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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: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:
Problem (1) What approach to profit measurement has been adopted by Australian Accounting Standard setters?
Problem (2) How should prior-period errors be reported?
What is the present value of $31,600 due 15 periods from now, discounted at 6%? (Round answer to 2 decimal places, e.g. 25.25.)
In the previous year, a firm failed to record premium amortization of $40,100 and $28,900, respectively, on its bonds payable and held to maturity bond investments. These errors affect both income before tax and taxable income. The firm's tax rate is..
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Expected to sell 8000 units but actually produced and sold 8500 beds. Direct material 5 yards at $1.50 per yard Direct labor is 40 minutes at $20 per minute In the current year 44,000 yards were purchased and used at a cost of $1.60 per yard and 365,..
You have invented a personal submarine that can operate at about 10-20 feet below the surface of the ocean or a lake. It has windows for viewing. Describe your strategy in one or two sentences that could be circulated to your employees and allies. 5...
Determine the monthly payment on a 30-year level payment mortgage assuming an annual mortgage rate of 5% and an initial mortgage principal of $400,000.
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Prepare the journal entries for the month of March, 2020. A new laptop was purchased for the office to update their equipment. The price of the laptop.
During 2015, Paul sells residential rental property for $280,000, which he acquired in 1995 for $145,000. Paul has claimed straight-line depreciation on the building of $54,500. What is the amount and nature of Paul's gain on the sale of the rental p..
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