Questions from Intermediate Accounting

Q: Smythe Corporation sells televisions at an average price of $850 and

Smythe Corporation sells televisions at an average price of $850 and they come with a standard one-year warranty. Smythe also offers each customer a separate three-year extended warranty contract for...

Q: Renew Energy Ltd. (REL) manufactures and sells directly to

Renew Energy Ltd. (REL) manufactures and sells directly to customers a special long-lasting rechargeable battery for use in digital electronic equipment. Each battery sold comes with a guarantee that...

Q: To increase the sales of its Sugar Kids breakfast cereal, KW

To increase the sales of its Sugar Kids breakfast cereal, KW Foods Limited (KW) places one coupon in each cereal box. Five coupons are redeemable for a premium consisting of a child’s hand puppet. In...

Q: The Hwang Candy Corporation (HCC) offers a mini piggy bank

The Hwang Candy Corporation (HCC) offers a mini piggy bank as a premium for every fi ve chocolate bar wrappers that customers send in along with $2.00. The chocolate bars are sold by HCC to distributo...

Q: Instructions: Access the financial statements for Loblaw Companies Limited for

Instructions: Access the financial statements for Loblaw Companies Limited for the year ended January 3, 2015 and Empire Company Limited for the year ended May 2, 2015, through SEDAR (www.sedar. com)...

Q: Mullen Music Limited (MML) carries a wide variety of musical

Mullen Music Limited (MML) carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. MML uses two sales promotion techniques—warranties and premiums...

Q: Dungannon Enterprises Ltd. sells a specialty part that is used in

Dungannon Enterprises Ltd. sells a specialty part that is used in widescreen televisions and provides the ultimate in screen clarity. To promote sales of its product, Dungannon launched a program with...

Q: D’Eon Corporation reports the following January 1, 2017 balances for its

D’Eon Corporation reports the following January 1, 2017 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obliga...

Q: The following information is available for HTM Corporation’s defined benefit pension plan

The following information is available for HTM Corporation’s defined benefit pension plan: On January 1, 2017, HTM Corp. amended its pension plan, resulting in past service costs w...

Q: You are the controller of a newly established technology firm that is

You are the controller of a newly established technology firm that is offering a new pension plan to its employees. The plan was established on January 1, 2017, with an initial contribution by the emp...