IFRS questions are available at the end of this chapter.
State a corp
inventory in current
1 $ 300,000
1.05 $ 324,762
Accounting Research Assignment (ARP 2)
Professional Research Assignment FASB Codification.
Transfer of receivables is addressed in FASB ASC 860-10: Codification String: Broad
Transactions > 860 Transfers and Servicing > 10 Overall > 05 Background >
Bragg Corp. had $1,500,000 net income in 2013. On January 1, 2013 there were 200,000
shares of common stock outstanding. On April 1, 25,000 shares were issued and on
September 1, Bragg brought 15,000 shares of treasury stock. There
Mr. Finance is presently leasing a Backhoe machine from Ford Motor Co. The lease requires 10 annual
payments of $4,000 due at the end of each year. The interest associated with the lease is 8%.
1. Assume the Equipment has a ten year useful life and will h
Quinn Co. has a machine that cost $30,000 on July 1, 2000. This old machine had an estimated life of
six years and a salvage value of $6,000. On December 31, 2003, the old machine with a fair market
value of $18,500 is exchanged t o for a new machine with
A trial balance before adjustment included the following:
Allowance for doubtful accounts
Sales returns and allowances
Prepare the journal entry to record the bad debt expense adjusting ent
Lower-of-cost-or-market. The December 31, 2014 inventory of Gwynn Company consisted of
four products, for which certain information is provided below.
Original Replacement Estimated
Disposal Cost Selling Pri
Franks Liquor store began its operations on January 1, 2001 and decided to carry its inventory under the
Dollar Value Lifo method. Info The following are calculations of Frankss Year-end inventory at Year-end
prices and current price indexes
Name Nataliya Kosirati
Wilson Co. has an agreement with the sales manager that she is to receive a bonus of 5% of net
income after deduction of the bonus and income taxes. Company income before deduction of the
bonus and income taxe