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intermediate accounting

Questions and Answers of Intermediate Accounting

You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant. In the
Vodafone Group, Plc., a U.K. company, is the largest mobile telecommunications network company in the world. The company prepares its financial statements in accordance with International Financial
Presented below is a list of balance sheet accounts. Accounts payable...................................................Cash Accounts
Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or
Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 28, 2017, are shown
Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Pair each item from List A (by letter) with the item from List B that is most appropriately
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) for each of the following: 1. The
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following: 1. The topic number (Topic XXX) that provides guidance on information
The following are typical disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear—either in (A)
Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts. Cash and cash equivalents $40,000 Accounts payable $32,000 Retained earnings Accounts
Refer to Case 2–1. Mr. Pitt has relented and agrees to provide you with the information necessary to convert his cash basis financial statements to accrual basis statements. He provides you with
You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner
The accounting system of K and M Manufacturing consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ).
The White Company’s accounting system consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ). For
Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 15. Increase (I) or Decrease (D) Account 1. Inventory Depreciation expense
Prepare journal entries to record each of the transactions listed in E 2–1. Data From Problem E 2-11. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for
Deferred revenues represent liabilities recorded when cash is received from customers in advance of providing a good or service. What adjusting journal entry is required at the end of a period to
Consider the question of whether the United States should converge accounting standards with IFRS. Required: 1. Make a list of arguments that favor convergence. 2. Make a list of
A new client, the Wolf Company, asks your advice concerning the point in time that the company should recognize revenue from the rental of its office buildings under generally accepted accounting
Assume that the FASB is considering revising an important accounting standard. Required: 1. What constraint applies to the FASB’s consideration of whether to require companies to provide
The purpose of this case is to introduce you to the information available on the website of the International Accounting Standards Board (IASB). Required: Access the IASB home page on the
The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). Required: Access the FASB home page on the
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) Required: 1. Identify the Codification topic number that provides guidance on fair value
Indicate the organization related to IFRS that performs each of the following functions: 1. Obtains funding for the IFRS standard-setting process.2. Determines IFRS. 3. Oversees the IFRS
The Australian Securities and Investment Commissions is the government body charged with administering the legal requirements of Australian financial reporting legislation. Visit the website for
Assume that the IASB (and AASB) is in the process of writing an accounting standard on accounting for water resources, and has received submissions that can be divided roughly into two camps —
Assign one of the following websites to each group of 3 or more people.● www.comlaw.gov.au: Investigate the procedures that are required under the Corporations Act 2001 to establish a small
A manager of a small business made the following comment when a friend suggested that his business could benefit if he were to prepare cash budgets: ‘Some people think they are all right but I run
The accountant in Bede Cameron’s business has never worried about preparing reversing entries. However, a newly employed trainee accountant has strongly suggested to Bede that reversing entries are
In groups of three, select three companies and obtain a copy of their financial statements. Paper copies can be obtained from the companies, and electronic copies are available for most publicly
Tudor Services Ltd., a private company following ASPE, has an August 31 fiscal year end. The company?s trial balance prior to adjustments follows: Additional data: 1. The equipment has an expected
The adjusted trial balance of North Bay Corporation is provided in the following work sheet for the year ended December 31, 2020. Instructions The note payable is due in four months. Complete the
The trial balance of Slum Dog Fashion Centre Inc., a private company following ASPE, contained the following accounts at November 30, the company?s fiscal year end: Adjustment data: 1. Supplies on
The trial balance of Airbourne Travel Inc. on March 31, 2020, is as follows: Additional information: 1. A physical count reveals only $520 of supplies on hand. 2. Equipment is depreciated at a rate
Below are the completed financial statement columns of the work sheet for Canned Heat Limited: Instructions a. Prepare a statement of comprehensive income, statement of changes in equity, and
Selected accounts follow for Kings Inc., a private company following ASPE, as reported in the work sheet at the end of May 2020: Instructions Extend the amounts reported in the adjusted trial
