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Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?
a) An asset is booked for 3,000
b) A debit to cash is booked for 100,000
c) The discount of 5,000 is amortized using the straight-line method over the life of the bond
d) The discount of 8,000 is amortized using the effective interest method over the life of the bond.
Assume you own portfolio of British securities valued at $430,000. The exchange rate is currently at $1 = £0.57. A currency contract on British pounds is set at 62,500 pounds.
Describe how the authoritative literature addresses comprehensive income. Describe three classifications within net income and give an example of each. Describe three classificiations within other comprehensive income and give an example of each.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
Which of the following is an example of a variable cost?
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
Evaluate earnings per share
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
Explain the impact of tax treatment legislation on employee disposable income and employer profits.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
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