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Problem 1: Assume that during 2018, Ferrari closes a distribution facility due to increasing competition in China. At the time of the closure in 2018, Ferrari anticipates that the land and building, which are carried on the balance sheet for €100, will only be worth €70 and Ferrari owes €50 in severance to employees who have been laid off to be paid as follows: €30 in 2019 and €20 in 2020. In 2019, the land and building are sold for €70. What effect would this transaction have on pretax income, total assets and total liabilities during 2018, 2019 and 2020?
2018:Pretax income: -€80 Total Asssets: -30Total Liabilities: +50
2019:Pretax Income: 0Total Assets: -30Total Liabilities: -30
2020:Pretax Income: 0Total Assets: -20Total Liabilites: -20
A company decided to replace an old machine with a new machine. Which of the following is considered a relevant cost?
Make the manufacturing account for the year ended 31 December 2019. Clearly label the prime cost and cost of production.
allocate administration expenses based on direct costs, and to allocate laboratory expense based on tests. What would the result be?
The company uses the first in, first out method on a periodic basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand and cost of goods sold.
Punk Peddler Inc., leases its carts which it uses to sell trinkets. On Jan 1, 2014, the company leased 5 carts and agreed to make lease payments of $20,000 (total for five carts) each year. Compute the annual rental expense if the lease is treated as..
pre-contribution balance sheets and fair valuesjune 30 20x9in thousands of
What is another name for Temporary accounts and Permanent Accounts What is a permanent account?What type of accounts are closed?
Describe the concept of 'Float,' and how it is measured by financial ratios. How would a major strategic initiative designed to increase market share from 40% to 75% be reflected in the financial statements.
Additional costs include transportation, $300; installation, $700; test run, $1,000; and insurance from the date that the equipment begins productive output
Fickle Financial buys and sells securities, expecting to earn profits on short-term differences in price. On December 28, Fickle purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $483,000. Record the initi..
Cite the role played by the Statement of Cash Flows in the decision-making process of a company. How important is for a company to monitor cash movement
The Nomura Securities stock report claims that "Operating profits fell 3%, but rose 11% after adjusting for impairment losses." Why do you think Nomura highlighted the difference between actual change versus change excluding impairment losses
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