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Q- Calculate the following ratios
Gross profit ration
Net Profit ratio
Current Ratio
Liquid ratio.
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- Topic: Non-Current Assets Held for Sale and Discontinued Operations 11. Which of the following shall be recognized by the entity in its 20x4 financial statements? a. Property, plant and equipment for P400,000 b. Property, plant and equipment for P1,000,000 c. Noncurrent asset held for sale for P950,000 d. Noncurrent asset held for sale for P1,000,000 18. Requirement: Provide the journal entry on December 31, 20x4.Question 1. For any single intangible asset that is material to an entity's financial statements, which of the following is required to be disclosed? Select all that apply. A. Remaining amortisation period of the intangible asset B. Carrying amount of the intangible asset C. Line item on the income statement whichtotal amortization is included D. Description of the intangible assetTopic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.
- AASB 116 requires disclosure of the following by asset class: I II III IV The useful lives of assets Yes No Yes Yes Accumulated impairment losses No Yes Yes Yes Items pledged as security Yes Yes No Yes Additions during the year Yes Yes Yes No ΟΙ O IV. O III OllWhat amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,000Selected accounts from Gregor Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: On the company's balance sheet, accumulated depreciation is subtracted from equipment, accumulated amortization is subtracted from patents, and accumulated depletion is subtracted from silver mine. Common stock Retained earnings Patents Cash Land Equipment Silver mine Current assets Plant assets Total plant assets Intangible assets Tatal intensible anta $ 47,000 Accounts payable 17,000 Accumulated depreciation-Equipment 6,800 Notes payable (due in 9 years) 7,400 Goodwill 44,000 Accumulated depletion-Silver mine 34,000 Accumulated amortization-Patents 29,000 GREGOR COMPANY Balance Sheet December 31 Assets 0 0 0 0 $ 3,400 25,600 25,000 6,400 5,800 3,800
- In a classified balance sheet, assets are usually classified as: Choose current assets; long-term assets; property, plant, and equipment; and intangible assets. current assets; long-term investments; property, plant, and equipment; and common stock. current assets; long-term investments; tangible assets; and intangible assets. current assets; long-term investments; property, plant, and equipment; and intangible assets. ffocto d byList 3 common intangible assets. How is the life determined that is to be used to compute amortization?Explanation on the recognition, measurement and disclosure requirements for the accounting treatment MRFS 138 intangible asset with clear details on scenarios
- Long term assets without any physical existence but, possessing a value are called Current assets O Fixed assets O Investments O Intangible assets O At the batance sheet date, the balance on the Accumutated Provision for Depreciation Account is Simply deducted from the asset in the Balance Sheet Transferred to Depreciation Account Transferred to the Asset Account O Transferred to Profit and Loss AccountOn January 1, 2022, Ivanhoe Inc., a construction company, leased an excavator from Oriole inc. The lease terms are as follows: Annual lease payments of $26.900 at the beginning of each year for five years At the end of the lease term the asset reverts back to the lessor and the residual value guarantee is $8.100 The incremental borrowing rate is 7% and the implicit rate in the lease is 6% (known by the lessee) Ivanhoe Inc. has a December 31 year end • • . Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare the journal entries for 2022 for Ivanhoe Inc. Assume Ivanhoe Inc. follows IFRS. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter O for the amounts)An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year isshown as follows:Asset Cost OpeningAdjustableValueMethod EffectiveLifeDecline inValue forThis PeriodClosingAdjustableValuePrinter 1,200 1,200 DiminishingValue3 years 400 800Desks 3,000 2,400 Prime Cost 10 years 300 2,100Appliances 2,600 1,040 Prime Cost 5 years 520 520All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligibleassets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity.