Explain whether the debt-to-net assets ratio would typically be better or worse under the deferral method as compared to the restricted fund method.
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F test each pair of events for independence. C AND F
> A circular spinner is divided into 15 sectors of equal area: 6 red sectors, 5 blue, 3 yellow, and 1 green. , consider the experiment of spinning the spinner once. Find the probability that the spinner lands on: Yellow,red, or green.
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Test each pair of events for independence. B and E
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Test each pair of events for independence. A and E
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F compute each probability using formula (1) on page 423 and appropriate table values. P(B|B)
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F compute each probability using formula (1) on page 423 and appropriate table values. P(E|A)
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Compute each probability using formula (1) on page 423 and appropriate table values P(E|C)
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Compute each probability using formula (1) on page 423 and appropriate table values. P(C|E)
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Find each probability directly from the table.
> Use the table below. Events A, B, and C are mutually exclusive; so are D, E, and F Find each probability directly from the table. P (E)
> Find the conditional probability, in a single roll of two fair dice, that. At least one die is a six, given that the sum is odd.
> Find the conditional probability, in a single roll of two fair dice, that. The sum is odd, given that at least one die is a six.
> Refer to the Venn diagram below for events A and B in an equally likely sample space S. Find each of the indicated probabilities.
> Without using a calculator, determine which event, E or F, is more likely to occur.
> Mega Communications Inc. (MCI) is a Canadian-owned public company operating throughout North America. Its core business is communications media, including newspapers, radio, television, and cable. The company’s year-end is December 31. You, a CPA, have r
> Nova Mine Engineering is a junior Canadian company with a variety of operating subsidiaries and other undertakings that provide mine engineering and management services in Canada and in several less-developed countries. One of these subsidiaries is activ
> Pluto Technology Venture (PTV) is an unincorporated joint operation with three current joint operators. A few other prospective investors are awaiting an opportunity to invest in PTV. PTV was organized three months ago to combine the knowledge, assets, a
> On December 31, Year 7, Pepper Company, a public company, agreed to a business combination with Salt Limited, an unrelated private company. Pepper issued 82 of its common shares for all 50 of the outstanding common shares of Salt. This transaction increa
> What is non-controlling interest, and where is it reported in the consolidated balance sheet under the identifiable net assets and fair value enterprise methods?
> Access the 2017 consolidated financial statements for Loblaw Companies Limited by going to investor relations section of the company’s website. Answer the questions below. Round percentages to one decimal point and other ratios to two decimal points. For
> Access the 2017 consolidated financial statements for Barrick Gold Corporation by going to investor relations section of the company’s website. Answer the questions below. For each question, indicate where in the financial statements you found the answer
> Access the 2017 consolidated financial statements for Goldcorp Inc. by going to the investor relations section of the company’s website. Answer the questions below. For each question, indicate where in the financial statements you found the answer and/or
> When accounting for the acquisition of a non–wholly owned subsidiary, the parent can use the fair value enterprise method or the identifiable net assets method to account for the business combination. Access the 2017 consolidated financial statements for
> Access the 2017 consolidated financial statements for Bell Canada Enterprises Inc. by going to the investor relations section of the company’s website. Answer the questions below. Round percentages to one decimal point and other ratios to two decimal poi
> Go to the website of the University of Saskatchewan (www.usask.ca/reporting). Search for the 2017 financial statements and answer the following questions for 2017. For each question, indicate where in the financial statements or annual report you found t
> Under the fair value enterprise method and when using the implied value approach, consolidated goodwill is determined by inference. Describe how this is achieved, and comment on its shortcomings.
