State the abbreviation for GAAP and IFRS.

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Answer 1

Question

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 8,450 Cash withdrawals by owner 16,950 4,080 Rent expense Consulting revenue Salaries expense 18,860 Telephone expense Miscellaneous expenses 46,020 9,280 84,920 $ 2,930 16,950 4,420 7,900 860 680 Check my work Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,900 cash and $46,020 in land. b. The company's $18,860 equipment purchase is paid in cash. c. Cash paid to employees is $2,700. The accounts payable balance of $9,280 consists of the $4,080 office supplies…

ht = ences X On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Salaries expense Cash $ 8,450 Accounts receivable 16,950 Office supplies 4,080 Rent expense Land 46,020 Office equipment 18,860 Telephone expense Accounts payable 9,280 Owner investments 84,920 Miscellaneous expenses $ 2,930 16,950 4,420 7,900 860 680 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Revenues Rent expense Salaries expense Telephone expense Total revenues $ 4,420 7,900 860 $ SA Assets Cash 8,450 Accounts receivable 16,950 Office supplies 4,080 Land 46,020 Office equipment 18,860 navable 9,280 13,180 5 11 of 14 Next >

Assets Current Assets Cash Credit card receivables Accounts receivable Marketable securities Food Inventories Prepaid expenses Total Current Assets Golden Bay Balance Sheet as at December 31 Year 2018 Year 2019 $ 18,500 9,807 $ 29,400 11,208 5,983 6,882 15,400 2,000 12,880 14,700 10 800 14 900 73370 79 090 Property Plant & Equipment Land Building Equipment Furnishings $ 60,500 828,400 114,900 75,730 (330,100) 16 600 766 030 839 400 $ 60,500 884,400 157,900 81,110 (422,000) 18 300 7 80 210 859 300 Net: Accumulated depreciation China, glass, silver, & linen Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts payable Accrued expenses payable Taxes payable Current mortgage payable Total Current assets $ 19,200 4,200 12,400 26 900 62 700 $16,500 5,000 20,900 26 000 68 400 Long-term liabilities Mortgage payable Total Liabilities $ $512 800 $486 400 575 500 $555 200 Stockholders' Equity Common stock ($5 par. 40,000 shares issued & OS) $200,000 Retained earnings…

Answer 2

Question

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

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Answer 3

Question

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

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Answer 4

Question

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

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Answer 5

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

Answer 6

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

Answer 7

Chapter 2, Problem 1YT

1.

To determine

State the abbreviation for GAAP and IFRS.

Answer 8

1.

Expert Solution

Explanation of Solution

GAAP stands for “Generally accepted accounting principles”. IFRS stands for “International Financial Reporting Standards”.

Answer 9

1.

Expert Solution

Answer 10

1.

Expert Solution

Answer 11

Expert Solution

Answer 12

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

Answer 13

2.

To determine

Explain the reason for which guideline are needed for financial reporting.

Answer 14

2.

Expert Solution

Explanation of Solution

Guidelines are required to make sure the worth of the information therefore a firm’s performance can be compared from period to period on timely basis and compared to other performances of other firms.

Answer 15

2.

Expert Solution

Answer 16

2.

Expert Solution

Answer 17

Expert Solution

Answer 18

Ch. 2 - Prob. 1YT Ch. 2 - Prob. 2YT Ch. 2 - Is prepaid insurance an expense or an asset?...Ch. 2 - Prob. 4YT Ch. 2 - Give an example of the matching principle from the...Ch. 2 - What is the difference between cash basis and...Ch. 2 - Prob. 7YT Ch. 2 - What is GAAP? What is IFRS?Ch. 2 - Prob. 2Q Ch. 2 - Prob. 3Q

State the abbreviation for GAAP and IFRS.

State the abbreviation for GAAP and IFRS.

Explanation of Solution

Explain the reason for which guideline are needed for financial reporting.

Explanation of Solution

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Chapter 2 Solutions