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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.
Write a 350-word response to the following:Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about the operations of a company?
BunaBuna has been growing at a 15 percent annual rate and is expected to continue to do so for 3 more years. At that time, growth is expected to slow to a constant 4 percent rate.
Use of historical costing including the possibility of general price-level adjustments. Why do you think he has made this choice?
Sylva transfers to Leaf Corporation a machine she had purchased a year ago for $50,000. The machine has a $40,000 adjusted basis and a $55,000 FMV on the transfer date.
Using the information outlined above, what is the value of the ending inventory for a perpetual inventory system using the FIFO inventory valuation?
financial exercises1. the information below shows the assets liabilities and net worth fo a small business. arrange the
For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is
anthony roofings budgeted manufacturing costs for 50000 squares of shingles are fixed manufacturing costs 30000
A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return.
examine the following book-value balance sheet for university products inc. the preferred stock currently sells for 15
Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.
comet company began operations in 2010 and adopted the fifo method of inventory pricing. during 2012 comet company
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