Questions from Intermediate Accounting

Q: Eddie Zambrano Corporation, a private company, began operations on January

Eddie Zambrano Corporation, a private company, began operations on January 1, 2014. During its first three years of operations, Zambrano reported net income and declared dividends as follows: The fo...

Q: The statement of income of Kneale Transport Inc. for the year

The statement of income of Kneale Transport Inc. for the year ended December 31, 2017, reported the following condensed information: Kneale’s statement of financial position includ...

Q: The comparative statement of financial position of Dropafix Inc. as at

The comparative statement of financial position of Dropafix Inc. as at June 30, 2017, and a statement of comprehensive income for the 2017 fiscal year follow: DROPAFIX INC. Statement of Comprehensiv...

Q: The comparative statement of financial position of Sensify Corporation as at December

The comparative statement of financial position of Sensify Corporation as at December 31, 2017, follows: Net income of $37,000 was reported and dividends of $13,000 were declared and paid in 2017. N...

Q: Echo Corp., a retail propane gas distributor, has increased its

Echo Corp., a retail propane gas distributor, has increased its annual sales volume to a level that is three times greater than the annual sales of a dealer that it purchased in 2016 in order to begin...

Q: Rudolph Corp. is a subsidiary of Huntley Corp. and follows

Rudolph Corp. is a subsidiary of Huntley Corp. and follows IFRS. The ethical accountant, working as Rudolph’s controller, believes that the yearly charge for doubtful accounts for Rudolph should be 2%...

Q: Use the information in E5-18 for Sensify Corporation.

Use the information in E5-18 for Sensify Corporation. Instructions: (a) Calculate the current ratio and debt to total assets ratio as at December 31, 2016 and 2017. Calculate the free cash flow for D...

Q: Use the information in E5-14 for Carmichael Industries.

Use the information in E5-14 for Carmichael Industries. Instructions: (a) Calculate the current and acid test ratios for 2016 and 2017. (b) Calculate Carmichael’s current cash debt...

Q: Selected accounts for Winslow Inc. as at December 31, 2017

Selected accounts for Winslow Inc. as at December 31, 2017, are as follows: Instructions: Prepare closing entries for Winslow Inc. on December 31, 2017.

Q: Corporation during the current year. 1. Ordinary operating maintenance

Corporation during the current year. 1. Ordinary operating maintenance on equipment was recorded as follows: Equipment……………………………………………..2,500 Accounts Payable…………………………………….2,500 2. Trimm received...