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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 ..
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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