User Account

All Pages

What amount should reported as profit before tax in elysee

Assignment Help Accounting Basics
Reference no: EM132744475

Problem 1: Elysee company draft financial statements showed the profit before tax for the year ended 12/31/2013 at 9,000,000. The board of directors authorized the financial statements for issue on March 20, 2014. A fire occurred at one of Elysee's sites on 1/15/2014 with resulting damage costing 7,000,000, only 4,000,000 of which is covered by insurance. The repairs will take place and be paid for in April 2014. The 4,000,000 claim from the insurance entity will however be received on February 14, 2014. What amount should be reported as profit before tax in Elysee's financial statements?

Reference no: EM132744475

Questions Cloud

Compute what amount asset be measured in the statement : Asset was sold on Jan. 31, 2014 for 2,120,000. At what amount should the asset be measured in the statement of financial position on Dec. 31, 2013?
What is the gross profit for the current year : Selling expense were equal to 15% of sales and also 25% of cost of sales. All other expense were 13% of sales. What is the gross profit for the current year?
Applying the learned information from career self : Organizations today have adopted innovative measures to retain key talent and reduce turnover.
What is is the amount of direct labor cost incurred : Finished goods at year end amounted to 20% goods manufactured. What is is the amount of direct labor cost incurred? PhilCPA Adapted
What amount should reported as profit before tax in elysee : The insurance entity will however be received on February 14, 2014. What amount should be reported as profit before tax in Elysee's financial statements?
What is the average rate of return your father earned : Forty years ago, your father invested $2,500. Today that investment is worth $107,921. What is the average rate of return your father earned
Discuss the human resource paradigm in diversity management : Briefly discuss The Human Resource paradigm in Diversity management and its interconnectivity to Diversity - specifically within the workplace.
Develop relationships with internal-external stakeholders : Evaluate strategies used to develop relationships with internal and external stakeholders.
State whether violation or non-violation of mia by laws : State whether there is a violation or non-violation of MIA By laws. Indicate the MIA By-laws being followed or violated. Provide an explanation for each.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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