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intermediate accounting

Questions and Answers of Intermediate Accounting

Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2020: Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due
Aero Inc. had the following balance sheet at December 31, 2019. During 2020, the following occurred. 1. Aero liquidated its available-for-sale debt investment portfolio at a loss of $5,000. 2. A
Early in January 2021, Hopkins Company is preparing for a meeting with its bankers to discuss a loan request. Its bookkeeper provided the following accounts and balances at December 31,
Frederic Chopin Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability.1. On December 15, 2020, Chopin declared
Included in Adams Company’s December 31, 2020, trial balance are the following accounts: Accounts Payable $220,000, Pension Liability $375,000, Discount on Bonds Payable $29,000, Unearned Rent
The current assets and current liabilities sections of the balance sheet of Allessandro Scarlatti Company appear as follows. The following errors in the corporation?s accounting have been
Use the information presented in BE5.8 for Adams Company to prepare the long-term liabilities section of the balance sheet.In BE5.8Included in Adams Company’s December 31, 2020, trial balance are
Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.a. On December 20,
In its December 31, 2020, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?
Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $120,000, Common Stock $750,000, Bonds Payable $100,000, Paid-in Capital in
Presented below is the adjusted trial balance of Kelly Corporation at December 31, 2020. Additional information: 1. Net loss for the year was $2,500. 2. No dividends were declared during
Stowe Company’s December 31, 2020, trial balance includes the following accounts: Investment in Common Stock $70,000, Retained Earnings $114,000, Trademarks $31,000, Preferred Stock $152,000,
Presented below is the trial balance of Scott Butler Corporation at December 31, 2020. Instructions Prepare a balance sheet at December 31, 2020, for Scott Butler Corporation. (Ignore income
The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2020, 16 of the 40 home games had been played. What amount should be reported as a current liability at December
Ames Company reported 2020 net income of $151,000. During 2020, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the cash
The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. Net income of $44,000 was reported, and dividends of $23,000 were paid in
Martinez Corporation engaged in the following cash transactions during 2020.Sale of land and building........................$191,000Purchase of treasury stock.........................40,000Purchase
The following is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31. Additional information: Investments were sold at a loss of
A comparative balance sheet for Shabbona Corporation is presented as follows. Additional information: 1. Net income for 2020 was $125,000. No gains or losses were recorded in 2020. 2. Cash
Grant Wood Corporation?s balance sheet at the end of 2019 included the following items. The following information is available for 2020. 1. Net income was $55,000. 2. Equipment (cost $20,000 and
Recall the definition of assets: probable economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Discuss how a leased building might qualify as an
Answer each of these unrelated questions.a. On January 1, 2020, Fishbone Corporation sold a building that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone
For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest factor. 1. In a future value of 1 table: 2. In a
In addition to the list of topics identified in footnote 1 in the chapter, identify the specific Codification guidance related to the use of present value in goodwill impairment.
Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns.a. What is the amount of the payments that Ned Winslow must make at the
Consolidated Natural Gas Company (CNG), with corporate headquarters in Pittsburgh, Pennsylvania, is one of the largest producers, transporters, distributors, and marketers of natural gas in North
Sally Medavoy will invest $8,000 a year for 20 years in a fund that will earn 6% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If the
Steve Madison needs $250,000 in 10 years. How much must he invest at the end of each year, at 5% interest, to meet his needs?
Presented below are three unrelated situations.a. Dwayne Wade Company recently signed a lease for a new office building, for a lease period of 10 years. Under the lease agreement, a security deposit
Answer the following questions related to Dubois Inc.a. Dubois Inc. has $600,000 to invest. The company is trying to decide between two alternative uses of the funds. One alternative provides $80,000
John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $400,000. He estimates that the boat he wants will cost
What would you pay for a $100,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of:a. 4%?b. 5%?c. 6%?
Refer to the data in BE6.7. Assuming quarterly compounding of amounts invested at 8%, how much of John Fillmore’s inheritance must be invested to have enough at retirement to buy the boat?In
Clarence Weather spoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $20,000 per year on June 30,
You have been hired as a benefit consultant by Jean Honore, the owner of Attic Angels. She wants to establish a retirement plan for herself and her three employees. Jean has provided the following
Rizzo Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Rizzo to make 10 equal annual payments of
Maria Alvarez is investing $300,000 in a fund that earns 4% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 20 years?
Danny?s Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2020, Danny sold $300,000 of new specialty mowers for golf greens for which Danny?s
Adams Inc. will deposit $30,000 in a 6% fund at the end of each year for 8 years beginning December 31, 2020. What amount will be in the fund immediately after the last deposit?
Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s
At the end of 2020, Sawyer Company is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Sawyer?s
Nerwin, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its
Ricky Fowler borrowed $70,000 on March 1, 2018. This amount plus accrued interest at 6% compounded semiannually is to be repaid March 1, 2028. To retire this debt, Ricky plans to contribute to a debt
Answer the following questions.a. On May 1, 2020, Goldberg Company sold some machinery to Newlin Company on an installment contract basis. The contract required five equal annual payments, with the
Your client, Albert Almora Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Almora has an investment cost of $365,755 in the machine,
In its 2017 financial statements (Note 3), Air Canada has disclosed its critical estimates and judgements used in preparing the financial statements.InstructionsAccess the 2017 audited annual
Fusters Inc. provides audited financial statements to its creditors and is required to maintain certain covenants based on its debt to equity ratio and return on assets. In addition, management of
Sherry Tsang has just started up a small corporation that produces clothing. She has applied for and received a government grant. The grant will automatically be renewed as long as the business shows
When the AcSB issues new standards, the implementation date is usually 12 months after the issue date, but early implementation is encouraged. In this case, Paula Prentice, controller, is discussing
Verity Retail Limited was a private company that experienced cash flow difficulties and hired new management to turn the company around. The company then went public and the shares sold at $15 per
Hans Hoogervorst, Chair of the IASB, has spoken of issues related to the IASB’s disclosure initiative, particularly corporate reporting of non-GAAP measures and the need for professional judgement
The Canadian Coalition for Good Governance (www.ccgg.ca) was formed in 2002 and represents a significant number of institutional investors in Canada.Instructionsa. What is the purpose of the CCGG?b.
In 2002, the Sarbanes-Oxley Act (SOX) was passed in the United States to strengthen the capital marketplace. In the following year, there were many debates in Canada about whether the securities
From the IFRS website (www.ifrs.org), locate reports relating to the convergence between U.S. GAAP and IFRS. These reports provide a picture of the extent to which convergence is being achieved on
What follows is part of the testimony from Troy Normand in the case of WorldCom, the U.S. telecommunications company that filed for bankruptcy in 2002 after an accounting scandal. He was a manager in
In 2012, Hans Hoogervorst, Chairman of the IASB, gave a speech at the FEE Conference on Corporate Reporting of the Future entitled “The Concept of Prudence: Dead or Alive?” This speech was in
How are financial accountants pressured when they need to make ethical decisions in their work? Is having technical mastery of GAAP enough to practise financial accounting?
The Sarbanes-Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some key provisions of this legislation? Are these provisions in effect in Canada?
Obtain the 2017 financial statements of Teck Resources Limited from SEDAR (www.sedar.com).Instructionsa. Using the notes to the consolidated financial statements, determine the company’s revenue
Identify which specific qualitative characteristic of accounting information is best described in each item below.a. The annual financial reports of Treelivingo Corp. are audited by public
Environmental Inc. operates in Canada and the United States. Its basic business is high-temperature treatment services for contaminated soil. In its 2020 financial statements, the company had a loss
Presented below are four different transactions related to materiality. Explain whether you would classify these transactions as material.a. Blair Inc. has reported a positive trend in earnings over
Sider Corp. was recently sued by a competitor for patent infringement. Lawyers have determined that it is probable that Sider will lose the case, and will have to pay $250,000 in damages. Using the
Bradford Construction Ltd. submitted a $14.5-million sealed bid for a fixed-price roads contract with the local municipality. Historically, Bradford is awarded 20% of the contracts on which it
a. Identify three common forms of business organizations. Briefly outline the pros and cons of setting up a company using each form of organization.b. Identify why accounting professionals use
You are hired to review the accounting records of Sheridan Inc. (a public corporation) before it closes its revenue and expense accounts as at December 31, 2020, the end of its current fiscal year.
Access the Investor Perspectives article written by Steve Cooper, a member of the IASB, in June 2015, entitled “A Tale of ‘Prudence’?”
Refer to the information for Bradford Construction Ltd. in BE2.5. Assume that the sealed bid for the road contract was submitted on December 28, 2020, that Bradford has a calendar year end, and that
In the IASB standard-setting conceptual framework, the word “reliability” has been replaced with “faithful representation.” This has caused much discussion among preparers of financial
ASPE and IFRS have differing criteria for whether an element should be recognized or not. Assume that Thatcher Inc. (TI) is the subject of a lawsuit. TI sells prepared food on a wholesale basis to
Jasper Bakery Limited signed a purchase order to buy 50 kg of butter from a farmer over the next month at a fixed price. The butter is of exceptional quality and will be used in baked goods that will
The ASPE conceptual framework acknowledges the concept of conservatism.Instructionsa. Define the term “conservatism.”b. IFRS introduced the term “prudence” in the new Conceptual Framework.
