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PROBLEM 2: FOR CLASSROOM DISCUSSION 1. Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31. 20x1: Accounts receivable, net P300,000 Building, net 900,000 The building was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 Average - 20x2 December 31, 20x1 100 180 150

PROBLEM 2: FOR CLASSROOM DISCUSSION 1. Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31. 20x1: Accounts receivable, net P300,000 Building, net 900,000 The building was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 Average - 20x2 December 31, 20x1 100 180 150

FINANCIAL ACCOUNTING
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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325 What are the restated amounts of the assets? Accounts receivable a. 250,000 b. 286,667 Building 1,350,000 1,478,932 c. 300,000 d. 300,000 1,350,000 900,000 stated in t of a 2. Entity A operates in a hyperinflationary economy. Entity A has total sales revenue of P1,200,000 before restatement on December 31, 20x1. The sales were earned evenly during the period. The general price indices are as follows: December 31, 20x0 ts 100 y 14, 1998 inflationar Average-20x2 December 31, 20x1 180 www. 200 What is the restated amount of the sales? c. 2,400,000 a. 1,333,333 b. 1,300,000 d. 1,200,000
Transcribed Image Text:325 What are the restated amounts of the assets? Accounts receivable a. 250,000 b. 286,667 Building 1,350,000 1,478,932 c. 300,000 d. 300,000 1,350,000 900,000 stated in t of a 2. Entity A operates in a hyperinflationary economy. Entity A has total sales revenue of P1,200,000 before restatement on December 31, 20x1. The sales were earned evenly during the period. The general price indices are as follows: December 31, 20x0 ts 100 y 14, 1998 inflationar Average-20x2 December 31, 20x1 180 www. 200 What is the restated amount of the sales? c. 2,400,000 a. 1,333,333 b. 1,300,000 d. 1,200,000
What is the restated 31, 20x2? c. 1,467,649 a. 1,520,000 b. 844,444 d. 800,000 PROBLEM 2: FOR CLASSROOM DISCUSSION 1. Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31. 20x1: Accounts receivable, net P300,000 Building, net 900,000 The building was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 Average- 20x2 December 31, 20x1 100 180 150
Transcribed Image Text:What is the restated 31, 20x2? c. 1,467,649 a. 1,520,000 b. 844,444 d. 800,000 PROBLEM 2: FOR CLASSROOM DISCUSSION 1. Entity A operates in a hyperinflationary economy. Entity A has the following assets before restatement on December 31. 20x1: Accounts receivable, net P300,000 Building, net 900,000 The building was acquired on May 21, 20x0. The general price indices are as follows: May 21, 20x0 Average- 20x2 December 31, 20x1 100 180 150
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