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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Refer to the 2013 financial statements for Canadian Tire Corporation in Appendix D.Required:a. Which measurement basis does the company use for its PPE (cost or revaluation)? Where in the annual
Obtain the 2013 financial statements for Thomson Reuters Corporation either from the company’s website or from SEDAR (www.sedar.com).Required:a. What are the major categories of PPE that the
Pebble Pasta Corporation (PPC) recently decided to add a new line of sauces to its product mix. To do so, it had to acquire new equipment for a new assembly line. The following costs were incurred in
Quitzau Fishing Corp. (QFC) received a parcel of undeveloped land from another company in exchange for $45,000 cash and a second-hand forklift used in production. The fair values of the forklift and
Lela Corp. purchased land and buildings in 2015 for $4,000,000. $1.4 million of the purchase price was allocated to land, the balance to buildings. At the time of purchase it was estimated that the
Josh Inc. paid $2,400,000 cash for equipment on May 8, 2015, and immediately brought it into use. At the time of purchase it was estimated that the equipment would produce 4,000,000 casings over its
Taya Ltd. purchased equipment in February 2016 for $200,000. At the time of purchase it was estimated that the equipment would have a useful life of four years with no residual value. In September
Below are two cases related to the depreciation of plant and equipment. In both cases the company has a December 31 year-end.Case A: A machine was acquired on January 1, 2017, for $4,000,000. At that
Fresh Juice Company installed a new juice press for $1,000,000. The company expects to use the press for 10 years, after which it can be sold for proceeds of $200,000. Management believes that the
Golden Bakery acquires a delivery truck for $60,000 and anticipates using it for eight years, at which time it will have logged 500,000 kilometres. Currently, market conditions suggest that a used
In January 2016, JN Norman Inc. (JNN) purchased and installed production equipment. It was first available for use on March 1, 2016. JNN has a December 31 year-end and accounts for partial years
At December 31, 2017, the following data were available for a building owned by NU Company:Building cost ........................................................................................
At the beginning of the year, RU Company purchased a machine that cost $200,000. It has an estimated four-year life and a residual value of $20,000. The machine is expected to be used for a total of
On April 1, 2018, STV Company acquired $30,000 of furniture. The furniture is expected to last 10 years with no residual value. STV uses the double-declining-balance method and fractional year
Van Deerman Inc. acquired various assets from a business in financial distress. Details of the assets acquired and elated outlays follow:Asset category
Acorn Mines began developing an open pit copper and zinc mine in northern Ontario in April of 2014. As part of the regulatory approvals to develop and to extract minerals from the site, the company
Abacus Energy drilled a natural gas well in northern Alberta and began producing from the well immediately. The company’s geological engineers estimate that the well will be productive for 10
Eeyore Toys made significant renovations to one of its retail stores. Total costs of the renovation were $800,000 completed over six months ending October 31, 2014. The company financed the
Dolan Enterprises constructed a new warehouse for its distribution facility. The construction period began on May 1, 2014, and continued until October 31, 2015. Dolan began operating the warehouse on
MINID Property Corp. (MINID) is a publicly held real estate company in Canada, specializing in retail real estate property. The company took advantage of the economic downturn and purchased several
Joliet Co. Ltd. was incorporated on January 2, 2018, but was unable to begin manufacturing immediately. The new factory facilities became available for use on July 1, 2018.During the start-up period,
Dunstan Electric Inc. is a private company specializing in the sale of high-end home appliances and consumer electronics with over 40 stores across Canada. Dunstan Electric is known for its
Bedrock Quarries Ltd. (Bedrock), wholly owned by Betty Rubble, has operated a sand and gravel pit since 1992. During that time, its revenues have increased moderately. On March 15, 2015, after almost
On January 1, 2013, Bamfield Company purchased bonds with a maturity value of $10,000 for $9,147. These bonds have a 4% per year coupon rate payable semi-annually on June 30 and December 31. The bond
Refer to the facts in problem P7-36.Data from 7-36.Armstrong Corp. purchased a bond with a maturity value of $10,000 payable in five years. These bonds have a 6% coupon rate payable annually.
