Total stockholders equity, accounting, Basic Statistics

Assignment Help:
To determine the amount at which inventory should be reported on the December 31 Year 1 balance sheet, Monroe Company compiles the following information
for its inventory of Product Z on hand at that date:
Historical cost $ 20,000
Replacement cost $ 14,000
Estimated selling price $ 17,000
Estimated costs to complete and sell $ 2,000
Normal profit margin as % of selling price 20%
The entire inventory of Product Z that was on hand at December 31 Year 1 was completed in Year 2 at a cost of $ 1,800 and sold at a price of $ 17,150.
Required:
a. Use the information provided in this chapter related to the accounting for inventories to determine the impact on Year 1 and Year 2 income related to
Product Z (1) under IFRS and (2) under U. S. GAAP.
b. Summarize the difference in income, total assets, and total stockholders’ equity using the two different sets of accounting rules over the two-year
period.

Related Discussions:- Total stockholders equity, accounting

Asset, what''s the asset?

what''s the asset?

Ifrs financial instruments, journal entries of a loan swap with different c...

journal entries of a loan swap with different currency

Ransfer pricing, what are the different types of transfer pricing?

what are the different types of transfer pricing?

IFRS 9, The company acquired 50000 8% preferencd shares (with a par value o...

The company acquired 50000 8% preferencd shares (with a par value of R4 each) in cross limited on 30 june 2006 for R180000.

Budgetary accounts, Budgetary accounts Accounts used to go through the ado...

Budgetary accounts Accounts used to go through the adopted budget into the all-purpose ledger as part of the administration control method of formal budgetary addition.

Time series, discuss the nature and causes of the components of an economic...

discuss the nature and causes of the components of an economic time series?

Conditional probability, The U.S. Department of Transportation reported tha...

The U.S. Department of Transportation reported that during November, 83.4% of Southwest Airlines’ flights, 75.1% of US Airways’ flights, and 70.1% of JetBlue’s flights arrived on t

Differance between categorical and dependent variable, Choose a topic that ...

Choose a topic that interests you that you can explore either with the 2006 GSS. You should have one primary "dependent" variable that you are interested in (Y). This variable shou

Cost control, how to make assignment maintenance cost control

how to make assignment maintenance cost control

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd