(a) The International Accounting Standards Board is an independent,
privately funded accounting standards setter based in London,
UK. The Board is committed to developing, in the public interest,
a single set of high quality, understandable and e
BRIEF EXERCISE 8-9
2012 inventory at base amount ($22,140 1.08)
2011 inventory at base amount
Increase in base inventory
2012 inventory under LIFO
$19,750 X 1.00
$ 750 X 1.08
2013 inventory at base amount ($25,9
BRIEF EXERCISE 4-4
Income from continuing operations.
Loss from operation of discontinued
restaurant division (net of tax).
Loss from disposal of restaurant
division (net of tax).
EXERCISE 12-2 (1015 minutes)
The following items would be classified as an intangible asset:
Cable television franchises
Film contract rights
Covenants not to compete
Internet domain name
Solution to Chapter 4 Assignments
(&: Problems from Chapter 4 Update)
Income from operations.
Other Revenues and Gains
Other Expenses and Losses
Loss due to volcano eruption.