> Access the 2017 annual report for Manulife Financial Corporation by going to investor relations section of the company’s website. Answer the questions below. For each question, indicate where in the MD&A or consolidated financial statements you found the
> Access the 2017 consolidated financial statements for Rogers Communications Inc. by going to the investor relations section of the company’s website. Answer the questions below. For each question, indicate where in the financial statements you found the
> Access the 2017 consolidated financial statements for Onex Corporation by going to the investor relations section of the company’s website. Answer the questions below. For each question, indicate where in the financial statements you found the answer, an
> Access the 2017 consolidated financial statements for Empire Company Limited by going to the investor relations section of the company’s website. Answer the questions below. Round percentages to one decimal point and other ratios to two decimal points. F
> When accounting for the acquisition of a non–wholly owned subsidiary, the parent can use the fair value enterprise method or the identifiable net assets method to account for the business combination. Access the 2017 consolidated financial statements for
> Maurice Ltd. is a private Canadian company. It has been preparing its financial statements in accordance with IFRS but is now considering a change to ASPE. For its Year 6 financial statements, Maurice reported the following in accordance with IFRS: You
> Becker Ltd. is a private Canadian company. It has been preparing its financial statements in accordance with ASPE but is now considering a change to IFRS. For its Year 4 financial statements, Becker reported the following in accordance with ASPE: You ha
> Connor Ltd. is a large private company owned by the Connor family. It operates a manufacturing business in northern Ontario. It has applied to the ICB bank for a new loan of $100 million to expand its manufacturing facilities. You are a financial analyst
> The OPI Long Term Care Centre is an NFPO funded by government grants and private donations. It prepares its annual financial statements using the deferral method of accounting for contributions, and it uses only the operations fund to account for all act
> Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2, at a cost of $84,000. Paper has always used the equity method to account for its investments. On January 1, Year 2, Sand had common shares of $50,000 and retained earn
> Eternal Rest Limited (ERL) is a public company; its shares are traded on a stock exchange in Canada. ERL operates both funeral homes and cemeteries in Canada. Funeral services (casket, flowers, cemetery stone, prayer service) are sold on an as-needed bas
> Calof Inc. acquires 100% of the common shares of Xiyu Company on January 1, Year 4, for the following consideration: . 5,000 common shares with a market value of $275,000 . A contingent payment of $40,000 cash on January 1, Year 5 if Xiyu generates cash
> The following are the balance sheet and income statement data for two affiliated companies for Year 6: BALANCE SHEET As at December 31, Year 6 Albeniz Bach Cash $40,000 $21,000 Receivables 92,000 84,000 Inventories 56,000 45,000
> The financial statements of Post Corporation and its subsidiary, Sage Company, as at December 31, Year 6, are presented below. STATEMENTS OF FINANCIAL POSITION December 31, Year 6 Additional Information . Post purchased 70% of the outstanding shares of
> Refer to Problem 3-11. All of the facts and data are the same except that in the proposed takeover, Myers Company will purchase all of the outstanding common shares of Norris Inc. Required: 1. Prepare the journal entries of Myers for each of the two pro
> Following are the financial statements of Malkin Inc., of Russia, as at December 31, Year 11: Additional Information . On January 1, Year 11, Crichton Corporation of Toronto acquired 40% of Malkin’s common shares for RUB800,000. . Rele
> On January 2, Year 4, Poplar Ltd. purchased 80% of the outstanding shares of Spruce Ltd. for $2,000,000. At that date, Spruce had common shares of $500,000 and retained earnings of $1,250,000 and accumulated depreciation of $600,000. Poplar acquired the
> Hamilton Importing Corp. (HIC) imports goods from countries around the world for sale in Canada. On December 1, Year 3, HIC purchased 11,300 watches from a foreign wholesaler for DM613,000 when the spot rate was DM1 = $0.754. The invoice called for payme
> At December 31, Year 4, Hein Company owned 90,000 ordinary shares of Jensen Company when the shareholders’ equity of Jensen was as follows: Ordinary shares (100,000 no par value shares issued and outstanding) … $800,000 Retained earnings …………………………………………
> Bagley Incorporated’s statement of financial position as at July 31, Year 4, is as follows: BAGLEY INCORPORATED STATEMENT OF FINANCIAL POSITION At July 31, Year 4 Carrying Amount Fair Value Plant and equipment (net) $913,000 $1,056,000 P
> Identify three line items on each of the statement of financial position and statement of operations for a not for- profit organization that would not typically be seen on or would differ from the financial statements of a profit oriented corporation.
