Answer:
Product 1 - $36
Product 2 - $ 96
Product 3 - $66
Explanation:
The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.
These costs includes cost of purchase, freight, Insurance cost during transit etc.
Subsequently, inventory is to be carried at the lower of cost or net realizable value.
The NRV is the Selling price less the cost to sell.
Given
Product 1 Product 2 Product 3
Cost $36 $ 106 $ 66
Selling price $ 88 $ 168 $ 118
Costs to sell $ 9 $ 72 $ 26
NRV $ 79 $ 96 $ 92
Answer: $10,906
Explanation:
Given that,
Purchased machinery at the beginning of Year 1 = $86,100
machinery has an estimated life of five years,
Estimated residual value = $4,305
Accumulated depreciation = $49,077 at the end of Year 2
Year 3 Depreciation expense:
= 
= 
= $10,906
Answer:
D. The auditors cannot form an opinion on the fairness of presentation of the financial statements as a whole.
Explanation:
The issue of a disclaimer of opinion normally represent that the auditor could not able to form the opinion on the fairness of the financial statements that shows the financial position and the condition of the company.
He is not able to give his opinion for the company financial statements
So, the last option would be correct
And, the rest of the options would be incorrect
Answer:
covenant.
Explanation:
Based on the information provided within the question it can be said that the type of deed that is in place is called a covenant. This term refers to any agreement that has been made in a written form such as a lease, deed, or other legal contract. Which is what HEH, Inc. has made with the written agreement stating that the lake cannot be touched.
