Questions from Intermediate Accounting

Q: To increase sales, Bélanger Inc., a public company following IFRS

To increase sales, Bélanger Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $10 of purchases on a select group of...

Q: Moleski Limited, a private company following ASPE, includes one coupon

Moleski Limited, a private company following ASPE, includes one coupon in each box of soap powder that it produces, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Moleski pu...

Q: Three independent situations follow. Situation 1: Marquart Stamp Corporation

Three independent situations follow. Situation 1: Marquart Stamp Corporation records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. The stamp...

Q: St. Thomas Auto Repairs is preparing the financial statements for the

St. Thomas Auto Repairs is preparing the financial statements for the year ended November 30, 2020. As the accountant, you are looking over the information regarding short-term liabilities, and determ...

Q: Islim Limited manufactures faux fur coats of all types and sizes that

Islim Limited manufactures faux fur coats of all types and sizes that are sold to specialty stores throughout Canada. Sales to retailers provide for payment within 60 days of delivery and the retailer...

Q: Four independent situations follow. Situation 1: During 2020,

Four independent situations follow. Situation 1: During 2020, Sugarpost Inc. became involved in a tax dispute with the Canada Revenue Agency. Sugarpost's tax lawyers have told management that Sugarpo...

Q: Harold Limited's condensed financial statements provide the following information: /

Harold Limited's condensed financial statements provide the following information: Instructions a. Determine the following: 1. Current ratio at December 31, 2020 2. Acid-test ratio at December 31...

Q: Shaddick Corp., a public company following IFRS, began its 2020

Shaddick Corp., a public company following IFRS, began its 2020 fiscal year with a debit balance of $11,250 in its Income Tax Receivable account. During the year, Shaddick made quarterly income tax in...

Q: On December 31, 2020, Hornsby Corporation had $1.

On December 31, 2020, Hornsby Corporation had $1.2 million of short-term debt in the form of notes payable due on February 2, 2021. On January 21, 2021, in order to ensure that it had sufficient funds...

Q: Access the audited annual financial statements of Goldcorp Inc. for its

Access the audited annual financial statements of Goldcorp Inc. for its year ended December 31, 2017, from SEDAR (www.sedar.com) or the company's website. Instructions a. Describe the business that...