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intermediate accounting

Questions and Answers of Intermediate Accounting

Treasure Land Corporation incurred the following costs in 2020.Cost of laboratory research aimed at discovery of new knowledge...........$120,000Cost of testing in search for product
On July 1, 2020, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as
The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer to
Presented below is information related to a copyright owned by Mare Company at December 31, 2020.Cost.....................................................$8,600,000Carrying
Presented below is net asset information related to the Carlos Division of Santana, Inc. Carlos Division
Angelou Corporation was organized in 2019 and began operations at the beginning of 2020. The company is involved in interior design consulting services. The following costs were incurred prior to the
Price Company from time to time embarks on a research program when a special project seems to off er possibilities. In 2019, the company expends $325,000 on a research project, but by the end of 2019
Simon Company determines that its goodwill is impaired. It finds that the book value of its reporting unit is $1,490,000, including recorded goodwill of $400,000. The fair value of the identifiable
Martz Inc. has a customer loyalty program that rewards a customer with one customer loyalty point for every $100 of purchases. Each point is redeemable for a $3 discount on any future purchases. On
Celic Inc. manufactures and sells computers that include an assurancetype warranty for 90 days. Celic offers an optional extended coverage plan under which it will repair or replace any defective
Coca-Cola Company and PepsiCo are two of the best-known companies worldwide. Their 2017 financial statements can be found in the investor information sections of their company
Ritt Ranch & Farm is a distributor of ranch and farm equipment. Its products include small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are
Presented below are three independent revenue arrangements for Colbert Company. The company follows IFRS. Instructions Respond to the requirements related to each revenue arrangement. a. Colbert
On December 31, 2020, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a one-year assurance warranty service with the sale of all its equipment. The customer
Access the financial statements of The Procter & Gamble Company (P&G) for its year ended June 30, 2017, from the company’s website (www.pginvestor.com).InstructionsRefer to P&G’s
On May 10, 2020, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full price of $2,000 on July 15, 2020. The cost of goods is $1,300.
To increase sales, Letourneau Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $30 of merchandise purchased. Each
Airbus SE, previously known as European Aeronautic Defence and Space Company or EADS NV, is incorporated in the Netherlands and its shares are traded in France, Germany, and Spain. Access the
Towers Inc. (TI) is a leader in delivering communications technology that powers global commerce and secures the world’s most critical information. Its shares trade on the Canadian and U.S.
Economy Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Economy’s main products are as follows.Item
Best Lawn Care Inc. (BLC) offers its customers two lawn maintenance services. One service is for a one-year maintenance plan at a cost of $200. Customers can earn a 5% discount from this price if
Access the financial statements of both BCE Inc. and TELUS Corporation for their years ended December 31, 2017, from either the companies’ websites or SEDAR (www.sedar.com). InstructionsUsing
Rouge Valley Golf and Health Club (RVGH) is a public company that operates eight clubs in a large city and offers one-year memberships. Membership gives members access to golf and the fitness centre
BBQ Master Company sells total outdoor barbecue solutions, providing gas and charcoal barbecues, accessories, and installation services for custom patio barbecue stations.InstructionsRespond to the
Hudson’s Bay Company’s financial statements for its year ended February 3, 2018 (fiscal 2017) can be found at the end of this book.InstructionsRefer to the company’s financial statements and
Use the information in E5.17 for Dropafix Inc.Instructionsa. Calculate the current and acid-test ratios for 2019 and 2020.b. Calculate Dropafix’s current cash debt coverage ratio for 2020.c.
Use the information in E5.14 for Carmichael Industries. Instructions a. Calculate the current and acid-test ratios for 2019 and 2020. b. Calculate Carmichael?s current cash debt coverage ratio for
Use the information in E5.18 for Sensify Corporation. Instructions a. Calculate the current ratio and debt to total assets ratio as at December 31, 2019 and 2020. Calculate the free cash flow for
The comparative statement of financial position of Sensify Corporation as at December 31, 2020, follows: Net income of $37,000 was reported and dividends of $13,000 were declared and paid in 2020.
