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Author Archives: Anonymous

The golf club can send a team of four students to the next g…

The golf club can send a team of four students to the next golf  tournament. If there are 15 students in the club, how many different  teams of four can be selected?

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In a card game, each player is dealt a hand     of 7 cards f…

In a card game, each player is dealt a hand     of 7 cards from a deck of 52 playing cards.      How many hands are possible? 

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The spinner below is spun.  Find the        probability that…

The spinner below is spun.  Find the        probability that it lands on an odd number,        given that it lands on a white space. Write        your answer as a fraction in simplest form.  

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A basket contains 8 green apples, 11 red apples, 5 nectarine…

A basket contains 8 green apples, 11 red apples, 5 nectarines, and 12 oranges. Mark randomly chooses a piece of fruit, eats it, then selects another.  Find the probability of P(a green apple then a nectarine) (choosing a green apple, then a nectarine). 

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Mountainview Utilities Ltd.’s defined benefit pension plan a…

Mountainview Utilities Ltd.’s defined benefit pension plan allows an employee to retire with an unreduced pension when the employee’s age plus years of credited service equals at least 85.At December 31, an employee is 58 years old and has completed 27 years of credited service.Which statement is correct?

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Prairie North Ltd. maintains a defined benefit pension plan….

Prairie North Ltd. maintains a defined benefit pension plan.At December 31:Employees have already provided service that entitles them to pension benefits payable after retirement.Prairie North is presently obligated under the pension plan to provide those benefits.Investments have been placed in a separate pension trust and are restricted to paying benefits under the plan.Employees are expected to provide additional service next year and earn additional pension benefits at that time.Which statement correctly applies the definitions of assets and liabilities?

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Bluewater Energy Ltd. promises eligible employees post-retir…

Bluewater Energy Ltd. promises eligible employees post-retirement health and dental benefits. Employees become entitled to these benefits after completing 10 years of service.The plan is unfunded. Bluewater pays medical claims only after employees retire and submit eligible claims.Which statement correctly describes the accounting for these benefits?

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Arctic Health Technologies Ltd. reported net income of $1,44…

Arctic Health Technologies Ltd. reported net income of $1,440,000 and had 450,000 weighted-average common shares outstanding during the year.An acquisition agreement was in place on January 1 and remained outstanding throughout the year. Under the agreement, Arctic must issue 30,000 additional common shares to the former owners of a subsidiary if the subsidiary earns at least $600,000 during the current year.The subsidiary earned $660,000 during the current year. The shares will be formally issued in February of the following year.Arctic has no other potentially dilutive securities.What diluted earnings per share should Arctic report?

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Aspen Circuit Corp. accepted subscriptions for 4,000 common…

Aspen Circuit Corp. accepted subscriptions for 4,000 common shares at $25 per share. All subscribers paid 40% of the subscription price when the agreements were signed, with the remaining 60% due 60 days later.Before the final payment date:subscribers for 2,500 shares paid the remaining balance, and those shares were issued; anda subscriber for the remaining 1,500 shares defaulted.Under the subscription agreement, Aspen cancelled the defaulted subscription and retained the initial payment.Which combination correctly reports the amounts credited to Common Shares and Contributed Surplus after all transactions have been completed?

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Granite Peak Technologies Ltd. had the following balances be…

Granite Peak Technologies Ltd. had the following balances before completing any current-year share transactions:ItemAmountCommon Shares$1,200,000Retained Earnings$900,000Common shares outstanding100,000 sharesOn September 1, Granite Peak declared and immediately distributed a 10% stock dividend. The stock dividend was recorded at a declared amount of $12 per share.On December 1, Granite Peak completed a 3-for-1 stock split.Which combination correctly reports the balances immediately after both transactions?

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