On December 31, 2021, ORANGE Company owned two assets as follows: Equipment P 100,000 Inventory P 80,000 Current cost Recoverable amount 95,000 90,000 The entity voluntarily disclosed supplementary information about current cost on December 31, 2021.

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A: Solution: Introduction: Consolidated financial statements are the combining of the statements of a…

Q: Compute for  Consolidated Total Asset Consolidated Total Liabilities

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A: Step 1   If any of the assets is held for sale then, it ceases to depreciation and amortization and…

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A: The purpose of disclosure requirements is to ensure that companies provide relevant and reliable…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

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Q: n what way do assets differ from liabilities?

A: Solution: Asset is a resource owned by the business having some economic value with expectation of…

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A: The financial position of the company can be arrived from the income statement prepared by the…

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

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A: Financial statement includes: 1) Balance sheet  2) Income statement 3) Cash flow statement  4)…

Q: Retained earnings (beginning of year) $33,000 Utilities expense 2,000 56,000 Equipment Accounts…

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Q: Discuss the rationale of using total assets as a basic in determining materiality.

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Q: Blossom Real Estate Balance Sheet December 31, 2020 Cash $ 25400 Accounts Payable $ 60700 Prepaid…

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Q: What are the two types of claims against assets?

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Q: epayment of grant related to an asset?

A: The asset is an economic resource that a corporation or business entity owned for its economic…

Q: In what way do current assets and fixed assets differ from each other?

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: what should be reported as total assets

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Q: What are the Required disclosures about each major class of capital assets?

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Q: What are the classifications of financial assets in accordance with IFRS 9?

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Q: What is the Total assets?

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A: The Answer

Q: Under what conditions should investments be classified as current assets? As long-term assets?

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Q: Elaborate the term: “De-recognizing” financial assets

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Q: What are the classifications of financial assets in accordance with PFRS 9?

A: PFRS :  It stands for Philippines Financial Reporting Standard which is fully converged with IFRS.…