Questions from Intermediate Accounting

Q: Molson Coors Brewing Company has a December 31 year end. Access

Molson Coors Brewing Company has a December 31 year end. Access the company’s 2014 annual report from the company website (www.molsoncoors.com). Instructions: (a) What types of earnings per share in...

Q: Wellson Ltd. has current assets, including cash, accounts receivable

Wellson Ltd. has current assets, including cash, accounts receivable, and inventory, and current liabilities, including accounts payable and short-term notes payable. Wellson manages its working capit...

Q: Louise Inc. operates in Alberta, where it is subject to

Louise Inc. operates in Alberta, where it is subject to GST of 5%. In August, Louise purchased $29,400 of merchandise inventory, and had sales of $45,000 on account. Louise uses a periodic inventory s...

Q: Clausius Ltd. made four quarterly payments of $3,200

Clausius Ltd. made four quarterly payments of $3,200 each to the CRA during 2017 as instalment payments on its estimated 2017 corporate tax liability. At year end, Clausius’s controller completed the...

Q: Refer to the information about Clausius Ltd. in BE13-11

Refer to the information about Clausius Ltd. in BE13-11. Assume instead that the tax return indicated 2017 income tax of $10,200. (a) Prepare the adjusting year-end entry to recognize the 2017 income...

Q: At December 31, 2017, Parew Corporation has a long-

At December 31, 2017, Parew Corporation has a long-term debt of $700,000 owing to its bank. The existing debt agreement imposes several covenants related to Parew’s liquidity and solvency. At December...

Q: The following information is available for Huntley Corporation’s pension plan for the

The following information is available for Huntley Corporation’s pension plan for the year 2017: Plan assets, January 1, 2017………………………………………………………………………$400,000 Actual return on plan assets…………………………...

Q: Whirled Inc.’s weekly payroll of $23,000 included

Whirled Inc.’s weekly payroll of $23,000 included employee income taxes withheld of $3,426, CPP withheld of $990, EI withheld of $420, and health insurance premiums withheld of $250. Prepare the journ...

Q: Refer to the information for Whirled Inc. in BE13-15

Refer to the information for Whirled Inc. in BE13-15. Assume now that the employer is required to match every dollar of the CPP contributions of its employees and to contribute 1.4 times the EI withho...

Q: At December 31, 2017, 30 employees of Kasten Inc.

At December 31, 2017, 30 employees of Kasten Inc. have each earned one week of vacation time. The employees’ average salary is $1,000 per week. Prepare Kasten’s December 31, 2017 adjusting entry.