Samuels Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Samuels has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited
Mona Kamaka, CPA, was retained by Downtown TV Repair Ltd. to prepare financial statements for the month of March 2020. Mona accumulated all the ledger balances from the business records and found
Selected accounts for Winslow Inc., a private company following ASPE, as at December 31, 2020, are as follows: Instructions Prepare closing entries for Winslow Inc. on December 31, 2020. S 60,000
Active Consulting, a proprietorship, has the following year-end account balances: Service Revenue $426,500; Salaries and Wages Expense $219,000; Rent Expense $74,000; Utilities Expense $33,000; and
The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020 is as follows: Additional information: 1. On November 1, 2020, Imagine received $10,200 rent
A review of the accounts of Tucker and Wu Pan Accountants reflected the following transactions, which may or may not require adjustment for the year ended December 31, 2020.1. The Prepaid Rent
The unadjusted trial balance of Clancy Inc., a private company following ASPE, at December 31, 2020, is as follows: Additional information: 1. Actual rent costs amounted to $1,500 per month. The
The trial balance for Hanna Resort Limited on August 31 is as follows: Additional information: 1. The balance in Prepaid Insurance includes the cost of four months premiums for an insurance policy
Jerry Holiday is the maintenance supervisor for Ray?s Insurance Co. and has recently purchased a riding lawn mower and accessories that will be used in caring for the grounds around corporate
The trial balance and other information for consulting engineers Mustang Rovers Consulting Limited follow: Additional information: 1. Service revenue includes fees received in advance from clients
Included in Carville Corp.’s December 31, 2020 trial balance is a note payable of $20,000. The note is an eight-month, 12% note dated October 1, 2020. Prepare Carville’s December 31, 2020
Alex Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information
Second-Hand Almost New Department Store Inc., a private company following ASPE, is located near a shopping mall. At the end of the company?s fiscal year on December 31, 2020, the following accounts
Mason Advertising Agency Inc. was founded in January 2017. Presented below are adjusted and unadjusted trial balances as at December 31, 2020. Instructions a. Journalize the annual adjusting
The trial balance of Mis-Match Inc. on June 30, 2020, is as The following transactions took place in July 2020: 1. Payments received from customers on account amounted to $1,320. 2. A computer
Assume the facts given in BE6.36 for Martin Corp. Prepare the December 31, 2021 yearend journal entry to record any loss from the contract assuming Martin uses the completed-contract
Bancroft Corporation (BC) has just completed its analysis of the income taxes that it believes it will have to pay to the government either this year or in future years. Although he feels that the
There are several commonly available indexes and reference products to help find articles that have appeared in business publications and periodicals. Articles can generally be searched by company or
In the past two decades, our access to information has grown exponentially. With innovative technologies, we can access the Internet quickly and cheaply, and storage and computing capabilities
Canadian Tire Corporation, Limited is one of Canada’s best-known retailers. The company operates 501 “hard-goods” retail stores through associate dealers, 386 corporate and franchise stores
Dr. Gary Morrow, a former surgeon, is the president and owner of Morrow Medical (MM), a private Ontario company that focuses on the design and implementation of various medical and pharmaceutical
On July 31, 2020, Mexico Company paid $3 million to acquire all of the common shares of Conchita Incorporated, which became a division of Mexico. Conchita reported the following statement of
The president of Plain Corp., Joyce Lima, is thinking of purchasing Balloon Bunch Corporation. She thinks that the offer sounds fair but she wants to consult a professional accountant to be sure.
On September 1, 2020, Madonna Lisa Corporation, a public company, acquired Jaromil Enterprises for a cash payment of $763,000. At the time of purchase, Jaromil’s statement of financial position
In late July 2020, Mona Ltd., a private company, paid $2 million to acquire all of the net assets of Lubello Corp., which then became a division of Mona. Lubello reported the following statement of
Use the data provided in P12.8. Assume instead that Meridan Golf and Sports is a public company. The relevant information for the impairment test on December 31, 2022, is as
When Canadian public companies were required to apply IFRS beginning in 2011, one of the major issues faced by some of them, particularly those whose revenues were regulated by an independent body,
Meridan Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Old Master Golf Corporation. Old Master provides video golf instruction at kiosks in shopping malls. Powerdriver?s
In 2020, Aquaculture Incorporated applied for several commercial fishing licences for its commercial fishing vessels. The application was successful and on January 2, 2020, Aquaculture was granted 22
During 2018, Medicine Hat Tools Ltd., a Canadian public company, purchased a building site for its product development laboratory at a cost of $61,000. Construction of the building started in 2018.