During 2016, Heather Ltd. purchased 6,000 shares of Oaktree Corp. for $31 per share ($186,000 total). Heather held these shares until September 2018, when it old them for $36 per share. During these
Refer to the facts presented in problem P7-30.Data from P7-30Laurel Ltd. has a December 31 fiscal year-end. During 2017, the company purchased 15,000 shares of Pinegreen Company for $4.40 per share
Laurel Ltd. has a December 31 fiscal year-end. During 2017, the company purchased 15,000 shares of Pinegreen Company for $4.40 per share ($66,000 total), and sold these shares in 2020 for $5.60 per
Refer to the facts in problem P7-21.Data from P7-21On January 1, 2016, Ganges Marine Supplies purchased a Government of Canada bond at par for $5,000. The bond has an interest rate of 4% and matures
On January 1, 2016, Ganges Marine Supplies purchased a Government of Canada bond at par for $5,000. The bond has an interest rate of 4% and matures in three years. By December 31, 2016, market
Refer to the facts presented in problem P7-19.Data from P7-19On January 25, 2017, Douglas Ltd. purchased 1,000 common shares of BMO (Bank of Montreal) for $65 each. During the remainder of 2017,
On January 25, 2017, Douglas Ltd. purchased 1,000 common shares of BMO (Bank of Montreal) for $65 each. During the remainder of 2017, Douglas received $2.80/share in dividends and BMO’s earnings
On January 1, 2017, Sunshine Ltd. acquired 30% of the outstanding ordinary shares of Moonbeam Inc. for $270,000 and now has significant influence over the investee. The fair value of
On January 1, 2016, Arch Ltd. purchased 30% of the common shares of AP Inc. for $1,700,000. In 2016, AP reported net income of $880,000 and paid dividends of $600,000.Required:a. Which of the
Refer to the facts set out in P7-13 above and consider the following additional information:a. On July 1, 2018, ICI received a $43,750 interest payment on the Zoe Corp. bonds. The next interest
On January 1, 2018, Investor’s Club Inc. (ICI) made a number of non-strategic investments detailed below:a. The company acquired 100,000 ordinary shares in Norman Inc. for $5 cash per share plus a
Consider the eight investments listed in problem P7-9.Data from P7-9.Consider the following eight investments.a. Investment in 500 shares of Bank of Montreal: Management believes the shares are
Consider the following eight investments.a. Investment in 500 shares of Bank of Montreal: Management believes the shares are currently underpriced.b. Investment in bonds maturing in two years:
Consider the six investments listed in the problem P7-7.Data from P7-7.Consider the following six investments:a. Atlantic Company buys 5,000 common shares of a publicly traded company that has 200
Consider the following six investments:a. Atlantic Company buys 5,000 common shares of a publicly traded company that has 200 million shares outstanding.b. Beetleweed buys $20,000 in bonds maturing
For each of the following financial asset classifications shown in the left column, identify the combinations of (i) the type of financial instrument in the middle column that can be put into that
Luca Merchandising Inc. (LMI) is a privately held import and export company located in Montreal considering going public in the next fiscal year. The company decided to purchase shares in two
Obtain the 2013 financial statements for Teck Resources Limited from the company’s website or from SEDAR (www.sedar.com).Required:a. How much in inventory did the company have at the end of 2013?
