1. What anount 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 should be reported as total liabilities after restatement for hyperinflation? a. 2,400,000 b. 1,200,000 c. 1,325,000 d. 1,500,000 3. What amount should be reported as retained earnings after adjusting for hyperinflation? a. 2,350,000 b. 2,750,000 c. 3,550,000 d. 2,625,000
1. What anount 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 should be reported as total liabilities after restatement for hyperinflation? a. 2,400,000 b. 1,200,000 c. 1,325,000 d. 1,500,000 3. What amount should be reported as retained earnings after adjusting for hyperinflation? a. 2,350,000 b. 2,750,000 c. 3,550,000 d. 2,625,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. What anount 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 should be reported as total liabilities after restatement for hyperinflation?
a. 2,400,000
b. 1,200,000
c. 1,325,000
d. 1,500,000
3. What amount should be reported as
a. 2,350,000
b. 2,750,000
c. 3,550,000
d. 2,625,000
Transcribed Image Text:Problem 22-4 (IFRS)
Zeus Company was operating in a hyperinflationary economy
and provided the following statement of financial position of
December 31, 2021:
Property, plant and equipment
Inventory
Cash
Share capital issued December 31, 2017
Noncurrent liabilities
Current liabilities
Retained earnings
0000,
2,700,000
350,000
400,000
2,350,000
The general price index had moved on December 31 of each
year: 2017-100, 2018-130, 2019-150, 2020-240 and 2021-300.
The property, plant and equipment were purchased on
December 31, 2019.
The noncurrent liabilities were loans raised on December
31,2020.
1. What amount should be reported as total assets after
restatement for hyperinflation?
a. 5,150,000
b. 3,950,000
e.. 4,800,000
d. 4,850,000
s?
2. What amount shoulld be reported as total liabilities after
restatement for hyperinflation?
a. 2,400,000
b. 1,200,000
c. 1,325,000
d. 1,500,000
Sax
3. What amount should be reported as retained earninge
after adjusting for hyperinflation?
a. 2,350,000
b. 2,750,000
c. 3,550,000
d. 2,625,000
689
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