18. Yemen;s July 1, 2018, statement of financial position after the quasi-reorganization should show total assets of
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PLEASE PROVIDE COMPUTATION!
18. Yemen;s July 1, 2018,
a. P4,000,000 c. P4,375,000
b. P2,500,000 d. P3,875,000
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- 2019 1. A company must prepare an HGB financial statement as of December 31, t1. The company is legally obliged to clean up contaminated sites caused by 2.3.t1.This contaminated site remediation is to be carried out by a third-party company on 6.7.t2; You have received a cost estimate from the third-party company for this in the gross amount of EUR 357,000.a) Go into detail about the creation of provisions in the present case as of December 31, t1, and, if necessary, also state the posting. Assume that no provision was recognized for the facts stated in the balance sheet as of 12/31/t0! b) Why is a provision and not a liability to be recognized under a)?c) On 6.7.t2 the third-party company will carry out the remediation of contaminated sites. The bill is presented on the same day in the amount of 357 T€ gross and you pay it immediately in cash. How to book?Which of the following is not a part of Other Comprehensive Income? Group of answer choices foreign currency translation adjustments gains on the sale of equipment unrealized gains on available-for-sale debt securities unrecognized pension costs6. Consider the following excerpts from the balance sheet and income statement of Kane Plc. Kane Plc. reports under IFRS. Amounts in £ Capitalized development costs (net) Research expenses* 2,000 350 Amortisation of capitalised development costs 400 *Amounts spent in researching a new drug, whose technological and commercial feasibility has not yet been established. 2022 ANSWER: B 2,300 420 500 2021 If Kane Plc. had to report under U.S. GAAP instead, its income before taxes for fiscal year 2022 would be: a. Higher by £300 b. Lower by £300 c. Lower by £720 d. Lower by £500 e. None of the above
- Q6. Land was acquired for $200 000 on 1 July 2017. On 30 June 2018 it has a fair value of $150 000. On 30 June 2020, due to increased population, the land is considered to have a fair value of $270 000. Write the journal entries needed.how did you get these numbers ? Year 2022: Weighted-Average accumulated expenditure Date Amount Capitalization period Weighted Average Accumulated Expenditures 1-Jan-22 $8,100,000 9/9 $8,100,000 31-Jan-22 $450,000 8/9 $400,000 30-Apr-22 $783,000 5/9 $435,000 31-Aug-22 $1,080,000 1/9 $120,000 Total $10,413,000 $9,055,000Concord Corp's statement of financial position at the end of 2022 included the following items: Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation equipment Intangible assets-patents. Total 1 2 3. 4. 5. The following information is available for the 2023 fiscal year: 6. 7. 8. 5. 6. 7. 8 9. $1,265,000 (a) 30,100 1,210,000 330,000 (141,000) (12,200) 40,200 $2.722,100 December 31, 2023 Concord prepares financial statements in accordance with IFRS. Assets Current liabilities Bonds payable Common shares Retained earnings Concord Corp. Statement of Financial Position Total $1,128,100 Net income was $409,000. Interest paid is treated as an operating activity. Equipment (cost of $21.600 and accumulated depreciation of $8,080) was sold for $10,800. Depreciation expense was $4.150 on the building and $9,160 on equipment. Amortization expense on a patent was $3,110. 1,221,000 Current assets other than cash increased by $33,000. Current liabilities…
- The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic performance from firm to firm. Suppose you were a financial analyst trying to compare the performance of two companies. Company A uses the double-declining- balance depreciation method. Company B uses the straight-line method. You have the following information taken from the 12/31/2021 year-end financial statements for Company B: Income Statement Depreciation expense $10,000 Balance Sheet Assets: Plant and equipment, at cost Less: Accumulated depreciation Net $ 200,000 (40,000) $ 160,000 You also determine that all of the assets constituting the plant and equipment of Company B were acquired at the same time, and that all of the $200,000 represents depreciable assets. Also, all of the depreciable assets have the same useful life and residual values are zero. Required: 1. In order to compare…Computing Asset Related Ratios J.M. Smucker included the following information in its April 2019 10-K. $ millions Apr. 30, 2019 Apr. 30, 2018 $8,151.5 214.2 127.0 939.3 2,294.3 334.7 3,695.3 (1,684.5) $2,010.8 Sales Depreciation expense Land Buildings and fixtures Machinery and equipment Construction in progress Gross property, plant, and equipment Accumulated depreciation Total property, plant, and equipment $124.9 845.1 2,217.1 220.6 3,407.7 (1,588.3) $1,819.4 a. Compute PPE turnover for fiscal year ended April 30, 2019. Round answer to one decimal place. 0 x b. Compute the average useful life of depreciable assets at April 30, 2019. Round answer to one decimal place. 0 x years c. Compute the percentage used up of the PPE at April 30, 2019. Round answer to one decimal place (ex: 0.2345 = 23.5%) 0 * %Use the following data to determine the total dollar amount of assets to be classified as long-term investments. Ace Supply Company Balance Sheet December 31, 2025 Cash Accounts receivable Inventory Short-term investments Land (held for future use) Land Buildings Less: Accumulated depreciation (60,000) Franchise Total assets O $255,000 O $0 $339,000 O $465,000 O $585.000 $ 126,000 120,000 210,000 90.000 255.000 285,000 210.000 $1.575.000 Accounts payable Salaries and wages payable Note payable (due 2028) Total liabilities Common stock Retained: earnings Total stockholders' equity Total liabilities and stockholders' equity 279,000 $ 165,000 30,000 270.000 465,000 360,000 750,000 1.110.000 $1.575.000
- 5. Determine the total gain from change in fair value as of December 31, 2019. * 626,400 831,600 1,004,400 1,080,000 None of the choicesB. If Flint prepares financial statements in accordance with ASPE, what is the recoverable amount of the equipment at November 30, 2023? Recoverable amount $E10-10 Exchange of Assets Use the same information as in E10-9, except that the warehouse owned by Denver has a fair value of $28,000, and therefore, Denver agrees to pay Bristol $2,000 to complete the exchange. Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.