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4. In the 4th quarter of Year 1, Betch Corporation produced 3 products that it still has in inventory at Dec 31, the end of its fiscal year. Product Number of Cost S Selling price code unit S X Y Z 80 140 40 150 60 160 10 Determine the amount at which Betch should report its inventory on the December 31 Year 1 Balance sheet under IAS 02? A. $26,200 B. $26,000 150 145 180 Cost to complete and sell S 20 $ C. $26,400 D. $25,600 5. A company determined the following values for its inventory as of the end of its fiscal year: Historical costs $40,000

4. In the 4th quarter of Year 1, Betch Corporation produced 3 products that it still has in inventory at Dec 31, the end of its fiscal year. Product Number of Cost S Selling price code unit S X Y Z 80 140 40 150 60 160 10 Determine the amount at which Betch should report its inventory on the December 31 Year 1 Balance sheet under IAS 02? A. $26,200 B. $26,000 150 145 180 Cost to complete and sell S 20 $ C. $26,400 D. $25,600 5. A company determined the following values for its inventory as of the end of its fiscal year: Historical costs $40,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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6. . ● 2. 4. In the 4th quarter of Year 1, Betch Corporation produced 3 products that it still has in inventory at Dec 31, the end of its fiscal year. Product Cost S Number of unit Selling price S code X Y Z 80 140 40 150 60 160 10 Determine the amount at which Betch should report its inventory on the December 31 Year 1 Balance sheet under IAS 02? A. $26,200 B. $26,000 150 145 180 B. $36,000 C. $26,400 D. $25,600 Cost to complete and sell S Kelly Corporation has the following items on December 31 fiscal year-end. $600,000 5% note payable, due March 15, Year 2. The company has completed an agreement with the bank to refinance the note for 2 years. $1,000,000 4% bonds payable, due December 31, Year 5. The company has violated bond covenants which causes the bonds to come due on January 31, Year 5. A company determined the following values for its inventory as of the end of its fiscal year: Historical costs $40,000 Current replacement cost $35,000 Net realizable value $42,000 Fair value $45,000 According to IAS 2, what amount should the company report for inventory on its balance sheet? D. $45,000 A. $35,000 C. $40,000 20 5 3 $40,000 short-term trade payable. What amount should Kelly report as current liabilities on its December 31, Year 1. balance sheet under IFRS? A. $1,640,000 B. $1,040,000 . 7. According to IAS 37 Provisions, Contingent Liabilities and Contingent Ass "a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the entity's control". Which of the following ite does the statement describe? A. A provision B. A current liability C. $40,000 D. S1,600,000 8. In which of the following scenarios, the mentioned asset is classi investment property of Changsha under IAS 40 Investment property? A. The asset is an office building that is for rental under an operating B. The asset is a new office that Changsha occupied immediately af purchase C. A contingent liability D. A contingent asset C. The asset is a broadcasting license with an indefinite useful lif D. The asset is an apartment building held for sale in the ordina business 9. A. B. Under IAS 40 Investment property, which of the follows Annual revaluation for investment property is not comm There is no need for revaluation for investment prop C. Revaluation for investment property must be cond D. None of the above is correct
Transcribed Image Text:6. . ● 2. 4. In the 4th quarter of Year 1, Betch Corporation produced 3 products that it still has in inventory at Dec 31, the end of its fiscal year. Product Cost S Number of unit Selling price S code X Y Z 80 140 40 150 60 160 10 Determine the amount at which Betch should report its inventory on the December 31 Year 1 Balance sheet under IAS 02? A. $26,200 B. $26,000 150 145 180 B. $36,000 C. $26,400 D. $25,600 Cost to complete and sell S Kelly Corporation has the following items on December 31 fiscal year-end. $600,000 5% note payable, due March 15, Year 2. The company has completed an agreement with the bank to refinance the note for 2 years. $1,000,000 4% bonds payable, due December 31, Year 5. The company has violated bond covenants which causes the bonds to come due on January 31, Year 5. A company determined the following values for its inventory as of the end of its fiscal year: Historical costs $40,000 Current replacement cost $35,000 Net realizable value $42,000 Fair value $45,000 According to IAS 2, what amount should the company report for inventory on its balance sheet? D. $45,000 A. $35,000 C. $40,000 20 5 3 $40,000 short-term trade payable. What amount should Kelly report as current liabilities on its December 31, Year 1. balance sheet under IFRS? A. $1,640,000 B. $1,040,000 . 7. According to IAS 37 Provisions, Contingent Liabilities and Contingent Ass "a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the entity's control". Which of the following ite does the statement describe? A. A provision B. A current liability C. $40,000 D. S1,600,000 8. In which of the following scenarios, the mentioned asset is classi investment property of Changsha under IAS 40 Investment property? A. The asset is an office building that is for rental under an operating B. The asset is a new office that Changsha occupied immediately af purchase C. A contingent liability D. A contingent asset C. The asset is a broadcasting license with an indefinite useful lif D. The asset is an apartment building held for sale in the ordina business 9. A. B. Under IAS 40 Investment property, which of the follows Annual revaluation for investment property is not comm There is no need for revaluation for investment prop C. Revaluation for investment property must be cond D. None of the above is correct
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