepare journal entries to record:a. The
Discuss how non-current financial liabilities are initially and subsequently valued.
Golf for Life Inc. issues three series of $1,000,000 six-year bonds dated January 1, 2018, on the issue date. Interest is payable on June 30 and December 31 each year. Series A has a coupon rate of 5%; series B is 6%; and series C is 7%. The market rate of interest at time of issue is
Adler Corp. issued $4,000,000 of 10-year, 4.5% bonds on January 1, 2018, at par. Interest is due annually on December 31. The market rate of interest has since increased dramatically to 8%. As such, Adler can repurchase its bonds on the open market for $3,441,000. They decided to take advantage of
Escape to Egypt Travel Inc. issues $4,000,000 of five-year, 4% bonds dated January 1, 2021. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $3,900,000 sales price less the $40,000 fee charged by Escape’s investment bank. Escape’s year-end is
Really Really Cheap Vacations Ltd. issues $2,000,000 of five-year, 5% bonds dated January 1, 2021. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $1,900,000 sales price less the $10,000 fee charged by Really’s investment bank. Really’s
Buy Low Sell High Corp. issues bonds to finance the acquisition of marketable securities. On January 1, 2019, Buy Low sells $1,000,000 in three-year, 5% bonds for $970,000. Interest is payable on June 30 and December 31 each year. The corporate year-end is December 31.Buy Low’s junior accountant,
Outstanding Accountants Co. sells $1,000,000 of 10-year, 4% bonds priced to yield 3.9%. The bonds are dated and issued on January 1, 2018. Interest is payable on January 1 and July 1 each year. Outstanding’s year-end is June 30.Required:Prepare journal entries to record:a. The issuance of the
Cloverdale Country Rodeo Inc. (CCRI) sells $1,000,000 of 10-year, 6% bonds for $980,500 plus accrued interest. The bonds are dated January 1, 2021, but due to market conditions are not issued until April 1, 2021. Interest is payable on June 30 and December 31 each year. CCRI elects to report its
In the Burbs Ltd. (ITBL) sells $5,000,000 of eight-year, 4% bonds for $5,009,400 plus accrued interest. The bonds are dated January 1, 2018, but due to market conditions are not issued until March 1, 2018. Interest is payable on June 30 and December 31 each year. ITBL elects to report its financial
Exclusive Golf Vacations sells bonds to friends and families to finance the acquisition of a small tropical island on which it intends to build a golf resort. On January 1, 2018, the company sells $10,000,000 of 5% bonds at 103. The three-year bonds mature on January 1, 2021, with interest payable
You are the accountant for Simply the Best Fireworks. The company has been negotiating with various car dealers in an attempt to get the best deal on a new Vroom Vroom XKY. The purchasing manager provides you with a summary of three offers and asks you to analyze them to determine the best
Jane’s Steel Inc. sells bonds to the investing public to finance the acquisition of a new foundry. On July 1, 2018, the company sells $8,000,000 of 3% bonds priced to yield 3.5% for $7,887,020. The bonds mature on July 1, 2021, with interest payable on June 30 and December 31 each year. The
You are the chief financial officer for Outstanding Interiors Ltd. The company has been negotiating with suppliers in an attempt to get the best deal on a new data management system. Three suppliers have provided quotes and you have been asked to analyze them to determine the best arrangement. The
On January 1, 2018, Jakeman’s Chiropractic Corp. (JCC) borrowed €100,000 from its bank. JCC signed a note payable due on December 31, 2019. Pertinent details follow:■ The interest rate on the note was 5% payable annually each December 31. The market rate of interest for obligations of this
Stanger Corp. purchases a new automobile and takes advantage of a low interest rate loan offered by the manufacturer’s financing division. Stanger buys the car on July 1, 2018, paying $10,000 cash and signing a $48,000, four-year note repayable at $1,050 per month including interest at a nominal
There are three independent situations summarized below. In all three cases the bonds are sold on January 1, 2018, and the issuing company has a December 31 year-end. In Situation 3, the bonds were all repurchased at par on January 1, 2022.Required:Prepare journal entries to record:a. The issuance
On January 1, 2018, Marianne’s Massage Inc. (MMI) issued US$5,000,000 of five-year bonds at par that matured on December 31, 2022. Pertinent details follow:■ The coupon rate on the bonds was 6% payable annually on December 31.■ MMI’s year-end was December 31. It did not accrue interest
Legally Yours, a law firm, sells $5,000,000 of four-year, 6% bonds priced to yield 4.2%. The bonds are dated January 1, 2018, but due to some regulatory hurdles are not issued until March 1, 2018. Interest is payable on January 1 and July 1 each year. The bonds sell for $5,315,703 plus accrued
On July 1, 2018, Inuvialuit Golf Corp. issued $5,000,000 of five-year, 6%, semi-annual bonds for $5,040,000. At time of issue, Inuvialuit paid its investment bank a $40,000 sales commission. On July 31, 2021, Inuvialuit calls $3,000,000 of the bonds, paying 102 plus accrued interest, and retires
Fredericton Aerospace Inc. raised $10,500,000 by selling $10,000,000 of six-year, 4% bonds dated January 1, 2021. Fredericton used part of the proceeds to pay its investment bank’s fee of $400,000 and related legal and accounting fees of $200,000. Interest is payable on June 30 and December
On March 15, 2018, Candoit Inc. sold $10,000,000 of five-year, 3% bonds for $9,972,469. From the proceeds, Candoit paid its investment bank a $200,000 sales commission. Interest is payable semi-annually on March 15 and September 15. On March 16, 2022, Candoit buys back $2,000,000 of bonds on the
Two independent situations follow:1. On January 1, 2018, Cute Koalas Inc. issued $4,000,000 of 7%, 12-year, callable bonds priced to yield 6%. The bonds may be called at 102 on or after December 31, 2023. Interest is payable on June 30 and December 31. Cute Koalas calls the bonds on January 1,
Two independent situations follow:1. On January 1, 2018, Alligator Inc. issued $6,000,000 of 5%, eight-year, callable bonds priced to yield 6%. The bonds may be called at 101 on or after December 31, 2021. Interest is payable on June 30 and December 31. Alligator Inc. calls 40% of the outstanding
Three independent situations follow:1. I’m Alive Ltd. (IAL) issued $5,000,000 in stripped (zero-coupon) bonds that mature in 10 years. The market rate of interest for bonds of a similar nature is 3.6% compounded monthly. Five and a half years after issue, when the market rate was 4.8%, IAL
Three independent situations follow:1. Second Time Around Corp. (STAC) issued $7,000,000 in stripped (zero-coupon) bonds that mature in eight years. The market rate of interest for bonds of a similar nature is 4.8% compounded monthly. Four and a half years after issue, when the market rate was
On April 1, 2019, Illustrious Inc. sold $8,000,000 of four-year, 4% bonds for $8,298,101. From the proceeds, Illustrious paid its investment bank a $150,000 sales commission. Interest is payable semi-annually on September 30 and March 31. On October 1, 2021, Illustrious buys back $3,000,000 of
a. What is offsetting? When is it allowed? What are some benefits to the company of offsetting?b. What is in-substance defeasance? When do defeasance arrangements qualify for offsetting?
Mississauga Wheels Ltd. (MW) sold $5,000,000 of five-year, 6% bonds at par on January 1, 2021. Interest is payable on June 30 and December 31 each year. The bonds can be called at any time at 101 plus accrued interest. On April 1, 2022, MW bought back $1,000,000 of bonds on the open market for
Meagan’s Metals Corp. (MMC) has been granted a licence to use an abandoned limestone quarry as a dump for old and abandoned motor vehicles. The terms of the licence require MMC to replace the mined limestone with scrap metal, and once the quarry is returned to its original grade, to construct a
Jane’s Oil Inc. (JOI) installed an offshore oil drilling platform. The terms of the government’s approval to drill requires JOI to dismantle and remove the platform upon completion of drilling. JOI estimates that it will take eight years to exhaust the proven reserves of oil at the site.
Refer to part (a) of problem P12-43. At the beginning of Year 6, JOI determined that the appropriate market-based interest rate for this obligation was 5%. JOI depreciates the asset on a straight-line basis.P12-43 part (a)Jane’s Oil Inc. (JOI) installed an offshore oil drilling platform. The
List five types of disclosures made regarding companies’ indebtedness.
