Questions from Intermediate Accounting

Q: The financial statements for Quebecor Inc. and Thomson Reuters Corporation may

The financial statements for Quebecor Inc. and Thomson Reuters Corporation may be found on SEDAR (www.sedar.com) or the companies' websites. Instructions (a) 'What business is Quebecor Inc. in? Is Th...

Q: From the International Accounting Standards Board website (www.iasb.

From the International Accounting Standards Board website (www.iasb.co.uk), access the Discussion Paper: Preliminary Views on Financial Statement Presentation dated October 2008 (or if out in Exposure...

Q: The financial statements for Bombardier Inc. for the year ended December

The financial statements for Bombardier Inc. for the year ended December 31, 2011, can be found on the company’s; website or at www.sedar.com. Instructions (a) What form of presentation has the compa...

Q: Your Pal Postcard Company Limited report the following for 2014: sales

Your Pal Postcard Company Limited report the following for 2014: sales revenue $900,000; cost of sales $750,000; operating expenses $100,000; and unrealized gain on fair value-OCI investments $60,000....

Q: Global Corporation prepares financial statements in accordance with ASPE. At January

Global Corporation prepares financial statements in accordance with ASPE. At January I, 2014, the company had retained earnings of $529,000. In 2014, net income was $1,646,000, and cash dividends of $...

Q: Use the information in BE4-14 to prepare a statement of

Use the information in BE4-14 to prepare a statement of retained earnings for Global Corporation, assuming that in 2014, Global discovered that it had overstated 2011 depreciation by $25,000 (net of t...

Q: Turner Limited had 40,000 common shares on January I,

Turner Limited had 40,000 common shares on January I, 2014. On April I, 8,000 shares were repurchased. On August 31, 12,000 shares were issued. Calculate the number of shares outstanding at December 3...

Q: In 2014, I & T Corporation reported net income of $

In 2014, I & T Corporation reported net income of $1.6 million, and declared and paid preferred share dividends of $400,000. During 2014, I & T had a weighted average of 120,000 common shares outstand...

Q: In 2014, Renato Corp. had cash receipts from customers of

In 2014, Renato Corp. had cash receipts from customers of $ 152,000 and cash payments for operating expenses of $97,000. At January I, 2014, accounts receivable was $ 13,000 and total prepaid expenses...

Q: At December 31, 2014, Tres Hombres Corporation had the following shares

At December 31, 2014, Tres Hombres Corporation had the following shares outstanding: 10% cumulative preferred shares, 107,500 shares outstanding $10,750,000 Common shares, 4,000,000 shares outstandin...