International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company. To Explain: The format of income statement used by Company LV.

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Answer 1

Question

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

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Winston Company manufactures a single product, the BXQY. The standards for materials for each unit have been set as 6 pounds of RM-42 at a standard cost of $30.00 per pound. During August, the company purchased 600 pounds and used 615 pounds of RM-42 to make 110 units of the BXQY. Winston paid $28.00 per pound for the material. What is the material price variance? A. $1,200 unfavorable B. $1,800 favorable C. $540 unfavorable D. $900 favorable help

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Answer 2

Question

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

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Answer 3

Question

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

Answer 6

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

Answer 7

Chapter 5, Problem 5.4IFRS

(a)

To determine

International Financial Reporting Standards (IFRS): The International Accounting Standards Board develops the International Financial Reporting Standards (IFRS). It provides a set of globally-accepted accounting guidelines for the preparation and presentation of the financial statements of a public company.

To Explain: The format of income statement used by Company LV.

Answer 8

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

Answer 9

(b)

To determine

The term used by Company LV for interest cost instead of “interest expense”.

Answer 10

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

Answer 11

(c) (1)

To determine

Notes to the financial statements consist of all additional information in connection with financial statement can be identified in the notes to the financial statements. Notes to the financial statement are one of the main requirements of an annual report. It helps to clarify the information presented in the financial statements.

To Determine: The Composition of the inventory of Company LV (Refer Appendix F).

Answer 12

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

Answer 13

(2)

To determine

The amount of inventory (gross) before impairment of Company LV for the year 2014.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Solution Summary: The author explains the multi-step income statement format used by Company LV. Notes to the financial statements are one of the main requirements of an annual report.

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The term used by Company LV for interest cost instead of “interest expense”.

The amount of inventory (gross) before impairment of Company LV for the year 2014.

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