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There are many differences with the measurement of assets between IFRS and U.S. GAAP. For each of the following topics, please describe how it would be handled with both sets of standards, and provide a minimum of 2 examples of issues surrounding the first time adoption of IFRS:
Change in compensation of salespersons from fixed annual salaries totalling $300,000 to total salaries of $75,000 plus 5% commission on net sales.
Included in income for the period was an extraordinary loss from flood damage of $50000 before deducting the related tax effect. The company's income before income taxes and extraordinary items was?
BluJay Aviation has called on your business consulting group again for advice. Brad has decided that they should extend the life of the aircraft from an original estimate of 15 years to 20 or 25 years. Three years have already been taken on the aircr..
Discuss ramifications and implications of Section 1031 exchanges and Section 121 exclusions, considering the impact of the recent increase in housing prices and the initial decline in housing today.
Using the generic internal value chain shown in exhibit8.2., classify eah onf the follwoing activities of an aluminum cable manufacturer as inbound logistic, operations, outbound logistics, marketing and sales, service or support.
He has spent the last month working with employees in the plant to change over the machines more quickly with the same reliability. He plans to produce 117,000 units of J25P and 48,500 units of J40X in the first quarter
If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Excom debit Product Warranty Expense?
Air Pack Company purchased packaging equipment on January 3, 2006, for $90,000. The equipment was expected to have a useful life of three years, or 21,000 operating hours, and a residual value of $6,000.
Prepare simple job-order cost sheets for Jobs #703 and #704. Prepare the journal entries for events (f) and (h) above.
Scribble, Inc. has sales of $92,000 and cost of goods sold of $76,000. The firm had a beginning inventory of $22,000 and an ending inventory of $24,000. What is the length of the days' sales in inventory?
The exchange has commercial substance, journalize the entries to record (a) the current depreciation of the old truck to the date of trade-in and (b) the transaction on July 1.
Identify at least three ways to that one would use in assigning authority and responsibility within an organization and identify at least one challenge in maintaining proper internal controls.
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