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Q: Access the financial statements of Loblaw Companies Limited for its year ended

Access the financial statements of Loblaw Companies Limited for its year ended January 3, 2015. The statements are available on the company’s website or SEDAR (www.sedar.com). Instructions: (a) Lobla...

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Q: Guas Inc., a major retailer of bicycles and accessories, operates

Guas Inc., a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The company is currently preparing its statement of cash flows. The comparative state...

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Q: Tuit Inc., a greeting card company that follows ASPE, had

Tuit Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2017: Additional information: 1. Dividends on common shares in the amount of $6,000 we...

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Q: The following are the transactions from Izzy Inc. concerning its allowance

The following are the transactions from Izzy Inc. concerning its allowance for doubtful accounts. Assume these are the only transactions for the year. Instructions: (a) Prepare the journal entries...

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Q: Malouin Corp.’s income statement for the year ended December 31

Malouin Corp.’s income statement for the year ended December 31, 2017 had the following condensed information: There were no purchases or sales of trading (FV-NI) investments during 2017. Malouin’s...

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Q: Baird Corp. had the following activity in its most recent year

Baird Corp. had the following activity in its most recent year of operations: 1. Purchase of equipment 2. Redemption of bonds 3. Conversion of bonds into common shares 4. Sale of building 5. Depreciat...

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Q: Dunrobin Industries Ltd., which uses IFRS, had the following transactions

Dunrobin Industries Ltd., which uses IFRS, had the following transactions during its most recent fiscal year. 1. Received a shipment of raw materials inventory purchased on account. 2. Declared a cash...

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Q: Strong House Inc. had the following condensed statement of financial position

Strong House Inc. had the following condensed statement of financial position at December 31, 2016: Strong House Inc. follows IFRS and chooses to classify dividends paid as financing activities and...

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Q: Golden Properties Corporation purchased a parcel of land in March 2016 for

Golden Properties Corporation purchased a parcel of land in March 2016 for $1 million with the intent to construct a building on the property in the near future. At the time of purchase, Golden applie...

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Q: Linden Corporation started operations on January 1, 2012, and has

Linden Corporation started operations on January 1, 2012, and has used the FIFO cost formula since its inception. In 2018, it decides to switch to the weighted average cost formula. You are provided w...

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