Net Income Difference using US GAAP and IFRS Company ABC Co. provided the following information for the 2020 year ended. Model # Replacement # Units Cost $8 Inventory Items A Red B Blue C Pink D Black AP 100X BS100X CC200X DC200X $14 $5 $12 450 300 750 520 Selling Disposal Price Cost $14 $1 35 8 2. Enter the difference you mention in #1 (if any): S 3. Determine Net Income using IFRS. $ 145 2 2 2 Profit Cost Margin $6 1. The Net Income using IFRS is: (select only one) greater than less than than Net Income using USGAAP.; 18 4 15 $5 16 7 By how much the Net Income of the company that prepares its Financial Statements using IFRS differs from USGAAP? In other words, is Net Income using IFRS equal to, greater than, or less than USGAAP? Use individual analysis. Do not considered any tax rate effect. Consider the information in the table above to answer questions 1, 2 and 3. 14 Consider the following: a. The Net Income under USGAAP is $35,000 after considered a Loss of $2,000 due to inventory market decline in year 1. b. "Ceteris paribus" = Other things being equal. Assume Inventory valuation is the only difference between USGAAP and IFRS accounting system. or equal

Net Income Difference using US GAAP and IFRS Company ABC Co. provided the following information for the 2020 year ended. Model # Replacement # Units Cost $8 Inventory Items A Red B Blue C Pink D Black AP 100X BS100X CC200X DC200X $14 $5 $12 450 300 750 520 Selling Disposal Price Cost $14 $1 35 8 2. Enter the difference you mention in #1 (if any): S 3. Determine Net Income using IFRS. $ 145 2 2 2 Profit Cost Margin $6 1. The Net Income using IFRS is: (select only one) greater than less than than Net Income using USGAAP.; 18 4 15 $5 16 7 By how much the Net Income of the company that prepares its Financial Statements using IFRS differs from USGAAP? In other words, is Net Income using IFRS equal to, greater than, or less than USGAAP? Use individual analysis. Do not considered any tax rate effect. Consider the information in the table above to answer questions 1, 2 and 3. 14 Consider the following: a. The Net Income under USGAAP is $35,000 after considered a Loss of $2,000 due to inventory market decline in year 1. b. "Ceteris paribus" = Other things being equal. Assume Inventory valuation is the only difference between USGAAP and IFRS accounting system. or equal

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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Subject: accounting
Prepare the statement of financial position as at 31 December 2020.
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