Questions from Intermediate Accounting

Q: Instructions From SEDAR (www.sedar.com), or

Instructions From SEDAR (www.sedar.com), or the company websites, access the financial statements of Loblaw Companies Limited for its year ended December 31, 2011, and of Empire Company Limited for it...

Q: Canali Corporation uses a perpetual inventory system. On November 19,

Canali Corporation uses a perpetual inventory system. On November 19, the company sold 600 units. The following additional information is available: Calculate the November 30 inventory and the Novembe...

Q: Antimatter Corporation has the following four items in its ending inventory:

Antimatter Corporation has the following four items in its ending inventory: (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory using the lower o...

Q: Bluebell Enterprises Ltd.'s records reported an inventory cost of $

Bluebell Enterprises Ltd.'s records reported an inventory cost of $55,600 and a net realizable value of $54,000 at December 31, 2012. At December 31, 2013, the records indicated a cost of $68,700 and...

Q: Beaver Corp., public company using IFRS, signed a long-

Beaver Corp., public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $2 million. At December 31, 2013, t...

Q: (a) Briefly explain the criteria that have to be met

(a) Briefly explain the criteria that have to be met for inventory to be recorded at an amount greater than cost. (b) Briefly explain the accounting for the following inventory items under ASPE: 1. Sh...

Q: Yoshi Corp. uses the gross method to record sales made on

Yoshi Corp. uses the gross method to record sales made on credit. On June 1, the company made sales of $45,000 with terms 1/15, n/45. On June 12, Yoshi received full payment for the June I sale. Prepa...

Q: Great Balls of Fire Inc.'s April 30 inventory was destroyed

Great Balls of Fire Inc.'s April 30 inventory was destroyed by an explosion of an underground oil tank. January 1 inventory was $310,000 and purchases for January through April totalled $780,000. Sale...

Q: The financial statements of Trifolium Corporation for fiscal 2012 to fiscal 2014

The financial statements of Trifolium Corporation for fiscal 2012 to fiscal 2014 are as follows (in thousands): Instructions (a) Calculate Trifolium's (1) Inventory turnover and (2) Average days to...

Q: Sunny Valley Limited produces wine. Certain vintage wines take more than

Sunny Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest capita...