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State whether the following assets may be revalued. Prepare journal entries for any revaluations permitted by accounting standards (you can ignore taxation effects). Assume that each item listed below represents a separate class of assets.
(a) A company has developed a masthead for its newspaper to the point where it is a very valuable asset. Although the masthead is not currently recognised, management believes it could be sold for at least $3 million.
(b) A company purchased a publishing title two years ago for $1.2 million when another publisher went into liquidation. The book has been very successful, and management believes that it could probably sell for $1.5 million if they ever put it on the market.
(c) A company acquired a franchise for an ice-cream stand at a beach at a cost of $100 000. There is great demand for this type of franchise as evidenced by recent sales of equivalent franchises at other beaches. The current market price for such a franchise is $200 000.
(d) A company has deferred development costs of $520 000 and the estimated recoverable amount for the development project is $860 000. 9 LO 8.2, 19 8.3, 2 8.4. 2 8.5, 2 8.7 ..
Analyze trends in the ending cash balance over time. Compute trends in interest returns on investments. Analyze cash balances, and changes therein, in relation to new or retiring debt obligations.
Cheer acquired a one-fifth interest in the net assets and profits of the firm. What is the combined gain realized by Nunu and JYP
Instead of selling the furniture at the end of its useful life, the company donates its old furniture to charity. How should the company record this donation
Use the accounting equation to solve for the missing information for Paid In Capital at 12/31/16 (don’t bother entering cents, just round to the nearest dollar):
Create entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used
Determibe what is the return on investment for the investment center if average operating assets were $2500000 during the period?
Advise BHP Ltd whether it is required to prepare consolidated financial statements. Give reasons for your answer
The company's federal-plus-state tax rate is 25%. Find the firm's after-tax component cost of debt for purposes of calculating the WACC
Son Corporation recently reported net income. Assuming their price/earnings ratio remains at its current level, what will be its stock price 1 year from now?
What is the main goal for accounting rules in the United States and around the world? What characteristics must financial information possess to reach that goal?
Mauro Products distributes a single product, a woven basket whose selling price is $18 and whose variable expense is $15.66 per unit. The company’s monthly fixed expense is $6,786. Solve for the company’s break-even point in unit sales using the equa..
An extensive consultation paper has been provided to you related to the Conceptual Framework from the International Public Sector Accounting Standards Board.
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