Questions from Intermediate Accounting

Q: Refer to the information for Upland Limited in BE13-4.

Refer to the information for Upland Limited in BE13-4. Assume that Upland uses reversing entries. Prepare the 2018 journal entry(ies) for Upland. Data from BE13-4: Upland Limited borrowed $40,000 on...

Q: Takemoto Inc. borrowed $60,000 on November 1,

Takemoto Inc. borrowed $60,000 on November 1, 2017 by signing a $61,350, three-month, zero-interest-bearing note. (a) Using a financial calculator or Excel, calculate the effective interest charged on...

Q: Cartwright Springs Brewery Ltd. (CSB) operates a microbrewery and

Cartwright Springs Brewery Ltd. (CSB) operates a microbrewery and sells beer directly to customers, bars, and restaurants. CSB uses one-liter blue glass refillable bottles featuring a swing-top cerami...

Q: DeGroot Limited conducts all of its business in a province with HST

DeGroot Limited conducts all of its business in a province with HST of 13%. Prepare the summary journal entry to record DeGroot’s sales for the month of July, during which customers purchased $37,500...

Q: Refer to the financial statements of Brookfield Asset Management Inc. for

Refer to the financial statements of Brookfield Asset Management Inc. for its year ended December 31, 2014, which are reproduced at the end of Volume 2 of this text, and for its year ended December 31...

Q: Refer to the information for DeGroot Limited in BE13-8.

Refer to the information for DeGroot Limited in BE13-8. Assume that the amounts include tax. Prepare the entries for DeGroot. Round amounts to the nearest cent. Data from BE13-8: DeGroot Limited con...

Q: Lamanna Laundry Ltd. is a full-service laundry provider,

Lamanna Laundry Ltd. is a full-service laundry provider, focusing on high-end clientele. Lamanna Laundry has recently invested in new technology to improve efficiency. In order to finance the new tech...

Q: Watson Corporation issued $500,000 of 8%, 10-

Watson Corporation issued $500,000 of 8%, 10-year bonds on January 1, 2017 at face value. The bonds require annual interest payments each December 31. Costs associated with the bond issuance were $25,...

Q: Griseta Limited sponsors a defined benefit pension plan for its employees,

Griseta Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the operation of the plan for the year 2017: 1. The actuarial...

Q: Grenier Limited issued $300,000 of 10% bonds on

Grenier Limited issued $300,000 of 10% bonds on January 1, 2017. The bonds are due on January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Grenier uses...