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Assume that you are a new accounting graduate that has obtained a position at Grant Thornton Australia in Sydney. Your client informs you that they have discovered that depreciation expense of their company for 2019 was understated by $20 000. This client seeks your advice on whether this retrospective restatement to correct prior-period errors should be included in their comprehensive income in 2019.
Your line manager asks you to advise your client referring to AASB 101 and your advice should cover the following points:
Question (1) What approach to profit measurement has been adopted by Australian Accounting Standard setters?
Question (2) How should prior-period errors be reported?
Question (3) Outline the arguments for and against the exclusion of prior-period adjustment adjustments (such as the effects of errors and accounting policy changes) in the calculation of profit.
Are there any incentives for your client to deliberately misstate the depreciation charges in the previous period?
Compute the number of preferred shares that were issued during 20X6. Calculate the average issue price of the common stock sold in 20X6.
Howard buys wrecked cars and stores them on his property. Recently, he purchased a 1990 Ford Taurus for $400. If he can sell all of the usable parts, his total proceeds from the Taurus will be over $2,500. As of the end of the year, he has sold only ..
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on 1st january 2013 winn heat transfer leased office space under a three-year operating lease agreement. the
Returned for credit Some of the office equipment Previously purchased on credit But not yet paid for.
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On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000
Write a brief explanation of 200 words on how the experienced accountant was able to determine the facts noted in the instructions
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Prepare Swag's consolidated balance sheet under each of the following independent situations - swag purchased the assets and assumed the liabilities of Perk by paying $1,400,000 in cash and issuing a $12,600,000 note.
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