Total stockholders equity, accounting, Basic Statistics

To determine the amount at which inventory should be reported on the December 31 Year 1 balance sheet, Monroe Company compiles the following information
for its inventory of Product Z on hand at that date:
Historical cost $ 20,000
Replacement cost $ 14,000
Estimated selling price $ 17,000
Estimated costs to complete and sell $ 2,000
Normal profit margin as % of selling price 20%
The entire inventory of Product Z that was on hand at December 31 Year 1 was completed in Year 2 at a cost of $ 1,800 and sold at a price of $ 17,150.
Required:
a. Use the information provided in this chapter related to the accounting for inventories to determine the impact on Year 1 and Year 2 income related to
Product Z (1) under IFRS and (2) under U. S. GAAP.
b. Summarize the difference in income, total assets, and total stockholders’ equity using the two different sets of accounting rules over the two-year
period.
Posted Date: 2/8/2012 1:36:17 AM | Location : United States







Related Discussions:- Total stockholders equity, accounting, Assignment Help, Ask Question on Total stockholders equity, accounting, Get Answer, Expert's Help, Total stockholders equity, accounting Discussions

Write discussion on Total stockholders equity, accounting
Your posts are moderated
Related Questions
Study A                                      Study B                       Study C x 2 = 1.683                    F = 7.357                    r = .83 df = 4

What is a sole proprietorship? A sole proprietorship is a form of business organization that is owned by one person. The owner is referred to as a sole proprietor. In accoun

THE SIGNIFICANCE OF DATA EDITING


Capital grants Grants that are restricted for the acquisition: structure: renewal of capital assets associated with an accurate program, Refer to GRANTS & OPERATING GRANTS

Seven years ago, after 15 years in public accounting, Stanley Booker, CPA, resigned his posiition as Manager of Cost Systems for Davis, Cohen, and O''''Brien Public Accountants and

Describe portfolio ratio, i need assignment help in portfolio ratio based questions.

Linear regression is widely used in biological behavioral and social sciences to describe relationship between variables. It ranks as one of the most important tools used

What is F2 Test,  X, Y Arithmetic Means  The above method of finding out regression equation is tedious. The calculations can very much be simplified if instead of dealing with th

how can i get a free software to run a kolmogorov test?