Refer to problem P12-45. Assume that SCMI elects to report its financial results in accordance with Accounting Standards for Private Enterprises (ASPE).Problem P12-45During 2021, Surinder’s Copper Mine Inc. (SCMI) built the infrastructure for an open pit copper mine in a remote area in Northern
During 2021, Surinder’s Copper Mine Inc. (SCMI) built the infrastructure for an open pit copper mine in a remote area in Northern British Columbia at a total cost of $20 million, paid in cash. The mine is expected to produce 800,000 tonnes of copper over its estimated useful life of 10 years.The
Identify whether the following statements are true or false. Statement a. Common (ordinary) shares have priority over preferred shares. b. A share with cumulative dividends must be a preferred share. c. Investors favour purchasing preferred shares. d. Common shares always have voting rights. T/F
Refer to problem P12-45. At the beginning of 2028, SCMI determined that the appropriate market-based interest rate for this obligation was 4%. Management determined that the revised book value of the asset was fully recoverable; an impairment test was not conducted. During its six years of
Identify whether the following statements are true or false. Statement a. The number of shares issued > number outstanding > number authorized. b. A share with a fixed dividend rate (i.e., a preferred share) is more valuable than one without (i.e., a common share). c. All issued shares are eligible
Refer to the 2016 financial statements for Canadian Tire Corporation in Appendix C.Required:a. What was the amount of long-term liabilities reported in Canadian Tire’s financial statements as at December 31, 2016? What was this amount comprised of ? Use the same categories that the company
Peterborough Printers specializes in high-volume reproduction of advertising leaflets, such as those distributed by direct mail or inserted in newspapers. Located in Scarborough and founded by Peter Pang over 40 years ago, the company has been publicly traded for the past 20 years. Through its
Having a cumulative dividend is a common feature of preferred shares.Required:a. What does it mean to have a cumulative dividend feature?b. Why do preferred shares commonly have this feature?c. Can common shares have a cumulative dividend feature? Explain briefly.
Preferred shares are defined as being a form of equity by the Canada Business Corporations Act (CBCA). Preferred shares generally have a specified dividend rate and in the event of bankruptcy or liquidation have priority over common shares. However, preferred shares do not have a residual interest
Which of the following are accounts reported in the equity section of the balance sheet? Account Preferred shares Investment in Company A common shares Accumulated other comprehensive income Equity section Asset or liability
A major objective of IFRS is to harmonize accounting rules and procedures around the world. Yet for the details and specifics of accounting for equity accounts (e.g., repurchase of the company’s own shares), there are no international rules; rather, countries like Canada are defining the
Which of the following are accounts reported in the contributed capital section of equity? Account Common shares Retained earnings Preferred shares Accumulated other comprehensive income Appropriated reserves Equity in associate Contributed surplus common shares Contributed capital Not
For accounting purposes, of the following characteristics, which distinguish a common share from a preferred share? Explain your answer briefly.■ The share has no par value.■ The share has voting rights.■ The share has a residual claim.■ The share does not have cumulative dividends.■ The
Which of the following transactions have the potential to directly affect the retained earnings portion of equity? Exclude indirect effects such as the transfer of income into retained earnings at the end of a year. Account Declaration of a cash dividend Issuance of common shares Issuance of
Financial reporting distinguishes equity into two broad components: contributed capital and accumulated income; the latter is further separated into retained earnings and accumulated other comprehensive income (AOCI).Required:Briefly explain why equity needs to be separated into these categories.
When shares are repurchased and cancelled at more than their original issue price, the journal entry to record the retirement potentially includes which of the following components? Account Debit to cash Debit to retained earnings Transaction potentially affects this account in the manner
Lisa’s Yoga Inc., a publicly accountable enterprise, issued 1,000 no par value common shares to a supplier in full payment for machinery that normally sells for $50,000. Lisa’s Yoga Inc.’s common shares were trading at $51 on the transaction date.Required:Prepare the journal entry to record
Storoshenko Corp. (SC) is a private corporation that elects to report its financial results in accordance with ASPE. SC issued 2,000 no par value common shares to a scientist in exchange for a patented process that she had developed. The patent is estimated to be worth $50,000. A chartered business
Wedding Boutique Corp. sells 20,000 no par value common shares for $20 each to employees on a subscription basis. Terms of the sale require the employees to pay $12 on contract signing and the balance in one year’s time. Wedding Boutique Corp. has a policy of refunding employees their initial
Walt’s Antique Cars Inc. issued equity securities. The offering included 100,000 bundles of one no par value common share and one no par value preferred share. Each bundle sold for $50. Walt’s has adopted a policy of charging share issuance costs to retained earnings.Required:a. Assume that the
In January 2021, Rita Inc. sells 50,000 no par value common shares for $20 each to the investing public on a subscription basis. Terms of the sale require the investors to pay $11 on contract signing, $5 in July 2021, and the balance in December 2021. The subscription contract provides that Rita
Shangri-La Inc. raised additional capital by selling equity to investors. The package of securities included one no par value common share, one cumulative Class A preferred share, and one noncumulative Class B preferred share. Shangri-La sold 200,000 packages for $100 each. It incurred $25,000 in
Accounting standards do not permit the recognition of capital transactions (those involving owners acting as owners) to flow through net income. Explain why accounting standards prohibit the recognition of gains or losses on capital transactions on the income statement.
