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arsen [322]
3 years ago
8

Aviation Inc. decided that they would sale the bond within 90 days. Assume that Aviation now has to adjust their financial state

ments and account for the investment as available for sale. Write a memo detailing the impact that the change will have on each financial statement and site and explain the accounting codification that explains how this change should be accounted for in the financial statements. You must show the journal entry that will be made to adjust the financials statements.
Business
1 answer:
natali 33 [55]3 years ago
7 0

Answer:

You didn´t post the complete information of the exercise, I searched the exercise online and tried to ask the most useful question.

Explanation:

As per IFRS 32, if the entity holds a Financial Instrument as held for maturity, then Financial Instruments shall be treated as Financial Instruments amortised at cost and shall be recognised at cost.

In the present case, the entity decides to reclassify its financial instruments from Instruments held for maturity to financial instruments held for sale within next 90 days

There will be two implications for the same

a) The financial instruments shall be classified as Financial Asset - FVTPL, i.e. Fair value measured through Profit and Loss or FVTOCI, i.e. Fair Value measured through Other Comprehensive Income. In both the cases, financial asset shall be remeasured at Fair value as on the date of reporting period end with the only difference being that in FVTPL, gain/loss on re-measurement should be routed through Profit and Loss A/c where as in FVTOCI, gain/loss on re-measurement should be routed through Other Comprehensive Income.

b) Since, financial instruments shall be sold within next 90 days, Financial Assets shall be reclassified as Current Assets.

Check the document attached

Download xlsx
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Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devote
drek231 [11]

Answer:

the division of $150,000 will be $75000 and $75000.

Explanation:

2) since there is no reference to division of income in the partnership agreement then partnership income will distribute equally

so distribution = 150000/2 = 75000  

so, $ 150,000 will be distributed as $75000 and $75000 to Campbell and Jackson.

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3 years ago
What educational background or training did rose lamont need?
rewona [7]
Rose Lamont needed an educational background involving arts and design. She also needs to attend training courses in design, marketing and advertising arts. Without the educational background and the additional training courses, and of course the talent should also be there. 
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3 years ago
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Which relationship is possible when two tables share the same primary key?
ololo11 [35]

Answer:

B) ONE TO MANY

Explanation:

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3 years ago
Faye works as an administrator and receptionist for Garage Door Store. The store withholds federal taxes from Faye's pay, and co
anastassius [24]

Answer:

c. ​an employee and agent.

Explanation:

Based on the information provided within the question it can be said that with respect to sales at those locations homer is both an employee and agent. This is because he works for a company, therefore making him an employee. But at the same time he is authorized to act on behalf of Garage Door therefore making him an agent.

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3 years ago
Epicure Market prepares fresh gourmet entrees each day. On Wednesday, 80 baked chicken dinners were made at a cost of $3.50 each
jenyasd209 [6]

Answer:

The price of a Dinner= $6.22

Explanation:

<em>Mark-up is the proportion of the product cost which is expected to be made as profit. In other words, it is profit expressed as a percentage of product cost.</em>

To account for the spoilage rate of 10%, $3.50 unit cost would be consider as 90% of the cost. Thus, 100% of the cost would be given as follows:

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The price of a Dinner= $6.22

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