Problem 22-4 (IFRS)Zeus Company was operating in a hyperinflationary economyand provided the following statement of financial position onDecember 31, 2021:Property, plant and equipmentInventoryCashShare capital issued December 31, 2017Noncurrent liabilitiesCurrent liabilitiesRetained earnings900,0002,700,000350,000400,000500,000700,0002,350,000The general price index had moved on December 31 of eachyear: 2017-100, 2018-130, 2019-150, 2020-240 and 2021-300.The property, plant and equipment were purchased onDecember 31, 2019.The noncurrent liabilities were loans raised on December31, 2020.1. What amount should be reported as total assets afterrestatement for hyperinflation?a. 5,150,000b. 3,950,000c. 4,800,000d. 4,850,0002. What amount shoulld be reported as total liabilities afterrestatement for hyperinflation?a. 2,400,000b. 1,200,00O1,325,000d. 1,500,000c.3. What amount should be reported as retained earningsafter adjusting for hyperinflation?a. 2,350,000b. 2,750,000c. 3,550,000d. 2,625,000

Hyperinflation is the inflation on which the prices of the things has changed or increased and as a…

1. What amount should be reported as total assets after restatement for hyperinflation? a. 5,150,000 b. 3,950,000 c. 4,800,000 d. 4,850,000 2. What amount shoulld be reported as total liabilities after restatement for hyperinflation? a. 2,400,000 b. 1,200,00O c. 1,325,000 d. 1,500,000 4. What amount should be reported as retained earnings after adjusting for hyperinflation?

1. What amount should be reported as total assets after restatement for hyperinflation? a. 5,150,000 b. 3,950,000 c. 4,800,000 d. 4,850,000 2. What amount shoulld be reported as total liabilities after restatement for hyperinflation? a. 2,400,000 b. 1,200,00O c. 1,325,000 d. 1,500,000 4. What amount should be reported as retained earnings after adjusting for hyperinflation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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