Obtain the 2013 annual report for Bombardier Inc. from the company’s website or from SEDAR (www.sedar.com).Required:a. How much in inventories did the company have at the end of 2013? What three
Obtain the 2011 annual report for Canadian Tire Corporation from the company’s website or from SEDAR (www.sedar.com).Required:a. Which types of inventories does the company have (raw materials,
Oculus is a proprietorship that produces a specialized type of round window. It is after the fiscal year-end for 2019, and the owner has drafted the financial statements for the business for
In early 2019, Darwin’s Pet Shop discovered that some of its inventory of dogs were not what the supplier purported them to be. More than 300 puppies that were supposed to be purebred (and
Comfy Feet manufactures slippers. In 2017, the company hired a new bookkeeper who did not have appropriate training. The bookkeeper charged to “production expense” all of the following costs for
A manufacturer produces two products: Grimmets and Hokeys. Information on these products along with their raw material inputs and costs incurred to convert the raw materials into finished products
Refer to the facts in Problem 6-29.Data from 6-29.Assume that GFF uses a perpetual inventory system and the weighted-average cost flow assumption to account for its inventory. All purchases were made
GFF€™s inventory records included the following information regarding one of its product lines for the month of August 2018:Required:Calculate the dollar amount of ending inventory and cost
Holden Inc. sells one major product. Purchase prices have been rising steadily for this product for several years. Which of the following inventory costing methods would tend to provide the lowest
Ferro Ltd. began operations on January 1, 2018. Merchandise purchases and four alternative methods of valuing inventory for the first two years of operations are summarized below:Required:a. Which of
Refer to the information in problem 6-22. Assume that the company uses a periodic inventory system and counts inventory at the end of each month.Data from 6-22.Required:Using the LIFO cost method
Refer to the information in problem P6-22. Assume that the company uses a periodic inventory system and counts inventory at the end of each month.Data from P6-22.Required:Using the weighted-average
Consider the following inventory information:Required:Using the first-in, first-out (FIFO) method, compute the amount of cost of goods sold for the quarter ending March 31 and the cost of inventory
Formula Fabricating Inc. (FFI) is a publicly reportable enterprise. At the beginning of the year, FFI did not have in inventory any completed units or work in progress. However, it did have $20,000
One of Zoe Inc.€™s suppliers was going out of business. Zoe agreed to purchase the supplier€™s remaining inventory stored in the spa manufacture€™s warehouse for $1.7
James Television Inc. (JTI) is a privately owned television wholesaler located in Yellowknife that specializes in selling high-end Japanese televisions to retailers. It has been in business for 10
Mountain Mines Lubrication Ltd. (MML) supplies lubricant to mining operations in northern British Columbia and the Northwest Territories. MML commenced operations four years ago and is based in
Refer to the facts in problem P7-38.Data from P7-38On January 1, 2013, Bamfield Company purchased bonds with a maturity value of $10,000 for $9,147. These bonds have a 4% per year coupon rate payable
On January 1, 2018, Dudas Inc. paid $917,783 plus a $5,000 transaction fee to acquire $1,000,000 in bonds that mature in 10 years. The bonds pay interest annually at 4.0% per annum on December 31.
Barb Lee Inc. (BLI) is about to reconcile its bank statement for the month of May 2018. Pertinent information follows:Bank statement balance $11,003.74.General ledger balance $8,284.07.BLI mailed a
Refer to the information in the previous problem (P4-31). Complete the question assuming that Hornby Construction Company uses ASPE and applies the completed contract method. 2011 2012 2013 Cost
There are a variety of rankings for educational institutions and programs around the world. Among them are university rankings by Times Higher Education (www.timeshighereducation.co.uk) and Academic
For each concept in the following table, identify whether the concept relates to (i) representational faithfulness, (ii) recognition, or (iii) measurement. Representational faithfulness
Explain why signalling needs to be costly to be credible. When would a company need to engage in such signalling?
Refer to the annual report for Canadian Tire Corporation for the fiscal year ended December 31, 2013, in Appendix D.Required:a. How much did the company have in cash and cash equivalents at the end
Obtain the annual report for Air Canada for the fiscal year ended December 31, 2013, either through the company’s website or through SEDAR (www.sedar.com).Required:a. How much did the company have
Obtain the annual report for Encana Corporation for the fiscal year ended December 31, 2013, either through the company’s website or through SEDAR (www.sedar.com).Required:a. How much cash did the
On January 1, 2018, Hicks Corp. sold inventory costing $32,000 and received $6,000 cash and a $40,000 promissory note. The five-year note was repayable at $8,734 per annum including interest at 3%.