> Richard’s Specialty Foods Inc. (FSFI) operates over 60 shops throughout Ontario. The company was founded by Francois Richard when he opened a single shop in the city of Cornwall. This store sold prepared dinners and directed its products at customers who
> Explain whether the return on net assets would typically be better or worse under the deferral method as compared to the restricted fund method.
> Explain whether the current ratio would typically be better or worse under the deferral method as compared to the restricted fund method.
> Explain how the return on equity for the shareholders of the parent differs depending on whether the gain from an intercompany sale of depreciable assets is an upstream transaction or a downstream transaction.
> Explain how value in use is typically determined for a cash-generating unit.
> Explain how the dollar amounts in the journal entries made by the parent company under the equity method differ depending on whether the gain from an intercompany sale of depreciable assets is an upstream transaction or a downstream transaction.
> In this era of rapidly changing technology, research and development (R&D) expenditures represent one of the most important factors in the future success of many companies. Organizations that spend too little on R&D risk being left behind by the competit
> Several years ago, the Penston Company purchased 90% of the outstanding shares of Swansan Corporation. The acquisition was made because Swansan produced a vital component used in Penston’s manufacturing process. Penston wanted to ensure an adequate suppl
> Tropical Juices Limited (Tropical) was incorporated under Canadian federal legislation two years ago to sell Citrus’s juices in Canada. Citrus Growers Cooperative (Citrus) of the United States and Bottle Juices Corporation (Bottle) of Canada each own 50
> The Sassawinni First Nation is located adjacent to a town in northern Saskatchewan. The Nation is under the jurisdiction of the federal government’s Aboriginal Affairs and Northern Development Canada, and for years has received substantial funding from t
> Briefly describe the trend in reporting of investments in equity securities over the past 15 years.
> L&M Home Health Corporation (L&M) had a checking account with Wells Fargo Bank. L&M engaged Gentner and Company, Inc. (Gentner), to provide consulting services and paid Gentner for services rendered with a check drawn on its Wells Fargo account in the am
> Eldon’s Super Fresh Stores, Inc., is a corporation engaged in the retail grocery business. William Drexler was the attorney for and the corporate secretary of Eldon’s and was also the personal attorney of Eldon Prinzing, the corporation’s president and s
> On September 2, 2015, Levine executed a mortgage bond under which she promised to pay the Mykoffs a preexisting obligation of $54,000. On October 14, 2021, the Mykoffs transferred the mortgage to Bankers Trust Co., indorsing the instrument with the words
> Sandra and Thomas McGuire entered into a purchase and sale agreement for “Becca’s Boutique” with Pascal and Rebecca Tursi. The agreement provided that the McGuires would buy the store for $75,000, with a down payment of $10,000 and the balance of $65,000
> Kenco buys mobile homes from the factory and sells them to the consumer. Sometimes, it contracts to sell a home that the factory has not yet built. It has a virtually unlimited supply of product. On September 27, Kenco Homes, Inc., and Dale and Debi Will
> Appalachian is a coal hauling company in southern West Virginia. Appalachian purchased four new Mack trucks for off-road coal hauling. Appalachian purchased three of the trucks for $165,000 each and the fourth for $175,000. The trucks were sold to Appala
> Raymond and Sandra Duford purchased a wood- burning stove from Sears. The stove was manufactured by Preway, Inc. At trial, it was shown that Raymond had inadvertently installed the section of the chimney pipe that went through the roof upside down, and a
> Shell Oil Company leased to Flying Tiger Line a gasoline tank truck with a movable ladder for refueling certain types of aircraft. Under the terms of the lease, Flying Tiger was to maintain the equipment in safe operating order, but Shell was obligated t
> Jordan Panel Systems, Inc., ordered custom-made windows from Windows, Inc. The purchase contract provided that the windows were to be shipped properly packaged for motor freight transit and “delivered to New York City.” Windows constructed the windows ac
> James Norwood bought one hundred ninety heifers in Valentine, Nebraska, and then delivered them to Kevin Asbury in Missouri to care for them. Norwood and Asbury were merchants with regard to cattle. While in Asbury’s care, one hundred fifty of the heifer
> John P. Butler Accountancy Corporation agreed to audit the financial statements of Westside Mortgage, Inc., a mortgage company that arranged financing for real property, for the year ending December 31, 2019. On March 22, 2020, after completing the audit
> United Road Machinery Company, a dealer in heavy road equipment (including truck scales supplied by Thurman Scale Company), received a telephone call on July 21 from James Durham, an officer of Consolidated Coal Company, seeking to acquire truck scales f
> Mike Moses purchased a mobile home, including installation, from Gary Newman. Newman delivered the home to Moses’s lot. Upon inspection of the home, Moses’s fiancée found a broken window and water pipe. Moses also had not received keys to the front door.
