Questions from Intermediate Accounting

Q: Franklin Drug Ltd. (FDL) is a global public company

Franklin Drug Ltd. (FDL) is a global public company that researches, develops, markets, and sells prescription drugs. Revenues and net income are down this year, partly because one of the company’s co...

Q: The ethical accountant for Khouri Industries, is trying to decide how

The ethical accountant for Khouri Industries, is trying to decide how to present property, plant, and equipment in the notes to the balance sheet. She realizes that the statement of cash flows will sh...

Q: The Big and Rich Corporation had income from operations before tax for

The Big and Rich Corporation had income from operations before tax for 2014 of57.3 million. In addition, it suffered an unusual and infrequent loss of $ 1,770,000 from a tornado. Of this amount, $500,...

Q: Brookfield Properties Corporation reported net income of $1,896 million

Brookfield Properties Corporation reported net income of $1,896 million for the year ended December 31, 2011, which is up 12.5% from the prior year. The company owns, develops, and manages North Ameri...

Q: In determining if a contingent liability should be recognized or not on

In determining if a contingent liability should be recognized or not on the balance sheet at the report date, management must decide if there is a present obligation or a contingent obligation or both...

Q: Write a brief essay highlighting the differences between IFRS and accounting standards

Write a brief essay highlighting the differences between IFRS and accounting standards for private enterprises noted in this chapter, discussing the conceptual justification for each.

Q: The partner in charge of the Spencer Corporation audit comes by desk

The partner in charge of the Spencer Corporation audit comes by desk and leaves a letter he has started to the CEO and a copy of cash flows for the year ended December 31, 2014. Because he must leave...

Q: The financial statements for Maple Leaf Foods Inc. may be found

The financial statements for Maple Leaf Foods Inc. may be found on the company's website or at www.sedar.com. Instructions (a) Calculate the liquidity and coverage (solvency) ratios identified in App...

Q: Obtain the 2001 and 2011 annual reports for Goldcorp Inc. (

Obtain the 2001 and 2011 annual reports for Goldcorp Inc. (from SEDAR www.sedar.com). Read the material leading up to the financial statements and answer the following questions: (a) Explain how the c...

Q: Several statement of financial position accounts of Greenspoon Inc. follow:

Several statement of financial position accounts of Greenspoon Inc. follow: 1. FV-OCI Investments 2. Common Shares 3. Dividends Payable 4. Accumulated Depreciation- Equipment 5. Construction in Pr...