Questions from Intermediate Accounting

Q: As at December 31, 2020, Bajac Inc. has the

As at December 31, 2020, Bajac Inc. has the following balances: cash in bank, $108,000; investment in preferred shares (retractable, purchased by Bajac within 90 days of maturity date), $120,000; inve...

Q: Access the financial statements of Thomson Reuters Corporation for its year ended

Access the financial statements of Thomson Reuters Corporation for its year ended December 31, 2017 from the company's website at www.thomsonreuters.ca. The company's annual report states, in its busi...

Q: Lessee Corp. agreed to lease property from Lessor Corp. effective

Lessee Corp. agreed to lease property from Lessor Corp. effective January 1, 2020, for an annual payment of $30,877, beginning January 1, 2020. The property is made up of land with a fair value of $12...

Q: Use the information provided in BE20.22 about Lessee Corp.

Use the information provided in BE20.22 about Lessee Corp. Assume that title to the property will not be transferred to Lessee by the end of the lease term and that there is also no bargain purchase o...

Q: Using the information from BE18.3, prepare Nilson's journal entry

Using the information from BE18.3, prepare Nilson's journal entry to record 2020 income tax. Assume a tax rate of 25% and that Nilson uses the taxes payable method of accounting for income taxes under...

Q: Sports International had total debt of $500,000 and $

Sports International had total debt of $500,000 and $750,000 as at December 31, 2020, and December 31, 2019, respectively, of which $100,000 and $150,000 was current. In addition, the company had tota...

Q: Lagace Ltd. entered into a lease on June 1, 2020

Lagace Ltd. entered into a lease on June 1, 2020. The lease term is six years and requires annual rental payments of $30,000 at the beginning of each year. Lagace’s incremental borrowing rate is 8% an...

Q: Maleki Enterprises Ltd. follows ASPE and states in its financial statement

Maleki Enterprises Ltd. follows ASPE and states in its financial statement notes: “The company and its subsidiaries have long-term leases expiring on various dates after December 31, 2020. Amounts pay...

Q: Mullins Corp. reported the following items on its June 30,

Mullins Corp. reported the following items on its June 30, 2020 trial balance and on its comparative trial balance one year earlier: Determine the June 30, 2020 cash and cash equivalents amount for t...

Q: Maddox Corporation had the following activities in 2020. 1.

Maddox Corporation had the following activities in 2020. 1. Sold land for $180,000. 2. Purchased an FV-NI investment in common shares for $15,000. 3. Purchased inventory for $845,000 with cash. 4....