Questions from Intermediate Accounting

Q: The comparative statement of financial position of Dropafix Inc. as at

The comparative statement of financial position of Dropafix Inc. as at June 30, 2020, and a statement of comprehensive income for the 2020 fiscal year follow: Additional information: 1. Dropa fix foll...

Q: The comparative statement of financial position of Sensify Corporation as at December

The comparative statement of financial position of Sensify Corporation as at December 31, 2020, follows: Net income of $37,000 was reported and dividends of $13,000 were declared and paid in 2020. New...

Q: Use the information in E5.18 for Sensify Corporation.

Use the information in E5.18 for Sensify Corporation. Instructions a. Calculate the current ratio and debt to total assets ratio as at December 31, 2019 and 2020. Calculate the free cash flow for Dec...

Q: Use the information in E5.14 for Carmichael Industries.

Use the information in E5.14 for Carmichael Industries. Instructions a. Calculate the current and ac id-test ratios for 2019 and 2020. b. Calculate Carmichael's current cash debt coverage ratio for 2...

Q: Use the information in E5.l 7 for Dropafix Inc.

Use the information in E5.l 7 for Dropafix Inc. Instructions a. Calculate the current and acid-test ratios for 2019 and 2020. b. Calculate Dropafix's current cash debt coverage ratio for 2020. c. Cal...

Q: Bruno Corp. has decided to expand its operations. The bookkeeper

Bruno Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Instructions a. Pre...

Q: The bookkeeper for Garfield Corp. has prepared the following statement of

The bookkeeper for Garfield Corp. has prepared the following statement of financial position as at July 31, 2020: The following additional information is provided: 1. Cash includes $1,200 in a petty c...

Q: The Big and Rich Corporation had income from operations before tax for

The Big and Rich Corporation had income from operations before tax for 2020 of $4.4 million. In addition, it suffered an unusual and infrequent loss of $1,060,000 from a tornado. Of this amount, $300,...

Q: Samson Corporation is preparing its December 31, 2020 statement of financial

Samson Corporation is preparing its December 31, 2020 statement of financial position. The following items may be reported as either current or long-term liabilities: 1. On December 15, 2020, Samson d...

Q: Jiang Company Ltd. buys equipment on January 1, 2020,

Jiang Company Ltd. buys equipment on January 1, 2020, for $387,000 cash. The asset is expected to have a useful life of 12 years and a residual value of $39,000. Jiang prepares financial statements un...