When a corporation engages in a capital transaction (those relating to its contributed capital), the journal entry may involve either a debit or a credit to contributed surplus. While not permitted by accounting standards, if these debits or credits were to be recognized through income, a debit
Belmont Corporation has a December 31 year-end. On December 15, 2021, the board of directors declared a cash dividend of $0.50 per common share, payable on January 30, 2022. The date of record for this dividend is January 14, and the ex-dividend date is January 12, 2022. Additional information
Cambridge Corp. has a single class of shares. As at its year ended December 31, 2021, the company had 2,500,000 shares issued and outstanding. On the stock exchange, these shares were trading at around $10 per share. In the company’s accounts, these shares had a value of $30,000,000. The equity
Cardiff Corporation is a public company traded on a major exchange. Cardiff ’s common shares are currently trading at $20 per share. The board of directors is debating whether to issue a 25% stock dividend or a five-for-four stock split (i.e., a shareholder who holds four shares would receive a
Refer to the 2016 financial statements for Canadian Tire Corporation in Appendix C.Required:a. What was the amount of equity reported in Canadian Tire’s financial statements as at December 31, 2016? What was this amount comprised of ? Use the same categories that the company reports on its
Mark Corporation declared and distributed a 5% stock dividend. Mark had 400,000 common shares outstanding and 1,000,000 common shares authorized before the stock dividend. The board of directors determined the appropriate market value per share as $7.Required:How much should be recorded for the
As of January 1, 2021, the equity section of GFF Educational Inc.’s balance sheet contained the following:■ On March 1, 2021, GFF repurchased and cancelled 1,000 preferred shares at $120 per share.■ On June 30, 2021, GFF spent $500,000 to repurchase 100,000 common shares. These shares were
Jamie Bleay Inc. (JBI) has an at fair value through profit or loss investment in which it owns 200,000 common shares of Richard Ramey Ltd. (RRL). JBI distributes its shareholding in RRL by way of a property dividend. Other information follows:■ The current book value of the RRL shares is
Peter Quitzau Inc. (PQI) owns 200,000 common shares of Margaret Thornton Ltd. (MTL), a private company. PQI distributes its shareholding in MTL to PQI’s shareholders by way of property dividend. Other information follows:■ PQI exercises significant influence over MTL. It accounts for its
As of January 1, 2021, the equity section of Gail and Samson Inc.’s balance sheet contained the following:■ Dividends were last paid in 2018. There were no arrears at that time.■ On February 1, 2021, Gail sold 1,000 common shares for $65,000 cash.■ On March 1, 2021, Gail issued a 5% stock
As of January 1, 2019, the equity section of BC Marine Co.’s balance sheet contained the following:■ On May 1, 2019, the company spent $500,000 to repurchase 100,000 common shares. These shares were cancelled immediately.■ On July 15, 2019, the company repurchased and cancelled 1,000
Ron Tidball Corp. (RTC) owns 100,000 shares in Scott Austin Ltd. (SAL). RTC distributes its shareholding in SAL by way of a property dividend. Other information follows:■ The current book value of the SAL shares is $450,000.■ The market value of the SAL shares is $500,000.■ The dividend is
Fenwick Ltd. began operations in 2016. Its fiscal year-end is December 31. Components of the condensed balance sheet as at December 31, 2018, are as follows:During 2019, Fenwick had the following activities:i. January 1: Issued 40,000 preferred shares with cumulative dividends of $1.25 per share.
