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The Banks Company reports using IFRS and uses fair value for its valuation method under IAS 16. The company acquired a small sailboat on January 1, 2011. It would have liked to have purchased a yacht and helicopter but did not have adequate cash reserves to do so. The sailboat has an expected useful life of 10 years and an estimated zero residual value. The cost of the boat was $50,000. The company uses straight-line depreciation and the depreciation-elimination method for revaluations. On December 31, 2013, the fair value of the boat was $31,500. On December 31, 2016, the fair value of the boat was $25,000. At the end of each year, management has reviewed for impairment indicators and noted that none exist. In addition, the company’s policy is to reverse a portion of revaluation surplus related to any increased depreciation expense due to revaluation.
Provide all necessary journal entries for 2011 through 2016.
Define distributions to owners and provide examples of this type of transaction. Illustrate what financial statement element other than equity is typically affected by distributions?
Based on the supervisor's instructions, quantities on the move tickets were not compared with those on the receiving report. Classify each of five situations as a fraudulent act, an indicator of fraud, or an event unrelated to the investigation. Ju..
Shamrock Company had net income of $30,000. On Jan 1, there were 8,000 shares of common stock outstanding. On April 1, the company issued an additional 2,000 shares of common stock. There were no other stock transactions. The company has earnings per..
Demonstrate using separate equations for MOS% and DOL that MOS% and DOL are functionally related. Spherically show that MOS%=1 / DOL
When Alonzo acquired the patents, their fair market values were: Patent AA: $20,000; Patent BB: $240,000; and Patent CC: $60,000. At what amount should Alonzo record Patent BB?
With the explosion of technological advances in the last 15 years, AIS skills are important for career success in accounting. Why is this important? Provide three reasons or benefits of AIS skills to any accounting-related career.
The owner is convinced that sales will increase next year by 150% and that net operating income will increase by 100%, with no increase in average operating assets. What would be the company's ROI?
Even small businesses require plant, property and equipment to compete and normally rely on some form of debt to finance itself. Let's start up a company that sells auto parts like Napa or Auto Zone. What assets would we require? How might we fin..
The dividend is expected to grow at a constant rate of X% per year forever. What is the stock's expected constant growth rate after t = 4, i.e., what is X?
parent manufacturing inc. is negotiating a merger with one of its major competitors targetsub manufacturing inc.nbsp
emmett company has a deferred tax asset of 1000000 at december 31 2011. this amount arises from the recording of the
Allocate the $1,000,000 common costs to the two revenue departments using both methods. Explain why are allocations called arbitrary?
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