Questions from Intermediate Accounting

Q: Selected account information follows for Richmond Inc. as at December 31

Selected account information follows for Richmond Inc. as at December 31, 2014. All the accounts have debit balances. Instructions Identify which items should be classified as intangible assets. For t...

Q: Berrie Inc. has the following amounts included in its general ledger

Berrie Inc. has the following amounts included in its general ledger at December 31, 2014: Organization costs ………………………………………………………………….…………….. $34,000 Purchased trademark ………………………………………………………….……..…...

Q: Selected information follows for Mount Olympus Corporation for three independent situations:

Selected information follows for Mount Olympus Corporation for three independent situations: 1. Mount Olympus purchased a patent from Bakhshi Co. for $1.8 million on January 1, 2012. The patent expir...

Q: Machinery purchased for $56,000 by Wong Corp. on

Machinery purchased for $56,000 by Wong Corp. on January 1, 2009, was originally estimated to have an eight-year useful life with a residual value of $4,000. Depreciation has been entered for five yea...

Q: As the recently appointed auditor for Daleara Corporation, you have been

As the recently appointed auditor for Daleara Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2014, are prepared. The controller for...

Q: Instructions Go to the SEDAR website (www.sedar.

Instructions Go to the SEDAR website (www.sedar.com) and choose two companies from each of four different industry classifications. Choose from a variety of industries such as real estate and construc...

Q: Tsui Corporation owns corporate bonds at December 31, 2014, accounted

Tsui Corporation owns corporate bonds at December 31, 2014, accounted for using the amortized cost model. These bonds have a par value of $800,000 and an amortized cost of $788,000. After an impairmen...

Q: Institute Limited organized late in 2013 and set up a single account

Institute Limited organized late in 2013 and set up a single account for all intangible assets. The following summary shows the entries in 2014 (all debits) that have been recorded in intangible Asset...

Q: During 2012, Medicine Hat Tools Ltd., a Canadian public company

During 2012, Medicine Hat Tools Ltd., a Canadian public company, purchased a building site for its product development laboratory at a cost of $61,000. Construction of the building was started in 2012...

Q: In 2013, Aquaculture Incorporated applied for several commercial fishing licences for

In 2013, Aquaculture Incorporated applied for several commercial fishing licences for its commercial fishing vessels. The application was successful and on January 2, 2014, Aquaculture was granted 22...