Questions from Intermediate Accounting


Q: Videohound Video Company, a sole proprietorship, had the following information

Videohound Video Company, a sole proprietorship, had the following information for 2020: Instructions Calculate the net income for 2020.

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Q: Zang Services Inc. accounts for the lease of a truck.

Zang Services Inc. accounts for the lease of a truck. The lease includes a residual value guarantee at the end of the lease term of $16,000. Zang estimates that the likelihood that the residual value...

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Q: Mega Inc.'s manufacturing division lost $100,000 (

Mega Inc.'s manufacturing division lost $100,000 (net of tax) for the year ended December 31, 2020, and Mega estimates that it can sell the division at a loss of $200,000 (net of tax). The division qu...

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Q: NB Corp. purchased a $100,000 face-value

NB Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2019, for $104,490 plus accrued interest. The bond pays interest annually each November 1 at a rate of 93. On November 1, 201...

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Q: Activet Corporation, a Canadian-based international company that follows IFRS

Activet Corporation, a Canadian-based international company that follows IFRS, has the following securities in its portfolio of investments acquired for trading purposes and accounted for using the FV...

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Q: Assume the same information as in E9.12, except that

Assume the same information as in E9.12, except that the bonds are carried at FV-OCI. The fair value of the bonds at December 31 of each year end is as follows: 2019……………..$320,500……………….2020…………………$3...

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Q: On July 1, 2020, Miron Aggregates Ltd. Purchased 6

On July 1, 2020, Miron Aggregates Ltd. Purchased 6% bonds having a maturity value of $100,000 for $103,585. The bonds provide the bondholders with a 5% yield. The bonds mature four years later, on Jul...

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Q: Assume the same information as in E9.14 and also assume

Assume the same information as in E9.14 and also assume that the bond is the only investment held by Miron Aggregates Ltd. Instructions a. Prepare a partial comparative statement of financial positio...

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Q: At the end of 2020, Dayton Corporation owns a licence with

At the end of 2020, Dayton Corporation owns a licence with a remaining life of 10 years and a carrying amount of $530,000. Dayton expects undiscounted future cash flows from this licence to total $535...

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Q: Niger Corp. gave you the following information about its investment in

Niger Corp. gave you the following information about its investment in Fahad Corp. shares purchased in May 2020 and accounted for using the FV-OCI method: Instructions a. Prepare the adjusting journal...

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