Evans Shielding Products (ESP) uses the aging method for its accounts receivable. On January 1, 2017, the balance in the allowance for doubtful accounts was $20,000. For the year ended December 31,
Wahlberg Design Partners (WDP) uses the aging method for its accounts receivable. On January 1, the balance in the allowance for doubtful accounts was $25,000. For the year, WDP made $2,560,000 of
Verdant Vines specializes in cultivating rootstock for grape vines. The company sells to both vineyards and consumers. At the beginning of the year, the company had $120,000 in accounts receivable
Upsidedown Cake Company produces dessert products for sale in grocery stores, but it also has a retail location. At the end of 2018, the company had $349,000 in accounts receivable before netting
At the end of the 2018 fiscal year, Reversiflex Filing Company reported net accounts receivable of $755,000 and allowance for doubtful accounts of $15,000. At the following year-end, the
Stanger Corp.€™s December 31, 2018, year-end unadjusted trial balance showed the following amounts:Stanger Corp. estimates the following percentages of accounts receivable will not be
Grayson Co. (GC) uses the percentage of sales method for estimating bad debts for monthly reporting purposes. On January 1, 2017, the allowance for doubtful accounts balance was $5,000 Cr. GC had
The opening vignette in this chapter mentions the significant amount of cash held onsite at casinos. Relating to this cash, it is commonly asserted that video cameras are the most basic level of
Chris Hacker Ltd. (CHL) is about to reconcile its bank statement for the month of September 2018. Pertinent information follows:Bank statement balance $6,627.87General ledger balance $5,685.45.The
Barkwood Winery (BW) is a small winery located in the Niagara region of Ontario. The winery used to be closed to the public as the wines were solely for distribution to wholesalers. Recently, its
Guaranteed investment certificates (GICs) have a definite value upon maturity, and the principal amount is guaranteed by the Government of Canada (through the Canadian Deposit Insurance Corporation).
Shares of large publicly traded companies can be readily sold and converted into cash. Explain why the value of such shares cannot be included in cash and cash equivalents.
Identify the two criteria for classifying an investment as a cash equivalent.
The CPA Canada Handbook is available to most post-secondary students through their educational institution’s subscription. Visit http://edu.knotia.ca to complete this exercise. (You may need to
The following is a partial trial balance for Pluto, a public company, for the year ended December 31, 2017. Each item has its normal debit or credit balance, but the total does not equal to zero as
The following is a partial list of accounts and their balances for Davidson Company as at December 31, 2016:Net income for the year was $838,000 and the company declared $400,000 in dividends during
The following is a pre-closing trial balance for Kalico Kats, as at December 31, 2018:During the year, the company declared and paid $500,000 of dividends and issued shares for proceeds of
The following is a partial list of the accounts for Boot Company for the year ended December 31, 2017, in alphabetical order:Dr.(Cr.)Common shares
The following is a pre-closing trial balance for Axo Inc., a manufacturer of metal tubing, as at December 31, 2016:During the year, the company declared and paid dividends of $300,000, and issued
During the audit of Keats Island Brewery for the fiscal year ended June 30, 2016, the auditors identified the following issues:a. The company sells beer for $1 per bottle, plus $0.10 deposit on each
Below are several events that occur after the December 31, 2018, year-end but before the completion of the audit for Fundy Capital Inc. (Fundy). All amounts are considered to be material.a. Fundy
You and your team of auditors are examining the financial statements of Capilano Water Company (CWC) for the fiscal year ended June 30, 2016. It is October 11, 2016. During the audit, you identified
The date is February 26, 2018, and you are in the process of making adjusting entries for Bellevue Company for the year ended December 31, 2017. In your analysis of accounts receivable and bad
Wicon Waste Facilities Inc. (WWF) is a large, diversified Canadian company with several subsidiaries operating mainly in the waste management and disposal industry. WWF was incorporated in 1975 and
On February 4, 2002, the stock of Tyco International Ltd. (Tyco) plunged 10.4% as investors reacted to a report in The Wall Street Journal (WSJ) that questioned its disclosure practices. The WSJ
Maple Leaf Foods (MLF) is a Canadian manufacturer of meat and baked products that is listed on the Toronto Stock Exchange. On the morning of July 27, 2007, the company issued a press release with its
a. What type of information asymmetry is present in this case and how could BHIC decrease its effects?b. Assuming a semi-strong form efficient market, why do you believe the share price fell on the
Based on your understanding of adverse selection, explain why it is not correct to assume that companies’ management will generally withhold information from investors.
Explain how the separation of ownership and management creates moral hazard, and how accounting information helps to alleviate this moral hazard.

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