Evaluation of whether an asset is impaired

Assignment Help Financial Accounting
Reference no: EM135625

Several differences between IFRS and U. S. GAAP relate to when it is recognized.

How it is recognized.

On 1st January, 2012, Race Corp. acquired 70 percent of the voting common stock of Gallow Inc. In the year, Race sold to Gallow for $250,000 goods which cost $220,000. Gallow still owned 20 percent of the goods at year-end. Gallow's reported remaining income was $316,000, and Race's net income was $708,000. Race decided to use the equity technique to account for this investment. What was the non-controlling interest's share of consolidated net income?





Belsen purchased inventory on 1st December, 2013. Payment of 200,000 stickles was to be made in sixty days. Also on 1st December, Belsen signed a contract to purchase $200,000 in sixty days. The spot rate was $1 = .35714, and the 60-day forward rate was $1 = $.38462. On 31st December, the spot rate was $1 = .34483 and the 30-day forward rate was $1 = .38168. Consider an annual interest rate of 12 percent and a fair value hedge. The current value for one month at 12% is .9901.

In the journal entry to record the establishment of a forward exchange contract, at what amount could the Forward Contract account be recorded on 1st December?

What of the subsequent is not a significant difference between IFRS and U. S. GAAP related to recognition and measurement of assets?

Difference in the evaluation of whether an asset is impaired.

Acceptable use of LIFO under U. S. GAAP, but not IFRS.

Reversal of inventory write-downs allowed under IFRS, but not U. S. GAAP.

Sequent reversal of impairment losses allowed under IFRS, mainly for U. S. GAAP.

Which of the subsequent is not a framework for the development of accounting systems internationally?

Cultural Demonstrations.

Institutional Consequences.

Accounting Values.

Accounting Systems.

Reference no: EM135625

The default risk premium for crockett''s bonds

Crockett Corporation's 5-year bonds yield 6.35%, and 5-year T-bonds yield 4.75%. The real risk-free rate is r* = 3.60%, the default risk premium for Crockett's bonds is DRP =

Should gruner accept the special order

If amount decreases the income, use either a negative sign preceding the number, e.g., -45 or parentheses, e.g., (45). Enter all amounts and subtract where necessary.Should

Subtracting in the statement of cash flows

If an analysis of the general ledger accounts indicates that equipment, which had cost $168,000 and on which accumulated depreciation totalled $135,000 on the October 1st was

Compute the total asset turnover rate

Prepare a classified balance sheet with a proper heading on a spreadsheet. For assets, use the classifications of current assets, plant and equipment, intangibles, and other

Compute general mills'' accounts receivable turnover ratio

Compute General Mills' accounts receivable turnover ratio for 2004. (Assume that all sales are on credit. and determine the average collection period, in days, for an account

The investment was accounted for using the equity method

Simmons Corporation owns stock of Armstrong, Inc. Prior to 2014, the investment was accounted for using the equity method. In early 23014, Simmons sold part of its investment

Variable costing income be greater for the supplier

A supplier of aircraft parts to an aircraft manufacturer has noticed an increase in inventory. As a result of this, will absorption costing or variable costing income be great

Different sizes-with different levels of capital investment

How can use of tools like ROI and Residual Income help evaluate whether a business unit's performance is excellent vs. average vs. subpar and how do they help us compare the p


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd