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Identify three major accounting issues on which IFRS and US GAAP currently differ.For each, outline the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in
Compute net income on an accrual basis for the year 2012 starting with excess of cash collected over cash disbursed for the year 2012.
Given the current economic situation, what can companies do to boost reported earnings? Are there any accounting rules that can be exploited to do so? If so what and how?
Dennis is currently considering investing in municpal bonds that earn 8.80 percent interest, or in a taxable bonds issued by the Coca Cola Company that pay 9 percent.
Presented here is basic financial information (in millions) from the 2006 annual reports of Green Co. and Brown Co.
Faxon Company, which has only one product, has provided the following data concerning its most recent month of operations:
Kiser Company reports the following for the month of June.Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average cost.
Hutch corp. finished their fisacl year ending March 31, 2010. With 88,000 net income. They issued 22,000 of dividends at year end. At the end of the year on march 31, 2011 they had a net loss of (46
You plan to have $1,000,000 in your retirement account when you retire in 40 years. Assume an average annual rate of return of 8.5% compounded monthly. How much will you have to save at the end of e
Potential costs due to the discovery of a possible defect related to one of its products. These costs are probable and can be reasonably estimated.
How much indirect factory wages and factory equipment depreciation cost would be assigned to the Customer Orders activity cost pool?
Smith Jones Marketing company has 3,000 shares of 9% of 60 par, cumulative prfered stock outstanding 4,900 shares of 3.75 par common stock, the company began operations on April 1st, 2010.
Total liabilities and share equity $ 8,900,000.The acquisition was financed mainly by debt; $4,500,000 was borrowed by Simpson Ltd. from the Western Bank of British Columbia.
If the company transferred $234,000 of completed goods from work in process to finished gods inventory during April, what was the cost of goods sold for the month?
Brooks Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70%
Watkin Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Watkin's chemical pesticides.
A vertically integrated company realizes profits from the parts it is "making" instead of "buying" as well as profits from its regular operations.
Expert Garage pays $128,000 rent each year for its two-story building. The space in this building is occupied by five departments as specified here.
Midstate University is trying to decide whether to allow 100 more students into the university. Tuition is $5000 per year. The controller has determined the following schedule of costs to educate
Companies should not have to report forward-looking information unless there are effective deterrents to unwarranted litigation that discourages companies from doing so.
Murray Kiser operates his own catering service. Summary financial data for February are presented in wquation form as follows. Each line designated by a number indicates the effect.
McDougal, is a good friend of Krunch, the owner of a local candy store. Every day on his lunch hour McDougal goes into Krunch's candy store and spends about five minutes looking at the candy.
The CEO would like to see higher sales and a forecasted net income of $1,380,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amo
At the end of the current year. $41,980 of fees have been earned but have not been billed to clients. If the cash basis rather than the accrual basis had been used, would an adjustment have been ne
Regarding Nike's distribution and customer service facility in Wilsonville, OR. Suppose Nike wanted to set up an ABC system for this facility. Based on your understanding of Nike's operations fro