ACC 514 Study Guide - Accounts Payable, Interest Expense, Current Asset

• School: Ryerson University
• Department: Accounting
• Course: ACC 514
• Professor: Gwen Roberts

Document Summary

Revenue approach (warranty sold separately, ifrs approach) straight line. Premiums & rebates: purchase prize @ cost: Cash: sell # units of inventory @ : Sales: actual redemption of units, adjusting entry: Cash (# redemption units / #units) x receive. Inventory of premium prize (# redemption units/#units) x cost. Loss on redemption item value item value item value x % payment (debt unamortized) cancelled at. Shares not issued until full subscription price received. Share capital only credit when subscription paid in full. 500 shares sold on subscription for each. If forfeit, funds transferred to contributed surplus account. 1,000 shares sold for each, with issue cost. Reacquisition of shares: determine average cost of shares before repurchase (on that date) Avg cost = $ shares / # shares. k common shares / 1000 shares = /share. Assume buyback of 100 shares @ . Assume buyback of 100 shares @ .