Miller Ltd. engaged in the following cash transactions during 2020:Proceeds from sale of land and building ....................... $176,000Repurchase of company’s own shares
The comparative statement of financial position of Dropafix Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
Assume that Ames Company’s net income of $151,000 in BE5.16 was based on sales of $600,000, cost of goods sold of $200,000, salaries and wages of $157,000, depreciation expense of $44,000, and
Ames Company reported 2020 net income of $151,000. During 2020, accounts receivable increased by $15,000 and accounts payable increased by $9,000. Depreciation expense was $44,000. Prepare the cash
Healey Corporation’s statement of financial position as at December 31, 2020, showed the following amounts: Cash $100; Accounts Receivable $600; Land $1,000; Accounts Payable $300; Bonds Payable
Newvo Ltd. shows on its statement of financial position a patent. At its year end of October 31, 2018, the caption read Patent (net) $66,000 and at its year end of October 31, 2019, the caption read
Martineau Inc., a major retailer of high-end office furniture, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The
It is February 2021 and Janix Corporation is preparing to issue financial statements for the year ended December 31, 2020. To prepare financial statements and related disclosures that are
Agnu Inc. shows on its statement of financial position its investments accounted for as FV-OCI investments. At its year end of May 31, 2018, the balance in the FV-OCI Investments account was $96,000
L&G Inc., a retailer of garden tools that follows ASPE, had the following statements prepared as of December 31, 2020: Additional information: 1. Dividends on common shares in the amount of
How does a statement of cash flows prepared using the indirect method differ from one prepared using the direct method?
The current assets and current liabilities sections of the statement of financial position of Agincourt Corp. are as follows: The following errors have been discovered in the corporation?s
Selected accounts follow of Aramis Limited at December 31, 2020: The following additional information is available: 1. Inventory is valued at the lower of cost and net realizable value using
A comparative statement of financial position for Spencer Corporation follows: Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $19,000. 2. In March 2020, a
The statement of income of Kneale Transport Inc. for the year ended December 31, 2020, reported the following condensed information: Kneale?s statement of financial position included the following
A comparative statement of financial position for Carmichael Industries Inc. follows: Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $129,000. 2. Cash
Uddin Corp.?s statement of financial position at the end of 2019 included the following items: The following information is available for the 2020 fiscal year: 1. Net income was $391,000. 2.
Lujie Xie is the controller of Lincoln Corporation and is responsible for the preparation of the year-end financial statements on December 31, 2020. Lincoln prepares financial statements in
The statement of financial position of Manion Corporation follows (in thousands): Instructions Evaluate the statement of financial position. Briefly describe the proper treatment of any item that
The statement of financial position of Sargent Corporation follows for the current year, 2020: The following additional information is available:1. The Current Assets section includes the
Jia Inc. applies ASPE and had the following statement of financial position at the end of operations for 2019: During 2020, the following occurred: 1. Jia Inc. sold some of its trademarks. The
The trial balance of Zhang Ltd. at December 31, 2020, follows: Instructions a. Prepare a classified statement of financial position as at December 31, 2020. Ignore income taxes. b. Digging Deeper
Aero Inc. had the following statement of financial position at the end of operations for 2019: During 2020, the following occurred: 1. Aero liquidated its FV-NI investments portfolio at a loss of
The partner in charge of the James Spencer Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the statement of cash flows for the year ended December 31,
In an examination of Garganta Limited as at December 31, 2020, you have learned about the following situations. No entries have been made in the accounting records for these items.1. The corporation
Lydia Trottier has prepared baked goods for sale since 1998. She started a baking business in her home and has been operating in a rented building with a storefront since 2003. Trottier incorporated
The bookkeeper for Garfield Corp. has prepared the following statement of financial position as at July 31, 2020: The following additional information is provided: 1. Cash includes $1,200 in a
Obtain the 2001 and 2017 annual reports of Goldcorp Inc. from SEDAR (www.sedar.com).InstructionsRead the annual report material leading up to the financial statement section and answer the following
The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows:Delacosta CorporationStatement of Financial PositionDecember 31, 2020AssetsGoodwill (Note 1)
Bruno Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion:Bruno
The audited annual financial statements of Maple Leaf Foods Inc. for the year ended December 31, 2017, can be found on the company’s website or from SEDAR (www.sedar.com).Instructionsa. Calculate
The trial balance of Eastwood Inc. and other related information for the year 2020 follows: Additional information: 1. The inventory has a net realizable value of $212,000. The FIFO method of
The financial statements for Bombardier Inc. for the year ended December 31, 2017, can be found on the company’s website or from SEDAR (www.sedar.com).Instructionsa. What form of presentation does
Statement of financial position items for Montoya Inc. follow for the current year, 2020: Instructions a. Prepare a classified statement of financial position in good form. The numbers of
In 2020, Renato Corp. had cash receipts from customers of $152,000 and cash payments for operating expenses of $97,000. At January 1, 2020, accounts receivable were $13,000 and total prepaid
In 2020, I & T Corporation reported net income of $8.6 million, and declared and paid preferred share dividends of $3.2 million. During 2020, I & T had a weighted average of 900,000 common
