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Q: Jackie Enterprises Ltd. has a tax rate of 30% and

Jackie Enterprises Ltd. has a tax rate of 30% and reported net income of $8.5 million in 2017. The following details are from Jackie’s statement of financial position as at December 31, 2017, the end...

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Q: The following information is for Polo Limited for 2017:

The following information is for Polo Limited for 2017: There were no changes during 2017 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore t...

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Q: As auditor for Checkem & Associates, you have been assigned to

As auditor for Checkem & Associates, you have been assigned to review Tao Corporation’s calculation of earnings per share for the current year. The controller, Mac Taylor, has supplied you with the fo...

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Q: Treeton Inc. had net income for the fiscal year ended June

Treeton Inc. had net income for the fiscal year ended June 30, 2017 of $5 million. There were 500,000 common shares outstanding throughout 2017. The average market price of the common shares for the e...

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Q: Mavis Corporation is a new audit client of yours and has not

Mavis Corporation is a new audit client of yours and has not reported earnings per share data in its annual reports to shareholders in the past. The treasurer, Andrew Benninger, has asked you to provi...

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Q: Access the audited annual financial statements of Rogers Sugar Inc. for

Access the audited annual financial statements of Rogers Sugar Inc. for the year ended October 3, 2015 from SEDAR (www.sedar.com) or the company’s website. Instructions: (a) Identify the components o...

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Q: On September 30, 2017, Gargiola Inc. issued $4

On September 30, 2017, Gargiola Inc. issued $4 million of 10-year, 8% convertible bonds for $4.6 million. The bonds pay interest on March 31 and September 30 and mature on September 30, 2027. Each $1,...

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Q: Manitoba Deck System Corporation (MDSC) is a public company whose

Manitoba Deck System Corporation (MDSC) is a public company whose shares are actively traded on the Toronto Stock Exchange. The following transactions occurred in 2017: Jan. 1 The company was granted...

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Q: Parker Corporation’s charter authorizes the issuance of 1 million common shares and

Parker Corporation’s charter authorizes the issuance of 1 million common shares and 500,000 preferred shares that have a dividend rate of $6 per share per year. The following transactions involving sh...

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Q: Pace Instrument Corp., a small company that follows ASPE, began

Pace Instrument Corp., a small company that follows ASPE, began operations on January 1, 2014, and uses a periodic inventory system. The following net income amounts were calculated for Pace under thr...

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