Questions from Intermediate Accounting

Q: Greentree Properties Ltd. is a publicly listed company following IFRS.

Greentree Properties Ltd. is a publicly listed company following IFRS. Assume that on December 31, 2014, the carrying amount of land on the statement of financial position is $500,000. Management dete...

Q: Consider the following types of investments and explain whether they are debt

Consider the following types of investments and explain whether they are debt or equity instruments. Provide one or two reasons for each as to why a company might choose this investment. (a) 10,000 Cl...

Q: Riverbed Ltd. is a manufacturer of computer network equipment and has

Riverbed Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The wireless division is a cash-generating unit or asset group that has the following carrying amounts...

Q: Caley Inc. owns a building with a carrying amount of $

Caley Inc. owns a building with a carrying amount of $1.5 million, as of January 1, 2014. On that date, Caley's management determined that the buildings location is no longer suitable for the company'...

Q: Volumetrics Corporation owns machinery that cost $20,000 when purchased

Volumetrics Corporation owns machinery that cost $20,000 when purchased on January 1, 2013. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated depreciat...

Q: Beta Corp. invested in a three-year, $ 100

Beta Corp. invested in a three-year, $ 100 face value 8% bond, paying $95.03. At this price, the bond will yield a 10% return. Interest is payable annually. (a) Prepare a bond discount amortization ta...

Q: Jamoka Corporation is a public company that manufactures farm implements such as

Jamoka Corporation is a public company that manufactures farm implements such as tractors, combines, and wagons. Jamoka uses the revaluation model per IAS 16, and records asset revaluations using the...

Q: Use the information presented for Volumetrics Corporation in BEII-17,

Use the information presented for Volumetrics Corporation in BEII-17, but assume that the machinery is sold for $5,200 instead of $13,500. Prepare journal entries to In exercise Volumetrics Corporati...

Q: In its 2014 annual report, Winkler Limited reports beginning-of

In its 2014 annual report, Winkler Limited reports beginning-of-the-year total assets of $1,923 million, end of- the-year total assets of $2,487 million, total revenue of $2,687 million, and net incom...

Q: Fang Limited purchased an asset at a cost of $45,

Fang Limited purchased an asset at a cost of $45,000 on March 1, 2014. The asset has a useful life of seven years and an estimated residual value of $3,000. For tax purposes, the asset belongs in CCA...