Below are details relating to balances for the equity accounts of Barrie Company and changes to those balances (note that AOCI is accumulated other comprehensive income).Required:Prepare a statement of changes in equity for the years ended December 31, 2021 and 2022. The following format will be
Below are details relating to balances for the equity accounts of PICSR Company and changes to those balances (note that AOCI is accumulated other comprehensive income).Required:Prepare a statement of changes in equity for the years ended December 31, 2021 and 2022. The following format will be
Della’s Garden Delight Corp.’s capital structure includes the following equity instruments:■ No par value common shares, 2,000,000 shares issued and outstanding■ Class A, non-cumulative preferred shares, each entitled to an annual dividend of $5, 80,000 shares issued and outstanding■
Below are details relating to balances for the equity accounts of Mark’s Photography Company and changes to those balances (note that AOCI is accumulated other comprehensive income).Required:Prepare a statement of changes in equity for the years ended December 31, 2021 and 2022. The following
When shares are repurchased at more than their original issue price, then held in treasury or cancelled, the journal entry potentially includes which of the following components? Account Debit to share capital Debit to contributed surplus Debit to treasury shares Debit to loss on share
When shares are repurchased and held in treasury, and the purchase is at more than the original issue price, the journal entry to record the repurchase potentially includes which of the following components under the single-transaction method? Account Debit to share capital Debit to contributed
Utopia Is A Destination Inc. had the following shareholders’ equity account balances on December 31, 2021:During 2022, the following transactions occurred:i. March 1: Utopia resold 500 of the treasury shares at $40 per share.ii. May 15: Utopia issued (sold) 5,000 common shares for $25 each.iii.
Canada and many other countries discourage and even prohibit the use of “par value” for common shares because it could be a misleading label.Required:Why is the term “par value” for common shares a misleading idea for many investors?
Liway’s Cleaning Emporium Corp. had the following shareholders’ equity account balances on December 31, 2021:During 2022, the following transactions occurred:i. February 1: Liway’s resold the 2,000 treasury shares at $90 per share.ii. May 20: Liway’s bought back 500 common shares for $95
Canaan Corp. (CC) is a private corporation that elects to report its financial results in accordance with ASPE. On January 1, 2021, CC, a newly incorporated company, issued (sold) 10,000, $2 par value, common shares for $50 each. On January 1, 2022, CC paid $47,000 to repurchase 1,000 of its
Belle Ltd. (BL) is a private corporation that elects to report its financial results in accordance with ASPE. On January 1, 2021, BL, a newly incorporated company, issued (sold) 5,000, $10 par value, common shares for $25 each. On January 1, 2022, BL paid $27,000 to repurchase 1,000 of its
Acton Company has two classes of shares that were both issued on January 1, 2019:■ Class A, $100 par value, 5% preferred shares, 100,000 shares issued and outstanding■ Class B, no par value common shares issued at $50 per share, 1,000,000 shares issued and outstandingDue to challenging start-up
Drayton Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2020, it had 200,000 shares issued and outstanding. These shares had a book value of $5,000,000 on the balance sheet.During 2021, Drayton repurchased
Refer to the facts for Drayton Inc. presented in problem P13A-42.Problem P13A-42.Drayton Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2020, it had 200,000 shares issued and outstanding. These shares had
Stanger’s Secure Storage Inc.’s capital structure includes the following equity instruments:■ No par value common shares, 1,000,000 shares issued and outstanding■ Class A, $100 par value, 4% cumulative preferred shares, 100,000 shares issued and outstanding■ Class B, $100 par value, 6%
As of January 1, 2021, the equity section of Smokey The Cat Corp.’s balance sheet contained the following:■ Smokey uses the single-transaction method to account for treasury shares.■ Dividends were last paid in 2017. There were no arrears at that time.■ On February 1, 2021, Smokey
The following is an extract from the balance sheet of Devlin Ltd. as at December 31, 2021:The company did not declare dividends on preferred shares in 2021. Transactions in 2022 include the following:i. March 15: Devlin purchased 10,000 preferred shares on the stock exchange for $11.50 per share
Hamilton Holdings had the following balances in shareholders’ equity as at December 31, 2021:In addition, the financial statement notes on this date indicated that two years of preferred share dividends were in arrears, totalling $1,400,000.The following transactions occurred during 2022:i.
The following balances were taken from the books of Maria Conchita Alonzo Corp. on December 31, 2014. Assume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step
Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2014 information related to P. Bride Company ($000 omitted).
The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows.1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.2. Sales
Presented below is information related to Viel Company at December 31, 2014, the end of its first year of operations.Sales revenue
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