Financial Accounting questions and answers in July 2021

*Google Johnson and johnson using the Project Two Financial Formulas spreadsheet and the balance sheet, income statement, and cash flow statement from google for your chosen company, calculate the...
Calculate approximate monthly amount to invest  at the beginning of the period . Round the final answer to two decimals.  Please note that intermediate steps should be calculated to at least 4 decim...
Kachelmeier, CPA, is auditing the financial statements of Big Z Wholesaling, Inc., a continuing audit client, for the year ended January 31, 2015. On January 5, 2015, Kachelmeier observed the tagging ...
Which of the following is false concerning a reservation paragraph (modified opinion) in the audit report?                1) The reservation paragraph describes the departure from Canadi...
What does the term "normalized income" refer to when computing preliminary materiality?                1) Income calculated on the same basis as the previous year            ?...
Case #3: Lady Leaf and her "Tea experience" business Johanna Strauss had worked for more than 25 years as the executive assistant of top managers in large Canadian corporations. After retirement she d...
Now you plan to make a letter B by yourself. The stages to make a B should be (in this order) A: Bend a small straight piece to U form, B: Bend another small straight piece to U form, C: Make a strong...
Now you plan to make a letter B by yourself. The stages to make a B should be (in this order) A: Bend a small straight piece to U form, B: Bend another small straight piece to U form, C: Make a strong...
Karathen Inc. (Karathen) reports under IFRS.  Excerpts from Karathen's Jan 1, 2020 balance sheet are as follows:     Preferred shares ($3.50 cumulative, non-voting, 500,000 authorized, 128,000 is...
Nereus Elevation & Storage Ltd. (NES) operates grain elevators in southwestern Ontario. The company ordered ₤66,000 of grain handling equipment from a Scottish manufacturer on November 1, 2020....
(b)  Provide the necessary journal entries related to the forward contract for fiscal 2016. (c)  PEC considered using futures to hedge the € payable before ultimately entering into the forward c...
(Solving for i ​) Kirk Van​ Houten, who has been married for 23 ​years, would like to buy his wife an expensive diamond ring with a platinum setting on their​ 30-year wedding anniversary. As...
(Present value)   Sarah Wiggum would like to make a single investment and have ​$2.0 million at the time of her retirement in 35 years. She has found a mutual fund that will earn 4 percent annua...
Your company manufactures plastic pails and uses raw liquid plastic in bulk form ( which it stores in a single large tank) to make the pails . On December 31, 2019 the tank held 590 gallons of liquid ...
Over the past year Company " X" experienced the following raised $100.000 by issuing new common shares ; had a net income of $210,000 : bought $610.000 of new equipment ; had depreciation of $60.000 :...
On January 18, 2021, Marigold Co. paid $450,000 for a three-year insurance policy that covers February 1, 2021 through January 31, 2024. Marigold's year end is June 30, 2021. Assuming she records the ...
Appliance for Less is a local appliance store. It costs this store $27.13 per unit annually for storage, insurance, etc., to hold microwave in their inventory. Sales this year are anticipated to be 66...
There has been a rumor that Company Z may become a takeover target for another company in the industry, or even for a private equity fund in a leveraged buy-out (LBO). Here is the updated data on Comp...
As a result of the COVID-19 crisis, company A has decided to sell its receivables to a bank in exchange for cash. What would be the  effect  of this financial decision  on the company's current rat...
As a result of the COVID-19 crisis, company A has decided to sell its receivables to a bank in exchange for cash. What would be the  effect  of this financial decision  on the company's current rat...
You buy 110 shares of Tidepool Co. for $43 each and 210 shares of​ Madfish, Inc., for $15 each. What are the weights in your​ portfolio? The weight of Tidepool Co. stock in the portfolio is ____...
1.           Employers sponsoring defined benefit plans must account for the fair value of plan assets as compared with the projected benefit obligation directly on the company's balance sh...
Comprehensive Problem 2 Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. ...
K ltd purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000 Calculate the depreciation expense, accumulated depreciation, book value throughout its use...