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The financial period for ABC ltd Company will be ended by June 2020. During this financial period, as a result of the change in the currency exchange rate, ABC made $650 000 gain between the time of the sale of goods and the date on which payment was received for the first time. The company had not previously made sales denominated in foreign currencies.
Question 1: Assuming that the quantitative guidelines on materiality in AASB 1031 have been satisfied, describe how this event would be reported in the comprehensive profit statement.
Question 2: In your answer, discuss the disclosure requirement for these kinds of events in future.
Prepare the current and long-term liability sections of the December 31, 2021, balance sheet. Trade accounts payable on that date were $296,000.
Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations.
Gabby's Wedding Cakes creates elaborate wedding cakes
The practice of directing executive attention to important deviations from budgeted amounts is called manangment by: Why is the pubic budget different from other institutional sector budgets i.e. business? define and explain each. Describe the three ..
Company pays for merchandise by paying cash and using credit. Credit purchases equal 80% of the purchases. Of those purchased on reedit the purchases are paid for as follows: 60% in the current month, 35% in the month following, and 5% in the second ..
The standard wage rate is $12 per hour. ABC manufactured 1,000 fuzzy bears in October. The company used 980 direct labor hours and paid $12.50 per hour. What is labor rate variance? Is the variance favorable or unfavorable?
Michael holds a full-time job with Brown Company and a part-time job with Tan Corporation. During a workday, he drives 20 miles to Brown, returns home, has a meal, and then drives 15 miles to Tan. Tan is located 12 miles from Brown. What is Michael’s..
Treasury stock should be shown on the balance sheet as a(n) _______________. Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever make to the bank will be for $10,000 at the maturity da..
Identify the amount and type (for AGI or from AGI) of deductible expenses (assume the 2014 rules apply for purposes of the qualified education expense deduction and the educator expense deduction).
wacc and cost of common equitykahn inc. has a target capital structure of 60 common equity and 40 debt to fund its 10
Sales on Account - Many sales are made on account (on credit) instead of with cash or a credit card. Assume that your new company purchases products for resell
Data for a firm's first year of operation is given below. The firm uses absorption costing.
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