Questions from Intermediate Accounting

Q: Refer to the information in E19.7 about Berstler Limited's defined

Refer to the information in E19.7 about Berstler Limited's defined benefit pension plan. Instructions a. Prepare a 2020 pension work sheet with supplementary schedules of calculations. b. Prepare...

Q: The following defined benefit pension data of Dahl Corp. apply to

The following defined benefit pension data of Dahl Corp. apply to the year 2020 The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the fun...

Q: You are a senior auditor auditing the December 31, 2020 financial

You are a senior auditor auditing the December 31, 2020 financial statements of Hoang Inc., a manufacturer of novelties and party favours and a user of ASPE. During your inspection of the company gara...

Q: On September 1, 2020, Wong Corporation, which uses ASPE

On September 1, 2020, Wong Corporation, which uses ASPE, signed a five-year, non-cancellable lease for a piece of equipment. The terms of the lease called for Wong to make annual payments of $13,668 a...

Q: The following information concerns Saverio Corp.'s defined benefit pension plan

The following information concerns Saverio Corp.'s defined benefit pension plan. On January 1, 2020, the company amended its pension plan, which resulted in a reduction in prior service benefits for...

Q: Castle Leasing Corporation, which uses IFRS 16, signs a lease

Castle Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2020, to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable l...

Q: Zdon Inc. reports accounting income of $105,000 for

Zdon Inc. reports accounting income of $105,000 for 2020, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements. 1. C...

Q: Wong Inc., the lessee entered into two leases on July 1

Wong Inc., the lessee entered into two leases on July 1, 2020 with Pomerleau Corp. Both companies are public corporations following IFRS. The leases are for a large auger and a jackhammer that will be...

Q: The Bank of Montreal and Royal Bank of Canada financial statements for

The Bank of Montreal and Royal Bank of Canada financial statements for their years ended October 31, 2017, can be found on SEDAR (www.sedar.com). Instructions a. What is the average carrying amount...

Q: On January 1, 2020, Hein Corporation sold equipment to Liquidity

On January 1, 2020, Hein Corporation sold equipment to Liquidity Finance Corp. for $720,000 and immediately leased the equipment back. Both Hein and Liquidity use ASPE. Other relevant information is a...