Questions from Intermediate Accounting


Q: Munro Limited reports the following information in its tax fi les covering

Munro Limited reports the following information in its tax fi les covering the five-year period from 2015 to 2019. All assets are Class 10 with a 30% maximum CCA, and no capital assets had been acquir...

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Q: Kitchigami Limited was attracted to the Town of Mornington by the town’s

Kitchigami Limited was attracted to the Town of Mornington by the town’s municipal industry commission. Mornington donated a plant site to Kitchigami, and the provincial government provided $180,000 t...

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Q: Mona Kamaka, CPA, was retained by Downtown TV Repair Ltd

Mona Kamaka, CPA, was retained by Downtown TV Repair Ltd. to prepare financial statements for the month of March 2017. Mona accumulated all the ledger balances from the business records and found the...

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Q: Samuels Corp. began operations on January 1, 2017. Its

Samuels Corp. began operations on January 1, 2017. Its fiscal year end is December 31. Samuels has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited t...

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Q: The following transactions fall somewhere in continuum of choices in accounting decision

The following transactions fall somewhere in continuum of choices in accounting decision-making. 1. The company president approaches one of the company’s creditors to ask for a modification of the rep...

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Q: Instructions: From the SEDAR website (www.sedar.

Instructions: From the SEDAR website (www.sedar.com) choose one company from each of four different industry classifications. Choose from a variety of industries, such as real estate (e.g., Crombie Re...

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Q: Gomi Medical Labs Inc. began operations five years ago producing a

Gomi Medical Labs Inc. began operations five years ago producing a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for the new instrument was much higher than h...

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Q: Below are the completed financial statement columns of the work sheet for

Below are the completed financial statement columns of the work sheet for Canned Heat Limited: Instructions: (a) Prepare a statement of comprehensive income, statement of changes in equity, and stat...

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Q: The trial balance of Slum Dog Fashion Centre Inc. contained the

The trial balance of Slum Dog Fashion Centre Inc. contained the following accounts at November 30, the company’s fiscal year end: Adjustment data: 1. Store supplies on hand totalle...

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Q: Mason Advertising Agency Inc. was founded in January 2013. Presented

Mason Advertising Agency Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances as at December 31, 2017. Instructions: (a) Journalize the annual adjusting entri...

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