Questions from Intermediate Accounting

Q: Oakridge Leasing Corporation signs an agreement on January 1, 2020,

Oakridge Leasing Corporation signs an agreement on January 1, 2020, to lease equipment to LeBlanc Limited. Oakridge and LeBlanc follow ASPE. The following information relates to the agreement. 1. The...

Q: Access the annual report, including the audited financial statements, of

Access the annual report, including the audited financial statements, of Thomson Reuters Corporation for the year ended December 31, 2017, from SEDAR (www.sedar.com) or from the company's website (www...

Q: Access the annual report of Canadian Tire Corporation for its year ended

Access the annual report of Canadian Tire Corporation for its year ended December 31, 2017, from the company's website or SEDAR (www.sedar.com). According to Note 1 to the financial statements, the co...

Q: Merrick Inc. follows IFRS and is adjusting and correcting its books

Merrick Inc. follows IFRS and is adjusting and correcting its books at the end of 2020. In reviewing its records, the following information has been compiled: 1. In 2020, the depreciation method on p...

Q: Linden Corporation started operations on January 1, 2012, and has

Linden Corporation started operations on January 1, 2012, and has used the FIFO cost formula since its inception. In 2021, it decides to switch to the weighted average cost formula. You are provided w...

Q: Golden Properties Corporation purchased a parcel of land in March 2019 for

Golden Properties Corporation purchased a parcel of land in March 2019 for $1 million with the intent to construct a building on the property in the near future. At the time of purchase, Golden applie...

Q: Malouin Corp.'s income statement for the year ended December 31

Malouin Corp.'s income statement for the year ended December 31, 2020, had the following condensed information: There were no purchases or sales of trading (FV-NI) investments during 2020. Malouin's...

Q: Corbeil Limited, a private company following ASPE, disposed of some

Corbeil Limited, a private company following ASPE, disposed of some assets during the fiscal year ended December 31, 2020. Based on the research done by the assistant controller, journal entries were...

Q: Since incorporation in 2018, Ning Construction Inc. has accounted for

Since incorporation in 2018, Ning Construction Inc. has accounted for its income from long-term construction contracts using the completed-contract method because this method is allowed by the Canada...

Q: Guas Inc., a major retailer of bicycles and accessories, operates

Guas Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative state...