Questions from Intermediate Accounting

Q: Access the audited annual financial statements of Rogers Sugar Inc. for

Access the audited annual financial statements of Rogers Sugar Inc. for the year ended September 30, 2017, from SEDAR (www.sedar.com) or the company's website. Instructions a. Identify the component...

Q: Two independent situations follow. 1. On January 1,

Two independent situations follow. 1. On January 1, 2020, Spartan Inc. bought land that had an assessed value of $390,000 at the time of purchase. A $600,000, non–interest-bearing note due on January...

Q: Desrocher Ltd. issued an instalment note on January 1, 2020

Desrocher Ltd. issued an instalment note on January 1, 2020 (with a required yield of 9%) in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent had listed the land on...

Q: Yang Inc. was organized on January 1, 2020. It

Yang Inc. was organized on January 1, 2020. It is authorized to issue an unlimited number of common shares and 100,000 preferred shares with a $4 dividend. The following share transactions were comple...

Q: Falkon Corp. reported the following amounts in the shareholders' equity section

Falkon Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: During 2020, the company had the following transactions that affect shareholders' equity....

Q: Miss M's Dance Studios Ltd. is a public company, and

Miss M's Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 50,000 pre...

Q: On January 1, 2020, Copeland Ltd. (a public

On January 1, 2020, Copeland Ltd. (a public company) had the following shareholders' equity accounts: The following selected transactions occurred during 2020: Instructions a. Prepare journal entr...

Q: Radford Corporation's charter authorized 1 million $11 par value common shares

Radford Corporation's charter authorized 1 million $11 par value common shares, and 300,000 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation ma...

Q: On June 30, 2020, Mosca Limited issued $4 million

On June 30, 2020, Mosca Limited issued $4 million of 20-year, 13% bonds for $4,300,920, which provides a yield of 12%. The company uses the effective interest method to amortize any bond premium or di...

Q: Brubacher Corporation's post-closing trial balance at December 31, 2020

Brubacher Corporation's post-closing trial balance at December 31, 2020, was as follows: At December 31, 2020, Brubacher had the following numbers for its common and preferred shares: The dividends...