The net realizable value of the inventory as of December 31, year 2, according to IFRS is <u>$75</u>.
<h3>What is net realizable value under IFRS?</h3>
Under the IFRS, inventories should be stated at the lower of cost and net realizable value. The net realizable value equals the selling price less the estimated costs of sale.
<h3>Data and Calculations:</h3>
Inventory purchase cost = $80
Net realizable value in year 1 = $60
Net realizable value in year 2 = $75
Replacement cost = $65
Normal profit margins = 20%
Thus, the net realizable value of the inventory as of December 31, year 2, according to IFRS is <u>$75</u>.
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Answer:
Explanation:
Liberalisation is the process or means of the elimination of control of the state over economic activities. It provides a greater autonomy to the business enterprises in decision-making and eliminates government interference
Answer:
Given that,
Value of promissory note = $11,700
Time period = 60 days
Interest rate = 14%
Interest revenue:
= Note value × Interest rate × Time period
= $11,700 × 0.14 × (60/360)
= $273
Therefore, the journal entry is as follows:
Accounts receivable A/c Dr. $11,973
To Interest revenue $273
To Notes receivable $11,700
(To record the dishonored note)
Answer:
A
Explanation:
net-net refers to 2 of the operating expenses in Commerical property. Triple Net refers to all of the taxes, maintenance and insurance or TMI
Answer:
What is the difference between marketing and merchandising? How do each of these concepts fulfill a different function in the business world? Explain and provide a real-world example of each.