> Home Indemnity, an insurance company, paid one of its insureds after the theft of his car. The car reappeared in another State and was sold to Michael Schrier for $4,300 by a used car dealer. The dealer promised to give Mr. Schrier a certificate of title
> Seller manufactures furnace-grade carbon black, a filler used in tires and other rubber and plastic products. Buyer was a longtime customer of Seller, purchasing three grades of carbon black for use in numerous rubber products it supplies to customers. B
> In August, Bunge Corporation, a grain dealer, and Recker, a farmer, entered into a written contract under which Recker agreed to sell to Bunge ten thousand bushels of No. 2 yellow soybeans to be grown in the United States at $3.35 per bushel. Delivery of
> Moulton Cavity & Mold, Inc., agreed to manufacture twenty-six innersole molds to be purchased by Lyn-Flex. Moulton delivered the twenty-six molds to Lyn-Flex after Lyn-Flex allegedly approved the sample molds. However, Lyn-Flex rejected the molds, claimi
> On March 17, Peckham bought a new car from Larsen Chevrolet for $16,400. During the first one and one-half months after the purchase, Peckham discovered that the car’s hood was dented, its gas tank contained no baffles, its emergency brake was inoperable
> Construction Associates (CA) was the successful bidder to construct a water supply line for the city of Breckenridge, Minnesota. CA purchased a large amount of polyvinyl chloride pipe manufactured by the Johns-Manville Sales Corporation (J-M) to construc
> Click2Boost, Inc. (C2B), entered into an Internet marketing agreement with the New York Times Company (NYT). Under the agreement, C2B was to solicit sub- scribers for home delivery of The New York Times news- paper by means of pop-up ads on websites with
> Due to high gasoline prices, American Bakeries Company (ABC) considered converting its fleet of more than three thousand vehicles to a much less expensive propane fuel system. After negotiations with Empire Gas Corporation (Empire), ABC signed a contract
> Mariana Deutsch worked as a knitwear mender and attended a school for beauticians. The sink in her apartment collapsed on her foot, fracturing her big toe and making it painful for her to stand. She claims that as a consequence of the injury she was comp
> Defendant, Gray Communications, desired to build a television tower. After a number of negotiation sessions conducted by telephone between the Defendant and Plaintiff, Kline Iron, the parties allegedly reached an oral agreement under which the Plaintiff
> Frank’s Maintenance and Engineering, Inc., orally ordered steel tubing from C.A. Roberts Co. for use in the manufacture of motorcycle front fork tubes. Because these front fork tubes bear the bulk of the weight of a motorcycle, the steel used must be of
> Frederick “Rick” Worrell conducted business as WRL Advertising. However, WRL Advertising was not a legal entity in its own right, but rather a trade name for Wingfield, Bennett & Baer, LLC, which is owned and operated by Worrell. Martha J. Musil, an empl
> Tommy Blair, Sr., was the sole owner and president of Tommy Blair, Inc., d/b/a Courtesy Autoplex. His son, Thomas Blair, Jr., was a management employee who supervised employees within the service department. On September 28, Tommie Lee Patterson entered
> Rubin was driving on one of the city’s streets when he inadvertently obstructed the path of a taxicab, causing the cab to come into contact with his vehicle. Angered by Rubin’s sudden blocking of his traffic lane, the taxi driver exited his cab, approach
