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There are numerous differences between U.S. corporate financial statements and foreign corporate financial statements.
For example, U.S. companies present goodwill as an asset on the balance sheet, and goodwill is reviewed annually to determine if there is a need to write down the value (impairment), while Japanese corporations amortize goodwill over its estimated life, and in Germany, goodwill is often subtracted from shareholders' equity on the purchaser's books.
Identify 4 specific accounting transactions or financial reportings that are handled differently under IFRS versus GAAP.
Explain which treatment in each transaction you feel is the better approach. Provide your reasons for each.
In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.
Amy, Beth, and Meg each own 100 of the 300 outstanding shares of Theta Corporation stock. Amy wants to sell her shares, which have a $40,000 basis and a $100,000 FMV. Either Beth and/or Meg can purchase Amy's shares (50 shares each) or Theta can r..
Prepare the annual closing entries for Billings Merchandisers using the partial adjusted trial balance shown below. A physical count at yearend determined that inventory at January 31, 2016, totaled $19,500. Assume Billings uses an Income Summary ..
roverplus a pet product superstore is considering pricing a new roverplus labeled dog food. the company will buy the
What is the amount of the discount to be taken by a company that purchases inventory for $10,000 with terms 2/10, n/30, returns $2,000 of the inventory purchased, receives an allowance for defective merchandise of $100, and pays the amount due ..
six years ago in dissolution of partnership bee partner joe received his pro rata share of inventory items held for
the vice president of operations of six layer computer inc. is evaluating the performance of two divisions organized as
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Calculate the capital balance of each partner in the partnership subsequent to the contributions. Prepare the journal entry necessary to record the partners' contributions.
Examine the four eras of business and make a prediction for what the next era will be like. Explain the rationale behind your prediction.
For 2010, stoneland corporation reported net income, 24,000; net sales 400,000; and average shares outstanding, 6,000. there werte no preferred stock dividends. What was the 2010 earnings per share?
On May 1, 2010, Kirmer Corp. purchased $450,000 of 12% bonds, interest payable on January 1 and July 1, for $422,800 plus accrued interest. The bonds mature on January 1, 2016.
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