User Account

All Pages

What financial statements instead of the market value

Assignment Help Financial Accounting
Reference no: EM132762560

Problem 1: Green valley is a forestation company. Inventory of young trees as at December 31, 2019 was 10,000 seedlings, each of which had cost $0.10. Unfortunately, the seedlings would not last until the start of the 2020 planting season. If the cost of the closing inventory were to be used for the 2019 financial statements instead of the market value,

A) there would be no effect

B) the income would be overstated by $1,000, but the balance sheet would be correct

C) none of the options is correct

D) the income statement would be correct, but the balance sheet would overstate assets by $1,000

E) the income and assets would both be overstated by $1,000 because as per accounting constraint the inventory should be valued at zero.

Reference no: EM132762560

Questions Cloud

What is volume in cubic meters : Suppose that you find in a reference book that the volume of all the oceans is 1.4×109km3 1.4×109km3. To find the mass, you can use the density
Critically the practical aspects of sensor use and type : Demonstrate knowledge and critical understanding of sensors and transducers typically encountered in engineering applications
Density into kilograms per cubic meters : Determine that the density of a certain solid is 5.23×10-6kg/mm3 5.23×10-6kg/mm3. Convert this density into kilograms per cubic meters.
Analyze organizational change in sorority : Analyze an organizational change in sorority that you belong, where there was some resistance to change.
What financial statements instead of the market value : Start of the 2020 planting season. If the cost of the closing inventory were to be used for the 2019 financial statements instead of the market value
Supply chain trade-off assessment : Explain your reasoning as to which functions in the organization's supply chain should be centralized, and which should be decentralized.
Which the objectives of financial statements include : Which the objectives of financial statements include? Using accounting for decision support within the organization requires? personal financial planning
Define population : Define a population. An examination of all population measurements is a census, while a sample is a subset of the elements of population.
Describe the difference between static and flexible budget : Briefly describe the difference between static and flexible budget. Also Explain the influence of fixed and variable costs when preparing a flexible budget

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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