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Q: Neilson Corp. reported $245,000 of net income for

Neilson Corp. reported $245,000 of net income for 2017. In preparing the statement of cash flows, the accountant noted several items that might affect cash flows from operating activities. 1. During 2...

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Q: Merrick Inc. follows IFRS and is adjusting and correcting its books

Merrick Inc. follows IFRS and is adjusting and correcting its books at the end of 2017. In reviewing its records, the following information has been compiled: 1. In 2017, the depreciation method on pl...

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Q: Access the annual report of Canadian Tire Corporation for its year ended

Access the annual report of Canadian Tire Corporation for its year ended January 2, 2016 from the company’s website or SEDAR (www.sedar. com). According to Note 1 to the financial statements, the comp...

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Q: Yates Manufacturing Ltd. is preparing its year-end financial statements

Yates Manufacturing Ltd. is preparing its year-end financial statements. Yates is a private enterprise. The controller, Theo Kimbria, is confronted with several decisions about statement presentation...

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Q: The following are various types of accounting changes: ______ 1

The following are various types of accounting changes: ______ 1. Change in a plant asset’s residual value ______ 2. Change due to an overstatement of inventory (in the preceding period) ______ 3. Chan...

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Q: Field Corp.’s controller was preparing the year-end adjusting

Field Corp.’s controller was preparing the year-end adjusting entries for the company’s year ended December 31, 2017, when the V.P. Finance called him into her office. “Jean-Pierre,” she said, “I’ve b...

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Q: In 2016, Bergeron Construction Company Ltd. applied the completed contract

In 2016, Bergeron Construction Company Ltd. applied the completed contract method of accounting for long-term construction contracts. However, in 2017, Bergeron discovered that the percentage-of-compl...

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Q: Ever since the unethical actions of some employees of Enron Corp.

Ever since the unethical actions of some employees of Enron Corp. first came to light, ethics in accounting has been in the news with increasing frequency. The unethical actions of the employees essen...

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Q: Peter M. Dell Co. purchased equipment for $510,

Peter M. Dell Co. purchased equipment for $510,000, which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been entered for 7...

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Q: Rodriguez Corp. changed from the straight-line method of depreciation

Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2015 to the double-declining-balance method in 2017 (before finalizing its 2017 financial st...

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