Canviar Corp. maintains its financial records using the cash basis of accounting. Because it would like to secure a long-term loan from its bank, the company asks you, as an independent CPA, to
Neon Limited had 40,000 common shares on January 1, 2020. On April 1, 8,000 shares were repurchased. On August 31, 12,000 shares were issued. Calculate the number of shares outstanding at December
In its first year of operations, 2020, Strats Corp. invoiced $172,000 in service revenue. Of that amount, $18,000 was still owing from customers at the end of year. In 2020, Strats incurred various
Dr. Emma Armstrong, M.D., maintains the accounting records of the Blood Sugar Clinic on a cash basis. During 2020, Dr. Armstrong collected $146,000 in revenues and paid $55,470 in expenses. At
Use the information in BE4.17 to prepare a statement of retained earnings for Global Corporation, assuming that in 2020, Global discovered that it had overstated 2017 depreciation by $40,000 (net of
At December 31, 2020, Tres Hombres Corporation had the following shares outstanding:10% cumulative preferred shares, 107,500 shares outstanding .................... $10,750,000Common shares,
On January 1, 2020, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise in Montreal by investing $90,000 cash. The new company, Razorback Sales and Service, had the
Global Corporation prepares financial statements in accordance with ASPE. At January 1, 2020, the company had retained earnings of $1,038,000. In 2020, net income was $335,000, and cash dividends of
The shareholders’ equity section of Cadmium Corporation as at December 31, 2020, follows:8% cumulative preferred shares, 100,000 sharesauthorized, 80,000 shares outstanding
Parfait Limited reported the following for 2020: sales revenue, $900,000; cost of sales, $750,000; operating expenses, $100,000; and unrealized gain on FV-OCI investments, $60,000. The company had
Rainy Day Umbrella Corporation had the following balances at December 31, 2019 (all amounts in thousands): preferred shares, $3,375; common shares, $8,903; contributed surplus, $3,744; retained
The equity accounts of Good Karma Corp. as at January 1, 2020, were as follows:Retained earnings, January 1, 2020 ............................ $257,600Common shares
The Big and Rich Corporation had income from operations before tax for 2020 of $4.4 million. In addition, it suffered an unusual and infrequent loss of $1,060,000 from a tornado. Of this amount,
Eddie Zambrano Corporation, a private company, began operations on January 1, 2017. During its first three years of operations, Zambrano reported net income and declared dividends as follows: The
Amos Corporation was incorporated and began business on January 1, 2020. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an
The Blue Collar Corporation had income from continuing operations of $12.6 million in 2020. During 2020, it disposed of its restaurant division at a loss of $89,000 (net of tax of $38,000). Before
The following balances were taken from the books of Quality Fabrication Limited on December 31, 2020: Assume the total effective tax rate on all items is 25%. Instructions Prepare a multiple-step
Faldo Corp. is a public company and has 100,000 common shares outstanding. In 2020, the company reported income from continuing operations before income tax of $2,710,000. Additional transactions not
(a) Use the information in BE4.12 to prepare a multiple-step income statement for Sierra Corporation, showing expenses by function. (b) Assume the average market price for the common shares is
Two accountants, Yuan Tsui and Sergio Aragon, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following
Joe Schreiner, controller for On Time Clock Company Inc., recently prepared the company?s income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a
Sierra Corporation had sales revenue of $5,850,000 and investment revenue of $227,000 for the year ended December 31, 2020. Other items pertaining to 2020 were as follows:Cost of goods sold
The financial records of Geneva Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept the following statistical data related to the income statement:1. The beginning
Zephyr Corporation began operations on January 1, 2017. Recently the corporation has had several unusual accounting problems related to the presentation of its income statement for financial
An excerpt from Section 10.2 of the Management Discussion and Analysis in the 2017 annual report of BCE Inc. is shown below. The excerpt shows summarized financial information, including calculations
During the current year, Garrison Construction Ltd. traded in two relatively new small cranes (cranes no. 6RT and S79) for a larger crane that Garrison expects will be more useful for the particular
On July 1, 2020, Lucas Ltd., a publicly listed company, acquired assets from Jared Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as
Wu Inc. operates a retail computer store. To improve its delivery services to customers, the company purchased four new trucks on April 1, 2020. The terms of acquisition for each truck were as
Camco Manufacturers Inc., a publicly listed company, has two machines that are accounted for under the revaluation model. Technology in Camco?s industry is fast changing, causing the fair value of
On March 1, 2020, Jessi Corp. acquired a 10-unit residential complex for $1,275,000, paid in cash. An independent appraiser determined that 75% of the total purchase price should be allocated to
Spencer Ltd. traded a used truck (cost $30,000, accumulated depreciation $27,000, fair value $2,000) for a new truck with a fair value of $33,000. Spencer also made a cash payment of $31,000. Prepare
Donovan Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to keep it in good working order. The book value of the
Use the information for Spencer Ltd. from BE10.12. The same used truck is being traded, but Spencer does not know the fair value of the new truck. Spencer did look up the value of its used truck and
Wordcrafters Inc. is a book distributor that had been operating in its original facility since 1991. The increase in certification programs and continuing education requirements in several
Valued Assets Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $110,000. The fair

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