Assets are the cornerstone of financial reporting; often it is unclear whether an expenditure is an asset or an expense. For each of the transactions described below, consider whether the expenditure
For each item that follows, identify the foundational principle of accounting that best describes it.a. For its annual reports, Sumsong Corp. divides its economic activities into 12-month periods.b.
The following independent situations require professional judgement for determining when to recognize revenue from the transactions.1. Air Yukon sells you an advance purchase airline ticket in
Langevin Ltd., which has a calendar year end, entered into an equipment lease on June 1, 2020, with GH Financing Limited. The lease term is two years and requires payments of $3,000 at the end of
Branson Restaurants Limited is currently reviewing its financial operations for the past year. Specifically, it is looking to determine what is happening with one of its restaurants (which it owns
M&B Tooling Ltd. is assessing two available options for the purchase of new equipment with a negotiated cash price of $100,000. The manufacturer is willing to accept a down payment of 20% of the
Oil Company Limited (OCL) is in the oil and gas business and operates internationally. The company is public and lists on the National Stock Exchange. In the past two years, oil prices have been
James Halabi is a financial executive with McDowell Enterprises. Although James has not had any formal training in finance or accounting, he has a “good sense” for numbers and has helped the
LEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in two years.a. Assuming annual compounding of interest, what rate of
Assume the same information as in P3.4.InstructionsRedo the analysis using Excel functions for an annuity due. Will the conclusion reached be the same as in P3.4?Data from P3.4James Halabi is a
Assume the same role as described in P3.4. The following are the facts for the second question asked of prospective employees. Last year the company exchanged a piece of land for a
Dunn Inc. owns and operates a number of hardware stores in the Atlantic region. Recently, the company has decided to open another store in a rapidly growing area of Nova Scotia. The company is trying
Viavélo Inc. manufactures cycling equipment. Recently, the company’s vice-president of operations has requested construction of a new plant to meet the increasing demand for the company’s bikes.
Use the information in P3.7.Data from P3.7Dunn Inc. owns and operates a number of hardware stores in the Atlantic region. Recently, the company has decided to open another store in a rapidly growing
Your client, Danyleyko Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Danyleyko has an investment cost of $365,755 in the machine,
Use the information in P3.7.Data from P3.7Dunn Inc. owns and operates a number of hardware stores in the Atlantic region. Recently, the company has decided to open another store in a rapidly growing
For each of the following, determine the expected cash flows. Cash Flow Estimate Probability Assessment $4,800 20% a. 6,300 50% 7,500 30% b. 5,400 7,200 30% 50% 8,400 20% (1,000) 10% c. 3,000 80%
Zang Services Inc. accounts for the lease of a truck. The lease includes a residual value guarantee at the end of the lease term of $16,000. Zang estimates that the likelihood that the residual value
Assume that you are following IFRS 13 and measuring the fair value of a building. The building is currently being rented out. Under IFRS 13, the entity must determine the following: (a) How the
Medici Patriarchs purchased the following investments during 2020:a. 1,000 shares of Private Limited, a start-up company. The value of this investment was based on an internally developed model.b.
If Kerry Dahl invests $3,152 now, she will receive $10,000 at the end of 15 years. What annual rate of interest will Kerry earn on her investment? Round your answer to the nearest whole number. Show
Kilarny Company is considering investing in an annuity contract that will return $25,000 at the end of each year for 15 years. What amount should Kilarny Company pay for this investment if it earns a
Assume the same information as BE3.18, except that the market interest rate is 6% instead of 5%. In this case, how much can Cross Country expect to receive from the sale of these bonds? Show
HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $4,000 down payment and signed a note that calls for 36 payments of $1,033.34 at the end of each month. The stated rate of interest
Hung-Chao Yu Company issues a six-year, 8% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,825. What were the
Assume the same information as in BE3.22 except that the note calls for quarterly instalment payments of $1,000. Before repeating the calculation, try to predict the outcome of the calculation and
Assume the same information as in BE3.24 except that the payments are made monthly, at the end of each month, instead of annually. What would be the monthly payments? Show calculations using (a)
Assume the same information as in BE3.24, except that you can afford to make annual payments of only $6,000. If you decide to trade in your current car to help reduce the amount of financing

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