Questions from Intermediate Accounting

Q: Tobita Limited, which follows IFRS, has adopted the policy of

Tobita Limited, which follows IFRS, has adopted the policy of classifying interest paid as operating activities and dividends paid as financing activities. Condensed financial data for 2020 and 2019 f...

Q: Data for Malouin Corp. are presented in E22.12.

Data for Malouin Corp. are presented in E22.12. Instructions Prepare the operating activities section of the statement of cash flows using the indirect method. From E22.12: Malouin Corp.'s income...

Q: Huang Corp. uses the direct method to prepare its statement of

Huang Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. Huang's trial balances at December 31, 2020 and 2019, were as follows: Huang Corp. uses the direct method to...

Q: The following are transactions of Albert Sing, an interior design consultant

The following are transactions of Albert Sing, an interior design consultant, for the month of September 2020. At September 30, the following information is available. 1. The equipment has a useful...

Q: Shen Limited reported net income of $32,000 for its

Shen Limited reported net income of $32,000 for its latest year ended March 31, 2020. Instructions For each of the five different situations involving the SFP accounts that follow, calculate the ca...

Q: The following transactions took place during the year 2020 for Mia Inc

The following transactions took place during the year 2020 for Mia Inc. 1. Convertible bonds payable with a carrying amount of $300,000 along with conversion rights of $9,000 were exchanged for commo...

Q: Access the financial statements of Bombardier Inc. for the years ended

Access the financial statements of Bombardier Inc. for the years ended December 31, 2017 and 2016, from the company's website or SEDAR (www.sedar.com). Instructions Changes in non-cash working capi...

Q: The comparative SFP for Cosky Corporation follows: /

The comparative SFP for Cosky Corporation follows: Additional information: 1. Dividends of $15,000 were declared and paid in 2020. 2. There were no unrealized gains or losses on the FV-NI investmen...

Q: Rodriguez Corp. changed from the straight-line method of depreciation

Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double-declining-balance method in 2020 (before finalizing its 2020 financial st...

Q: Peter M. Dell Co. purchased equipment for $510,

Peter M. Dell Co. purchased equipment for $510,000, which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been entered for se...