User Account

All Pages

Assuming hillside uses gaap determine the book value

Assignment Help Managerial Accounting
Reference no: EM13932725

Hillside Winery Inc. has inventory that cost $600,000. The aging process for the inventory requires several years. At the company's closing date (December 31, 2013) the inventory had a market value of $500,000. During 2014 the market value recovered to an estimated $580,000. 

Required: 

a. Assuming Hillside uses GAAP determine the book value and the amount of any gain or loss recognized on the 2013 and 2014 financial statements. 

b. Assuming Hillside uses IFRS determine the book value and the amount of any gain or loss recognized on the 2013 and 2014 financial statements.

Reference no: EM13932725

Questions Cloud

Prepare presentation about the scientific evidence : Prepare the power point presentation about the scientific evidence of the benefit of fluoridation as well as the possible adverse health outcomes
What does difference between the two population means : What does the confidence interval suggest about the difference between the two population means? Based on this result, does it seem that obsessive-compulsive disorders have a biological basis?
Negative real yield did they mean-nominal interest rate : Writing in the Wall Street Journal, two economists made the following prediction: "We believe that when investors awake from their depressed state, they will realize that they do not have to lend the U.S government money for the 10 years at a negativ..
Calculate the joint-venture annual cash flows : American Apparel Inc. - Saved from Bankruptcy but can it sustain?  1. Set up the Net Income Statement for the joint venture. 2. Calculate the Joint-Venture's annual cash flows from the project.
Assuming hillside uses gaap determine the book value : Assuming Hillside uses GAAP determine the book value and the amount of any gain or loss recognized on the 2013 and 2014 financial statements.
What is the yield to maturity at current market price : Heymann Company bonds have 4 years left to maturity. Interest is paid annually, and the bonds have a $1,000 par value and a coupon rate of 9%. What is the yield to maturity at a current market price of $834?
Compute realized rate of return for investor purchased bonds : Six years ago the Singleton Company issued 16-year bonds with a 14% annual coupon rate at their $1,000 par value. The bonds had a 9% call premium, with 5 years of call protection. Today Singleton called the bonds. Compute the realized rate of return ..
Compute the cost of goods sold and ending inventory : Use a vertical model to show the 2013 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average.
What is the projects terminal cash flow : PDF Corp. needs to replace an old lathe with a new, more efficient model. The old lathe was purchased for $50,000 nine years ago and has a current book value of $5,000. The new lathe is expected to be sold for $5,000 at the end of the project's ten-y..

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What is the concept of current rate method of translation

What is the concept of current rate method of translation and temporal method of translation? How does balance sheet exposure differ under these two methods?

  What is the approximate inventory on february

What is the approximate inventory on February 10, 2012 - Presented below is information compiled up to the date of the fire.

  Design a logical database structure for his business

Mike is aware that you have some expertise in accounting information systems and has asked for your assistance to design a logical database structure for his business.

  Prepare reports in a responsibility system for plant manager

The Dallas plant manager's office costs were $97,530 actual and $93,440 budget. The vice president of production's office costs were $135,950 actual and $132,660 budget. Office costs are not allocated to departments and plants.

  Prepare an entry to allocate the overapplied overhead

Prepare an entry to allocate the under- or overapplied overhead. Overhead applied in each of the inventory accounts is as follows

  What will the 401st unit sold contribute to profit

Sales were $780,000 for the year, variable selling and administrative expenses were $88,400, and fixed selling and administrative expenses were $170,000. There was no beginning inventory. Assume that direct labor is a variable cost.

  Needham company job costing system-calculate operating

Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Needham for 2008 are as follows:

  Martin and steele

According to Martin and Steele (2010, p.13), "The two principal professional associations in Australia - CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significanc..

  Prepare a contribution format income statement

Prepare a contribution format income statement segmented by divisions, as desired by the president and would you recommend the increased advertising? Show computations to support your answer.

  The company annual fixed costs

Blanchard Company manufactures a single product that sells for $ 180 per unit and whose total variable costs are $ 135 per unit.

  East and west. bmi has a cost of capital

Back Mountain Industries (BMI) has two divisions: East and West. BMI has a cost of capital of 15%. Selected financial information (in thousands of dollars) for the first year of business follows:

  Cost allocation-master budgeting-capital decisions

There're four primary techniques of examining capital decisions - two are discounting techniques and two aren't. Please pick one of them, describe the method and the pros and cons.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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