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1) Under GAAP, when a company installs safety and/or environmental devices in excess of what the law mandates, it is treated as part of the asset. However; under IFRS these additional expenditures must be expensed immediately. Which method do you prefer? Explain your answer. Also, discuss the implications on the balance sheet and income statement for the year of expenditure and subsequent years of the two methods. 2) An American Company borrowed 1million Canadian dollars to finance the construction of an office building when the Canadian dollar was worth $1 US. At 10% interest, the American Company expected to pay back 1.1 million Canadian dollars which would cost $1.1 million US dollars. Unfortunately, based on changes in the value of the Canadian dollar, the American Company must pay $1.3 million US dollars to satisfy this debt. How will this $200,000 US dollar difference be shown on the American Company's financial statements under GAAP? How would this have been shown if the American Company used IFRS? Which gives us more relevant information? Explain. 3) Component depreciation is allowed under GAAP but is rarely used. Under IFRS it is required. Should component depreciation be required or allowed or prohibited? Defend your answer and remember, it is allowed under GAAP but rarely used.
Explain the rationale for recognizing costs as expenses at the time of product sale.
Motorcycle Manufacturers, Inc. projected sales of 76,000 machines for 2012. The estimated January 1, 2012, inventory is 6,500 units, and the desired December 31, 2012, inventory is 7,000 units.
The scenario is designed to help you determine and evaluate the payment amount of a car loan and a mortgage, based on the assumption that your household income is $36,000 per year or $3,000 per month.
Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron,
the project proposal is the financial and operational consequences of a merger between two organisations. the project
Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400The direct-material price variance is:
Henry transfers property with an adjusted basis of $90,000 and a FMV of $100,000 to a newly-formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $80,000 and a short-term note with a $20,000 FMV. Henry's recognized gain is ..
Which one of the following is not a way to deal with uncertainty in the budget-preparation process?
Which of the following is accounted for as a change in accounting principle?
xyz corporation bonds pay a coupon rate of interest of 12 percent annually and have a maturity value of 1000. the
William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation..
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