Solution-Income statement assuming gti uses u.s. gaap

Income statement assuming gti uses u.s. gaap

Reference no: EM13928875

The Global Transactions Inc. (GTI) purchased an asset that cost $90,000 on January 1, 2013. The asset had a four year useful life and a $15,000 salvage value.

Required:

a. Determine the amount of expense recognized on the 2013 income statement assuming GTI uses U.S. GAAP.

b. Determine the amount of expense or gain recognized on the income statement assuming GTI uses the IFRS revaluation model and the asset is determined to have a fair value of $82,000 as of December 31, 2013.

c. Determine the amount of expense or gain recognized on the income statement assuming GTI uses the IFRS revaluation model and the asset is determined to have a fair value of $97,500 as of December 31, 2013.

Reference no: EM13928875

Questions Cloud

Basic understanding of several quantitative techniques : select a specific problem you see in the workplace (or, if you have limited work experience, that you would find it valuable to solve in your home life), and then identify what you wish to study. You must apply the theories and concepts from the c..

What is the amount of the net income : A firm has a return on equity of 15%. The debt-equity ratio is 50%. The total asset turnover is 1.25 and the profit margin is 8%. The total equity is $3,200. What is the amount of the net income?

What is the present coverage times interest earned ratio : What is the present coverage (times interest earned) ratio? How much additional 10 percent debt can the company issue now and maintain its times interest earned ratio at 3.5?

Under the concept of an efficient market : Under the concept of an efficient market, a random walk in stock prices means that:

Income statement assuming gti uses u.s. gaap : Determine the amount of expense recognized on the 2013 income statement assuming GTI uses U.S. GAAP.

Largest percentage of corporate cash-in-kind contribution : Which company paid its employees to volunteer in their communities two days a week after a tsunami in Japan disrupted operations at its U.S. facilities?

Both bonds make semi annual payments : Erna Corp. has 7 million shares of common stock outstanding. The current share price is $86, and the book value per share is $5. Erna Corp. also has two bond issues outstanding. The first bond issue has a face value of $70 million, has a coupon rate ..

Financial reports influence business decisions : How does information from financial reports influence business decisions? Why is it important for business managers to understand the information found on financial reports?

Relationship between photosynthesis and cellular respiration : Describe the relationship between photosynthesis and cellular respiration. Include the following points: Write a word formula for photosynthesis. Write a word formula for cellular respiration

User Account

All Pages

Income statement assuming gti uses u.s. gaap

Reference no: EM13928875

Reference no: EM13928875

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT