User Account

All Pages

How comfort pty ltd should account for the inventory loss

Assignment Help Financial Accounting
Reference no: EM132635927

Comfort Pty Ltd is a wholesaler of home furniture. The recent bushfire destroyed one of its warehouse located in Cooma, NSW. The inventory loss amounts to $180,000.

Required:

Problem 1: Discuss and justify how Comfort Pty Ltd should account for the inventory loss of $180,000 as an 'expense', in accordance with the definition and recognition criteria provided in the AASB Conceptual Framework.

Reference no: EM132635927

Questions Cloud

Describe how disease impacts different body systems : Describe how the disease impacts different body systems. Summarize the global variation in both the incidence and prevalence of the disease.
Prepare journal entries to record transactions of lms ltd : Prepare the journal entries to record the transactions of LMS Ltd on 10 March 2020. 1 Feb 2020 LMS Ltd makes an offer to the public for investors to subscribe
Explain the method applied for microbiology : Explain the method applied for microbiology assay and the results obtained in that research work.
Implementation of new public health informatics process : You will design plan for implementation of a new public health informatics process and prepare a researched report on implementation for the stakeholders.
How comfort pty ltd should account for the inventory loss : How Comfort Pty Ltd should account for the inventory loss of $180,000 as an 'expense', in accordance with the definition and recognition criteria provided
Determine why is it so difficult to prosecute cybercriminals : For everyone that is captured nearly 10,000 or not captured. For every one successful prosecuted in a court of law, 100 get off without punishment.
Prepare the adjusting entry on june : Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. Prepare the adjusting entry on June 30.
Patient-level services and decision support : Current EHR systems are primarily designed to provide patient-level services and decision support.
How you could benefit from using the network management tool : Wireshark is one of the most widely-used network protocol analyzers. It lets you see what's happening on your network at a microscopic level.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What the net effect of the contribution in the organization

$3,000 to provide financial services to a private NFP organization. The net effect of this contribution in the organization's statement of activities is

  What was apples current ratio

HPQ had a cash ratio of 0.35, a quick ratio of 0.73 and a current ratio of 1.15. What can you say about the asset liquidity of Apple relative to HPQ?

  Determine which project should be taken based on the npv

Based on this analysis, is incremental IRR analysis necessary? If yes, please conduct the analysis. Based on the NPV, which project should be taken?

  Determine what is the bond nominal yield to maturity

Determine What is the bond's nominal yield to maturity? A corporate bond has a face value of $1,000, and pays a $50 coupon every six months

  What tax rate would he be indifferent between the bonds

Mitch is currently considering investing in municipal bonds that earn 8.40 percent interest, or in taxablebonds issued by the coca cola company that pay 11.2 percent. At what tax rate would he be indifferent between the bonds?

  Francis schaeffer contends that rome fell

Francis Schaeffer contends that Rome fell because it had no sufficient inward base. Do you agree or disagree with this statement? Clarify your answer. If you disagree, state why you believe that Rome fell. Can you see any illustrations in the world t..

  What assumptions is the financial reporting model based on

What assumptions is the financial reporting model based on? What principles support the financial reporting model? What is the role of Congress in settling the concerns that arise with accounting firms and their clients?

  Evaluate amount of units must be sold

Evaluate amount of units must be sold in order to realize an operating income of $50,000?

  Initial investment-calculate the initial investment

Basic calculation Cushing Corporation is considering the purchase of a new grading machine to replace the existing one. The existing machine was purchased 3 years ago at an installed cost of $20,000; it was being depreciated under MACRS using a 5-yea..

  How tlc should report cash flows from operating activities

Trans link Corporation (TLC)began 2018 with accounts, Show how TLC should report cash flows from operating activities for 2014. TLC uses the indirect method

  Matching items reported to cash flow statement

Matching Items Reported to Cash Flow Statement Categories (Indirect Method) - Reebok International Ltd. is a global company that designs and markets sports and fitness products, including footwear, apparel, and accessories.

  Check the requirements of aasb framework

Give a response to the shareholder on the basis of these requirements. Check the requirements of both AASB 138 and the AASB Framework in relation to accounting for brands;

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