Understand supplemental LIFO disclosures and the effect of LIFO liquidations onnet income.

Q: Describe some of the provisions of the standard that addresses asset retirement obligations.

A: Asset Retirement Obligation  It is a legal obligation related to the retirement of a tangible asset…

Q: The statement of realization and liquidation reports the actual results of a liquidation whereas a…

A: The answer is True Refer step 2 for explanation

Q: where do all of the nonseparately stated items go on the form 1065?where is the net of all those…

A: Form 1065 is an informational type of return need to be filed by the partnership to the IRS.IRS…

Q: liquidate t

A: At the time of liquidation we have used Realisation account to show the surplus of deficit. We need…

Q: What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination?

A: Since there is no revenue and expense of the acquire upto the date of acquisition.

Q: REQUIREMENTS: 1. What is the TOTAL amount of unfunded allotments to be reported in the Registry of…

A: Owner’s equity-  Owner’s equity refers to the number of investment made by a personal in a…

Q: Why are administrative expenses that are incurred during a liquidation classified as liabilities…

A: Administrative expenses are those expenses related to liquidating cost and preserving the assets, in…

Q: A currently maturing obligation of the entity is classified on the SFP as a?

A: Here SFP stands for statement of financial position. In a SFP different assets and liabilities are…

Q: Explain priority of claims in liquidation

A: The priority of claims in chapter 7 liquidation ensures that the debtor’s assets are equally…

Q: What is the impact of subordination on the final allocation of proceeds from liquidation?

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: The non-controlling interest section of the income statement is:(a) required under GAAP but not…

A: Generally Accepted Accounting Principle (GAAP): Generally Accepted Accounting Principle (GAAP) is a…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: Define debtor-in-possession (DIP) financing

A: Introduction: A debtor in possession (DIP) is an individual or company that has filed for chapter 11…

Q: GAAP requires that debt issue costs be recorded separately and amortized over the term of the…

A:

Q: Define each of the following terms:e. Priority of claims in liquidation

A: Answer: Liquidation is a mechanism by which the corporation liquidates properties to repay the debt…

Q: describe the fi nancial statement presentation of and disclosures relating to debt

A: A single line component of the cumulative amount of a long-term firm's liability due after one year…

Q: Explain the difference between the legal powers and responsibilities of a reciever and liquidator

A: Receiver is the person who has a duty of manage the assets of a company during a law suit, whereas,…

Q: What is the purpose of a proposed schedule of liquidation, and how is it developed?

A: Partnership: This is the form of business entity that is formed by an agreement, owned and managed…

Q: Describe the Debt Investments Classified as Available-for-Sale Securities.

A: Available for sale securities are generally stated at their fair values. These types of securities…

Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…

A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…

Q: Amounts collected for third parties represent liabilities until remitted. Provide several examples…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: ation of debt income from qualifi

A: The Qualified Principal Residence exclusion enables a taxpayer to deduct up to $2,000,000 of the…

Q: Discuss in brief the types of collateralized debt Obligation. Please explain in details.

A: Solution-  Collateral Debt Obligation [CDO] is a sophisticated project financing outcome that's also…

Q: a premium is purchased by an entity, the effect in the assets section would be

A: Assets refer to the sum value of money invested by an entity into its resources required for the…

Q: The alternative treatment in reporting Subscription Receivable is addition to Current Assets…

A: The amount receivable from the subscriptions revenue is termed as "subscription receivable".

Q: Describe the Enterprise Fund's disclosure requirements. Describe how the inclusion of this…

A: An enterprise fund identifies the overall direct and indirect expenses of assisting and the sources…

Q: Can someone make the “statement of liquidation?”

A: Answer are as follows

Q: What is the purpose of a statement of liquidation? What information does it convey to its readers?

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: explain the main different between acquisition method, interest pooling g method and the purchase…

A: Acquisition is one type of mergers and acquisitions, where pooling-of-interest method and purchase…

Q: How are gains and losses on Available for Sale (AFS) securities recorded?

A: Available-for-sale (AFS) securities: The category of passive investments which are held as idle…

Q: Which of the following reclassifications of financial assets is permitted under PFRS 9? a.…

A: A financial asset is a liquid asset whose value is derived on a contractual right or ownership…

Q: How are gains and losses from extinguishment of a debt classified in the income statement? What…

A: Bonds payable: A legal contract for a long-term debt made between the lender and the beneficiary;…

Q: Describe briefly the priority of claims in a formal liquidation.

A: Liquidation is a process in which the business of an organization comes to an end.

Q: entries in the preparation of consolidated financial statements.

A: Consolidated financial statements: Consolidated financial statements are the financial statements of…

Q: Explain what purpose the statement of realization and liquidation serves.

A: If an organization winds-up or liquidates due to under performance or poor performance. Then it…

Q: Demonstrate how to identify and account for debt investments classified for reporting purposes as…

A: Debt securities: The financial instruments which are bought by investors, or corporations, or mutual…

Q: What is meant by Provision for Discount on Debtors and Reserve for Discount on Creditors.

A: Provision for discount on debtors: Discount is allowed for debtors when payment is made with in…

Q: Explain the nature of interest on debentures.

A: A fixed amount of money which is paid in the form of interest to the holders of the debentures at…

Q: Provide an explanation of the circumstances under which assets and liabilities are de-registered.

A: This question deals with the circumstances under which assets and liabilities are de-registered.

Q: What will be the statement of liquidation?

A: Statement of the liquidation is the statement which is prepared when the business of the company or…

Q: List the priority of claims for the distribution of a liquidatedfirm’s assets.

A: Liquidation:  The liquidation process generally takes place when the firm is deemed to be far gone…

Q: The alternative treatment in reporting Subscription Receivable is     a. deduction to Current Assets…

A: Subscription receivable is a revenue receivable that is an asset for the company.

Q: Can you explain Collateralized debt obligation

A: A collateralized debt obligation (CDO) is a complicated dependent finance product this is…

Q: What'sthe journal entry to accrue for amortization expenses?

A: Amortization is that process of expensing the utilization of intangible assets over time as against…