Questions from Intermediate Accounting


Q: The 2014 financial statements (for its 53-week period ended

The 2014 financial statements (for its 53-week period ended January 3, 2015) and 10-year financial review of Canadian Tire Corporation, Limited can be found at www.sedar.com or on the company’s websit...

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Q: Use the same information for Audrey Inc. as in P17-

Use the same information for Audrey Inc. as in P17-3, but also assume the following. 1. On September 30, 200,000 convertible preferred shares were redeemed. If they had been converted, these shares wo...

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Q: Tseng Corporation Ltd. has the following capital structure at the following

Tseng Corporation Ltd. has the following capital structure at the following fiscal years ended December 31: The following additional information is available. 1. On July 31, 2017, Tseng Corporation...

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Q: Bryce Corporation is preparing the comparative financial statements for the annual report

Bryce Corporation is preparing the comparative financial statements for the annual report to its shareholders for the fiscal years ended May 31, 2017 and May 31, 2018. The income from operations was $...

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Q: Shari Patel of the controller’s office of Diamond Corporation was given the

Shari Patel of the controller’s office of Diamond Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ended December 31, 2017. Patel has ga...

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Q: Isabelle Leclerc is the controller at Camden Pharmaceutical Industries, a public

Isabelle Leclerc is the controller at Camden Pharmaceutical Industries, a public company. She is currently preparing the calculation for basic and diluted earnings per share and the related disclosure...

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Q: Gao Limited, a publicly traded company, uses IFRS and had

Gao Limited, a publicly traded company, uses IFRS and had the following events and transactions occur in its fiscal year ending October 31, 2017. Although no dates are given, the events described are...

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Q: Joy Cunningham Co. purchased a machine on January 1, 2014

Joy Cunningham Co. purchased a machine on January 1, 2014 for $550,000. At that time, it was estimated that the machine would have a 10-year life and no residual value. On December 31, 2017, the firm’...

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Q: An excerpt from the statement of financial position of Twilight Limited follows

An excerpt from the statement of financial position of Twilight Limited follows: 1. Options were granted/written in 2016 that give the holder the right to purchase 100,000 common shares at $8 per sh...

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Q: Anthony Ltd. began business on January 1, 2016. At

Anthony Ltd. began business on January 1, 2016. At December 31, 2016, it had a $4,500 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired during 2016...

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