Questions from Intermediate Accounting


Q: Timber Resource Inc., a forestry company, owns timber resources in

Timber Resource Inc., a forestry company, owns timber resources in northern Quebec. The company produces lumber from these resources. During 20X3, the company cut trees into logs with a fair market va...

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Q: Refer to the following list of various products: a.

Refer to the following list of various products: a. Yarn b. Lumber c. Sheep d. Eggs e. Grapes f. Trees g. Frozen omelets h. Wool i. Chickens j. Logs (felled trees) Required: 1. In this list, identif...

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Q: A tree farm harvests a variety of trees that are sold to

A tree farm harvests a variety of trees that are sold to garden centres. In 20X5, the company was created and they acquired 1,500 immature blue spruce trees and 300 mature blue spruce trees. Each spru...

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Q: A farmer buys 1,000 chickens for $120,000

A farmer buys 1,000 chickens for $120,000 at the beginning of 20X3. The cost to feed, shelter, and grow the chickens is $22,000 in 20X3 and $24,000 in 20X4. Based on the chickens’ age and size, the fa...

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Q: Gerard Ltd. reported inventory of $689,600 and accounts

Gerard Ltd. reported inventory of $689,600 and accounts payable to suppliers of $456,300 for the year ended 31 December 20X6. The company has a periodic inventory system, and the inventory value given...

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Q: A farm buys beef cattle for $40,000 at the

A farm buys beef cattle for $40,000 at the end of 20X7. The cost to feed, shelter, and grow the cattle was $12,700 and 6,300 in 20X8 and 20X9, respectively. On 2 May 20X9, the cattle were slaughtered...

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Q: Jules Company sells a variety of beauty products online. Their products

Jules Company sells a variety of beauty products online. Their products fall into three broad categories: nail care, makeup, and hair care. The company has over 250 different products in its database....

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Q: Organizer Ltd. (Organizer) sells home organization solutions to customers

Organizer Ltd. (Organizer) sells home organization solutions to customers. They have a wide range of products and three locations in the Greater Vancouver area. The company currently uses the retail i...

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Q: Majestic Stores Inc., a large Canadian publicly traded electronics dealer,

Majestic Stores Inc., a large Canadian publicly traded electronics dealer, buys large quantities of a flat-screen LCD television model that costs $500 and sells for $990. The supplier provides a rebat...

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Q: Each of the following events occurred after year-end and before

Each of the following events occurred after year-end and before the financial statements were issued: Required: Identify whether each event is an adjusting or a non-adjusting subsequent event.

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