IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses. Investment : The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment. Held-to-maturity security : The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities. Available-for-sale (AFS) securities : These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk. Other-than-temporary (OTT) impairment : When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings. Unrealized holding gains and losses : These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held. Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. To Journalize : The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

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Answer 1

Question

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

PLEASE HELP! NOTICE. THERE ARE FIVE CELLS ON THE LEFT SIDE TO FILL. THE DROPDOWN SHOWS THE OPTIONS FOR THESE CELLS.

Calm Ltd has the following data relating tò two investment projects, only one of which mayb e s e l e c t e d :The cost of capital is 10 per cent, and depreciation is calculated using straight line method.a . Calculate for each of the project:i. Average annual accounting rate of return on average capital investedi i . Net Present Valuei l l . I n t e r n a l R a t e o f Returnb. Discuss the relative merits of the methods of evaluation mentioned above in (a).Q.4a . In the context of process costing, discuss the following concepts briefly, i . Equivalent unitsNormal lossill. Abnormal lossi v. Joint productsV . By productsb . Discuss the different types of standard costing and objectives of standard costing.

Answer 2

Question

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

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Answer 3

Question

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

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Answer 4

Question

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

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Answer 5

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

Answer 6

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

Answer 7

Chapter 12, Problem 12.31E

a)

To determine

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Investment: The act of allocating money to buy a monetary asset, in order to generate wealth in the future is referred to as investment.

Held-to-maturity security: The debt securities which are held by the investor with the intent to hold the investment till its maturity are referred to as held-to-maturity securities.

Available-for-sale (AFS) securities: These are short-term or long-term investments in debt and equity securities with an intention of holding the investment for some strategic purposes like meeting liquidity needs, or manage interest risk.

Other-than-temporary (OTT) impairment: When the market value of an investment declines to a value lower than its cost, it is referred to as OTT impairment. The OTT impairment is considered as permanent loss and the loss is recorded as decrease in net income or earnings.

Unrealized holding gains and losses: These are gains and losses which are unrealized and are the result of changes in cost and fair values of the investment for the period the investment is held.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2016.

Answer 8

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

Answer 9

b)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

Answer 10

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

Answer 11

c)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

Answer 12

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

Answer 13

d)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

Answer 14

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

Answer 15

e)

To determine

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 12 - Prob. 12.1Q Ch. 12 - When market rates of interest rise after a...Ch. 12 - Does GAAP distinguish between fair values that are...Ch. 12 - When a debt investment is acquired to be held for...Ch. 12 - Prob. 12.5Q Ch. 12 - What is comprehensive income? Its composition...Ch. 12 - Why are holding gains and losses treated...Ch. 12 - Prob. 12.8Q Ch. 12 - Prob. 12.9Q Ch. 12 - Prob. 12.10Q

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

To Journalize: The investment made by Company F, in Company J assuming it to be available for sale securities, as on December 31, 2016.

To Journalize: The investment made by Company F, in Company J assuming it to be held-to-maturity securities, as on December 31, 2017.

To Journalize: The investment made by Company F, in Company J assuming it to be equity investment rather than debt investment, as on December 31, 2017.

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