Gelato Corporation, a private entity reporting under ASPE, was incorporated on January 3, 2019. The corporation?s financial statements for its first year of operations were not examined by a public
Net income figures for Belgian Ltd. are as follows:2016—$75,000 .............................. 2019—$87,0002017—$53,000 .............................. 2020—$69,0002018—$84,000Future income
Rotterdam Corporation’s pretax accounting income of $725,000 for the year 2020 included the following items:Amortization of identifiable intangibles ...................... $147,000Depreciation of
The following is net asset information for the Dhillon Division of Klaus Inc.: The purpose of the Dhillon Division (also identified as a reporting unit or cash-generating unit) is to develop a
On July 1, 2020, Zoe Corporation purchased the net assets of Soorya Company by paying $415,000 cash and issuing a $50,000 note payable to Soorya Company. At July 1, 2020, the statement of financial
Fred Moss, owner of Medici Interiors Inc., is negotiating for the purchase of Athenian Galleries Ltd. The condensed statement of financial position of Athenian follows in an abbreviated
Refer to the information provided in E12.17, but now assume that Lighting Designs Corp. is a publicly accountable company. At December 31, 2020, the copyright’s value in use is $1,850,000 and its
The following information is for a copyright owned by Lighting Designs Corp., a private entity, at December 31, 2020. Lighting Designs Corp. applies ASPE.Cost
Repeat E12.13, but now assume that Dayton prepares financial statements in accordance with ASPE, and that the recoverable amount under ASPE (undiscounted future cash flows) is calculated to be
At the end of 2020, Dayton Corporation owns a licence with a remaining life of 10 years and a carrying amount of $530,000. Dayton expects undiscounted future cash flows from this licence to total
Blue and White Town Taxi Incorporated applied for several taxi licences for its taxicab operations in the Town of Somerville and, on August 31, 2020, incurred costs of $12,500 in the application
During 2020, Saskatchewan Enterprises Ltd., a private entity, incurred $4.7 million in costs to develop a new software product called Dover. Of this amount, $1.8 million was spent before the company
Tennessee Corp., reporting under ASPE, has provided the following information regarding its intangible assets:1. A patent was purchased from Marvin Inc. for $1.2 million on January 1, 2019. Tennessee
In 2020, Inventors Corp. spent $392,000 on a research project, but by the end of 2020 it was impossible to determine whether any benefit would come from it. Inventors prepares financial statements
Oakville Corp. incurred the following costs during 2020 in connection with its research and development phase activities:Cost of equipment acquired for use in research and development projects over
In early January 2020, FJS Corporation applied for and received approval for a trade name, incurring legal costs of $52,500. In early January 2021, FJS incurred $28,200 in legal fees in a successful
On September 1, 2020, Pipeline Corporation acquired Tunneling Limited for a cash payment of $954,000. At the time of purchase, Tunneling’s statement of financial position showed assets of $780,000,
Coffee Company Limited has a trademark with a carrying amount of $83,750, and expected useful life of 15 years. As part of an impairment test on December 31, 2020, due to a change in customer tastes,
On December 31, 2020, Convenient Cabs Incorporated was granted 10 taxi licences by the City of Somerdale, at a cost of $1,000 per licence. It is probable that Convenient Cabs will receive the
Use the information in BE12.13 and assume that in January 2022, Lakeshore spends $26,000 successfully defending a patent suit. In addition, Lakeshore now feels the patent will be useful only for
Lakeshore Corporation purchased a patent from MaFee Corp. on January 1, 2020, for $87,000. The patent had a remaining legal life of 16 years. Prepare Lakeshore’s journal entries to record the 2020
Sweet Tooth Inc., a private company that applies ASPE, incurred $15,000 in materials and $12,000 in direct labour costs between January and March 2020 to develop a new product. In May 2020, the
Bountiful Industries Ltd. had one patent recorded on its books as at January 1, 2020. This patent had a book value of $365,000 and a remaining useful life of eight years. During 2020, Bountiful
Jamoka Corporation is a public company that manufactures farm implements, such as tractors, combines, and wagons. Jamoka uses the revaluation model per IAS 16, and records asset revaluations using
The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2020, $147,000; 2021, $185,000. Early in 2022, the following errors were discovered.1. Depreciation
The transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred, the corporation’s accounts showed only common stock ($100
In June 2020, the board of directors for McElroy Enterprises Inc. authorized the sale of $10,000,000 of corporate bonds. Jennifer Grayson, treasurer for McElroy Enterprises Inc., is concerned about
Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years 2020 and 2021. The
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its shareholders at the end of the first quarter of the 2020–2021 fiscal year.
Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first
Identifiable assets for the seven industry segments of Foley Corporation are: Based only on the identifiable assets test, which industry segments are reportable? Cheng Takuhi Molina Penley $500
Edna Millay Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for Millay and the industry averages for firms of similar size
Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been financed primarily through

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