> Raymond Zukaitis was a physician practicing medicine in Douglas County, Nebraska. Aetna issued a policy of professional liability insurance to Zukaitis through its agent, the Ed Larsen Insurance Agency. The policy cov- ered the period from August 31, 201
> Sheree Demming—a real estate investor in the business of acquiring properties in the Bloomington, Indiana area for remodeling, renovation, leasing, and sale—engaged Cheryl Underwood’s professional services as a realtor to buy and sell properties on multi
> Danny Del Pilar sustained injuries when his car collided with a delivery van painted yellow—the widely recognized DHL color—and displaying the DHL name and logo. The truck was driven by a driver wearing a DHL uniform and laden with packages destined for
> Hunter Farms contracted with Petrolia Grain & Feed Company, a Canadian company, to purchase a large supply of the farm herbicide Sencor from Petrolia for resale. Petrolia learned from the U.S. Customs Service that the import duty for the Sencor would be
> Real Estate Analytics, LLC (REA), a limited liability company, became interested in Theodore Tee Vallas’s 14.13-acre Lanikai Lane property located in Carlsbad, California. REA’s primary goal in purchasing the property was to make a profit for its investo
> Joan, a patient confined in a hospital, has a rare disease that is of great interest to the public. Carol, a television reporter, requests Joan to consent to an interview. Joan refuses, but Carol, nonetheless, enters Joan’s room over her objection and ph
> In late 2017 or early 2018, the plaintiff, Lan England, agreed to sell 258,363 shares of stock to the defendant, Eugene Horbach, for $2.75 per share, for a total price of $710,498.25. Although the purchase money was to be paid in the first quarter of 201
> K&G Construction Co. was the owner of and the general contractor for a housing subdivision project. Harris contracted with the company to do excavating and earth-moving work on the project. Certain provisions of the contract stated that (a) K&G was to m
> Walker & Co. contracted to provide a sign for Harrison to place above his dry-cleaning business. According to the contract, Harrison would lease the sign from Walker, making monthly payments for thirty-six months. In return, Walker agreed to maintain and
> On August 20, Hildebrand entered into a written con- tract with the city of Douglasville whereby he was to serve as community development project engineer for three years at an “annual fee” of $19,000. This salary figure could be changed without affectin
> Potomac Electric Power Company (PEPCO) is an electric utility serving the metropolitan Washington, D.C., area. Panda-Brandywine, L.P. (Panda) is a “qualified facility” under the Public Utility Regulatory Policies Act of 1978. In August 1991, PEPCO and Pa
> On behalf of himself and other similarly situated options investors, Rick Lockwood sued defendant, Standard & Poor’s Corporation (Standard & Poor’s), for breach of contract. Lockwood alleged that he and other options investors suffered lost profits on ce
> Members of Local 100, Transport Workers Union of America (TWU), engaged in an eleven-day mass transit strike that paralyzed the life and commerce of the city of New York. Plaintiffs are engaged in the practice of law as a profession, maintaining offices
> In 1952, the estate of George Bernard Shaw granted to Gabriel Pascal Enterprises, Limited, the exclusive rights to produce a musical play and a motion picture based on Shaw’s play Pygmalion. The agreement contained a provision terminating the license if
> On February 9, George Jackson and his neighbors, Karen and Steve Devenyn, drafted and signed a document that purported to convey a seventy-nine-acre parcel of land owned by Jackson. By the terms of the agreement, Jackson wished to reserve a 1.3-acre port
