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1) Under GAAP, when a company installs safety and/or environmental devices in excess of what the law mandates, it is treated as part of the asset. However; under IFRS these additional expenditures must be expensed immediately. Which method do you prefer? Explain your answer. Also, discuss the implications on the balance sheet and income statement for the year of expenditure and subsequent years of the two methods.
2) An American Company borrowed 1million Canadian dollars to finance the construction of an office building when the Canadian dollar was worth $1 US. At 10% interest, the American Company expected to pay back 1.1 million Canadian dollars which would cost $1.1 million US dollars. Unfortunately, based on changes in the value of the Canadian dollar, the American Company must pay $1.3 million US dollars to satisfy this debt. How will this $200,000 US dollar difference be shown on the American Company's financial statements under GAAP? How would this have been shown if the American Company used IFRS? Which gives us more relevant information? Explain.
3) Component depreciation is allowed under GAAP but is rarely used. Under IFRS it is required. Should component depreciation be required or allowed or prohibited? Defend your answer and remember, it is allowed under GAAP but rarely used.
Does warranty accrual decision create any ethical dilemma for Bly and since warranty expenses vary, what % do you think Bly could select for the current year? Justify your response.
mr. james k. silber an avid international investor just sold a share of rhone-poulenc a french firm for ff50. the share
larry james is planning to invest 25200 today in a mutual fund that will provide a return of 0.09 each year. what will
dexter corporation which uses a job costing system had two jobs in process at the end of 20x0 job no. 59 wip balance
a. Calculate the equivalent units of production for the year.b. Calculate the average cost per equivalent unit (round to the nearest cent).
1. noreen company sells umbrellas that retail for 40. noreens variable costs are 40 of sales fixed costs are
why are expenses paid for in advance reported as assets? what happens to this asset as time passes and what are the
Pam owns a sole proprietorship and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of the..
ahi corporation is one of your clients in hawaii. the company had a good year last year and owes the irs 100000000 due
If the index remains unchanged for the second adjustment period, what will be the interest rate on the loan? If there is more than one possible answer, what does the outcome depend on?
The Word for the study of Values in Philosophy is "Axiology," which has the same root as "Axiom" in mathematics. In Axiology, however, values are studied as to what motivates, inspires, of is responsible for human decision making.
shine corporation purchased 30 percent of the common stock of ash corporation on january 1 2007 at 28000 in excess of
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