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Question - MultiDuo Bhd is a multinational company producing semiconductor product since 2000. The semiconductor products are exported to Middle East, Hong Kong and Taiwan. The financial year end of the company is 31 March 2018. The company's financial statements were authorised for issue by the board of directors on 30 June 2018. Following are among events that occurred in 2018.
1. On 15 June 2018, a flash flood destroyed one-third of a factory of MultiDuo Bhd and caused severe damaged to its semiconductor inventory. The carrying amounts of the factory and the inventory were RM20 million and RM5 million, respectively. The company is entitled to be reimbursed for the damages amounting RM15 million from insurance company.
2. The civil suit was brought against MultiDuo Bhd before the end of financial year. The lawyer advised the company that MultiDuo Bhd would lose the case and suffer a loss of RM1.5 million. On 25 May 2018, MultiDuo Bhd and the complainant agreed to settle it out of court and paid RM1 million.
REQUIRED - Discuss the accounting treatment of the above events in the financial statements in accordance to MFRS 110 Events After the Reporting Period.
A production department's, Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.
An asset's book value is $19,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,000, the company should record:
What is the goodwill amount? P purchased 100% of S for $4,800,000. Book value of S assets: $4,900,000 Fair value of S assets: $5,500,000
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Orange Inc. offers a discount on an extended warranty on its iPhone when the warranty is purchased at the time the iPhone is purchased. The warranty normally has a price of $150, but Orange offers it for $120 when purchased along with an iPhone.
Calculate the accounting break-even level of sales assuming $865,000 of fixed costs, $400,000 depreciation expense, and a variable costs-to-sales ratio of 65%.
Which of the following statement(s) is true about taking a physical count of inventory?
Clicks and Pops and White Noise company mass produce record players in a single production department. During the period, 2,000 physical units were completed and transferred out to Finished Goods Inventory. The units in ending Work in Process Invento..
On January 1, 2015, Rattle, Inc. leased an asset to RottPei, Inc. for a six-year period. Rattle paid $180,000 for the asset. The fair market value of the asset at the lease inception date was $250,000. RottPei is to pay Rattle $46,909 at lease incept..
According to your research, the growth rate in dividends for Arch Coal for the previous 10 years has been 3.5 percent. If investors feel this growth rate will continue, what is the required return for Arch Coal stock?
Determine optimal markups and prices under third-degree price discrimination. You are the manager of a monopoly that sells a product to two groups
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