Explain the IAS-10 (Events after reporting period).
Q: Sama company has the following unadjusted account balances at December 31, 2021, Total Sales of…
A: Lets understand the basics. Allowance for bad debt account is created by using percentage of the…
Q: Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing…
A: In the context of the given question, we are required to compute the answer to those questions.…
Q: O P40,040.00 O P42,140.00 O P2,100.00 P1,158.00
A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…
Q: Antolini Enterprises produces men's sports coats that are sold by popular department stores. Each…
A: The answer is stated below:
Q: Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The…
A: The profit and loss on realisation is distributeed to parners in PSR ( profit sharing ratio) and…
Q: From the following information, furnished by Ms. Anucampa pertaining to the financial year ended as…
A: In the context of the given question, we are required to compute the total income of Ms. Anucampa…
Q: Boy Car Repair Shop started the business with total assets of P200,000 and total liabilities of…
A: The balance of capital at the year-end is determined by adding the capital invested during the year…
Q: Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking…
A: The material to be used in the production during the period becomes part of work-in-process besides…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: Theory concept: Net profit: Net profit is a income statement item. In income statement all the items…
Q: The following table shows the balances in the three main accounts of a country's balance of payments…
A: Current account = Capital account + financial account
Q: Which of the following is a question that might be answered by an MIS system? What are employment…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Task 2.3: Mann, Haney and Young are partners. Haney, who has a capital balance of $140 000, has…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…
A: Under the equity method, consolidated balance of the investment will be the sum of its initial…
Q: Compute for the Economic order quantity, assuming the no of units of materials required annually…
A: Given: - Annual requirement=20,000 Ordering cost=29.00 Carrying cost=5.4
Q: Using Moving Average method compute for the June 20 cost per unit Date Transaction 01-Jun Inventory…
A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Formula used: Direct labor efficiency variance = ( Standard hours - Actual Hours ) x Standard rate
Q: Item Nos. 19 to 21 are based on the following information: Partners Bruce, Charlie, and Demi share…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Hi Tutor, Can you please write some comment for revised contribution margin I mean how it came and…
A: The difference between an actual measured outcome and a basis, such as a budgeted amount, is known…
Q: Response containing written narrative, figures, and charts. Milano Co. manufactures and sells…
A: The breakeven point is the amount of production at which a product's expenses equal its revenues.…
Q: 17. The total cash distributed to the partners in the first installment was: a. P 12,500. C. P…
A: Here discuss about the details of total cash distribution which are made to the partners at the time…
Q: The following transactions took place in May 2021. May 1-5C's began the business by investing P…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been…
A: Non cash assets means the assets other than cash and bank balances. Any amount received more or less…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: Net profit is the amount the money made by your business after deducting all operating, interest,…
Q: ILLUSTRATE THE CASHFLOW DIAGRAM FOR PLAN R AND PLAN S A utility company is considering the…
A: Capital budgeting is a method to select either the most profitable or the least cost alternatives…
Q: ancis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: A company entered into the following transactions Match sach transaction with the appropriate…
A: 1. General journal - It records transactions relating to adjustment entries, opening stock,…
Q: Your firm plans on purchasing an existing rental property with a remaining service life of 30 years.…
A: The term "annuity" refers to insurance policies sold by financial organisations with the goal of…
Q: e-half of her equity. After the admission of Mitch, the total partners' equity in the records of the…
A: When a new partner purchases the existing partners capital share , it is a personal transaction and…
Q: whether this is a desirable investment by using the present worth method.
A: Present worth method means the difference between PV of cash inflow & Cash outflow. Decision…
Q: Cash Accounts Receivable Inventory Long-term Assets Accounts Payable Wages Payable Long-term…
A: Lets understand the basics. Working capital is capital required to run day to day business activity.…
Q: 1. Assuming there were no inventory transactions between the companies, what balance for inventory…
A: Option D - P210000 is correct Since the book value and the fair value of the assets/liabilities of…
Q: The FernRod Motorcycle Company invested $150,000 at 4.5% compounded monthly to be used for the…
A: The value of the investment (made in the current period) after a certain period of time would be…
Q: Using Use the data given in Exercise 12-9, except assume that on November 1, Sitco Products entered…
A: Speculation Forward Contract: The contract which pursue the counterparties to buy or sell an assets…
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…
Q: Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%.…
A: Sales=Units sold×Selling Price Cost of sales=Sales(100%+markup %)
Q: £900. There are two bidders. The dealer believes that there are only three possible values, £7,200,…
A: Bidders are buyers in a group, who are willing to purchase the commodity for which they bid…
Q: LP Corporation uses an activity-based costing system with the following three activity cost pools:…
A: Cost allocated to fabrication activity - Wages and salaries = P460,000 x 5% = P23,000 Depreciation…
Q: Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. As of June 30, the capital…
A: Lets understand the basics. Liquidation may happen voluntarily or by compulsion. when liquidation…
Q: Note: If E=P28,091.16 and N = P11,213.00, what is the value of D? E= Total Earnings D Deduction N =…
A: Formula: Net pay = Total earnings - Deductions All the deductions are to be deducted from total…
Q: Primrose Corp purchased a 70 percent interest in Starman Corp. on January 1, 2020 for P15,000,000…
A: Consolidated retained earnings refer to the total retained earnings of a whole group of companies…
Q: Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car…
A: The documentary stamp tax is a tax that is charged on the sale or purchase of the property. This is…
Q: Partners Soul and Mate who have been dividing profits and losses in 2 points the ratio of 3:2.…
A: First, we will calculate the loss on realization Particular Amount Capital Soul P40000 Add:…
Q: In a review engagement, the CPA issues a report with: a-moderate assurance. b-limited…
A: review engagement provides moderate level of assurance that the information subject to review is…
Q: Item Nos. 15 and 16 are based on the following information: On January 2, 200C, Glad, Happy, and Joy…
A: Ques 15: Joey's Opening Capital : 45000 Joey's Share of Cash : 7500 Hence, Joey's share of Loss on…
Q: On Sep. 1, 2010 Bros Company purchased 10000 of Handle production Ins.. %9 Bonds lace value 100 $…
A: The bond investment is recognized in the books of accounts at fair value adjusted by the transaction…
Q: Jennifer, the manager of Pharoah Company is given a bonus based on net income before taxes. The net…
A: The net income before tax is calculated as sum of net income and income tax.
Q: . On January 1, 20x1, ABC sold a used vehicle with a historical cost of P2,000,0000 and accumulated…
A: Carrying Amount is the book value of an Assest which is recorded in financial Statement . When the…
Q: Mixing Company manufactured 2,200 units of its only product during 2022. The inputs for this…
A: Partial operation productivity is a measure where the output of the production unit is to a single…
Q: The Ludel Company acquired the net assets of the Girl Conrad Company on January 1, 2018, and made…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses…
A: In the context of the given question, we are required to compute the final cash distributed to Yen.…
Step by step
Solved in 2 steps
- a). Make a list of FASB accounting standards that have been converged with IFRS and b).identify the FASB topic name and ASC number for example, (Standard topic name: ASC XXX-XX-XX-X).Make a list and indicate the titles and descriptions of the current IASs and IFRSs .What is a reportable segment in accordance with IFRS 8? What criteria are used in determining what operating segment is reportable? How are the segments that are not reportable segments handled in the required disclosure?
- Discuss the objectives of segmental information and the requirements for the disclosure of segmental information in annual reports.Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events.Which FASB accounting standard(s) are next in line to converge with an IFRS standard?
