Questions from Intermediate Accounting

Q: Dencil Corporation had 600,000 common shares outstanding on January 1

Dencil Corporation had 600,000 common shares outstanding on January 1, 2017. On March 1, 2017, Dencil issued 150,000 shares. On September 1, Dencil repurchased and cancelled 50,000 shares. Calculate D...

Q: Laurin Limited had 42,000 common shares outstanding on January 1

Laurin Limited had 42,000 common shares outstanding on January 1, 2017. On March 1, 2017, Laurin issued 20,000 shares in exchange for equipment. On July 1, Laurin repurchased and cancelled 10,000 shar...

Q: Assume the same information as in BE17-6 except that on

Assume the same information as in BE17-6 except that on October 1, 2017, Laurin declared a 3-for-1 stock split instead of a 10% stock dividend. Data from BE17-6: Laurin Limited had 42,000 common sha...

Q: Assume the same information as in BE17-6 except that on

Assume the same information as in BE17-6 except that on October 1, 2017, Laurin declared a 1-for-2 reverse stock split instead of a 10% stock dividend. Data from BE17-6: Laurin Limited had 42,000 co...

Q: Bantec Corporation had 500,000 common shares outstanding on January 1

Bantec Corporation had 500,000 common shares outstanding on January 1, 2017. On May 1, Bantec issued 50,000 shares. (a) Calculate the weighted average number of shares outstanding for the year ended D...

Q: Faber Corporation is a young start-up technology company with steadily

Faber Corporation is a young start-up technology company with steadily increasing sales in its first six months of operations. Faber’s head office is located in a country in Eastern Europe, where the...

Q: At December 31, 2017, Camille Corporation had an estimated warranty

At December 31, 2017, Camille Corporation had an estimated warranty liability of $256,000 for accounting purposes and $0 for tax purposes. (The warranty costs are not deductible until they are paid.)...

Q: Obtain the financial statements of the Canadian National Railway Company for its

Obtain the financial statements of the Canadian National Railway Company for its year ended December 31, 2014 from SEDAR (sedar.com) or the company’s website. Instructions: Review the information co...

Q: At December 31, 2016, Chai Inc. had a deferred

At December 31, 2016, Chai Inc. had a deferred tax asset of $40,000. At December 31, 2017, the deferred tax asset is $62,000. The corporation’s 2017 current tax expense is $70,000. What amount should...

Q: At December 31, 2016, Ambuir Corporation had a deferred tax

At December 31, 2016, Ambuir Corporation had a deferred tax liability of $35,000. At December 31, 2017, the deferred tax liability is $52,000. The corporation’s 2017 current tax expense is $53,000. Wh...