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3 years ago

Regarding convergence of accounting standards, the FASB and IASB:

Business

1 answer:

Ahat [919]3 years ago

6 0

Answer:

D. Are not likely to achieve full convergence of accounting standards in the near future.

Explanation:

FASB and IASB has joined hands to work together and achieve full convergence. This agreement was signed in 2002, but yet the full convergence has not been achieved. Though both the organisations are still working on the same.

They have not combined their organizations as to form a single organization and work on BUSY format, thus, statement A is not correct.

As they intend to work together statement C is also not correct.

As full convergence is not yet done, Statement B is also not correct.

Accordingly, Statement D is correct.

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On December 31, 2020, Grand Company had $1,232,000 of short-term debt in the form of notes payable due February 2, 2021. On Janu

VikaD [51]

Answer:

Current liabilities:

Notes payable $8,000

Non-current/long-term liabilities:

Notes payable $1,224,000

Explanation:

The actual amount of notes payable at 31st December is the difference between the short-term debt and the amount of cash realized from the issue of common stock whose proceeds are meant to be used in liquidating the short-term debt.

The actual amount of notes payable=$1,232,000-$1,224,000=$8,000

By issuing common stock of $1,224,000 to repay the short-term debt,the $1,224,000 is effectively converted to funding of long-term nature,hence classified as long-term liabilities

7 0

3 years ago

Suppose that real GDP per capita in the United States is $49,000. If the long-term growth rate of real GDP per capita is 1.6% pe

Stells [14]

Answer:

n = 43.6673555

it will take 43.67 year to achice a real GDP of 98,000

Explanation:

we solve for time of a future lump-sum:

$PV (1+r)^n = FV\\(1+r)^n = FV / PV\\$

we use logarithmics properties:

$(1+r)^n = FV/PV\\log_{1+r}FV/PV = n\\n = \frac{log FV/PV}{log(1+r)}$

PV 49,000

FV 98,000

rate 1.6%

$n = \frac{log 98,000/49,000}{log(1+0.016)}$

n = 43.6673555

4 0

3 years ago

Wizard Co. purchased two machines for $250,000 each on January 2, 2005. The machines were put into use immediately. Machine A ha

faltersainse [42]

Answer:

75,000

Explanation:

The straight-linedepreciation is calculate by dividing the acquisition value over the useful life

Machine A useful life is for 5 years

250,000 / 5 years = 50,000 per year

Machine B useful life is:

2 years in development project and then 8 years in a production division

total useful life for 10 years

250,000/ 10 years = 25,000

<u>Total development expense: </u>

machine A depreciation 50,000 + machine B depreciation 25,000 = 75,000

development expense 75,000

acc depreciation machine A 50,000

acc depreciation machine B 25,000

4 0

3 years ago

Does anyone have a way or trick on using like blocked websites on a school chromebook?

kap26 [50]

I’m pretty sure u can disable or some way but it depends on like the type of thing your school uses to block websites :(

4 0

3 years ago

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Elza [17]

Answer:

Amount of underapplied or overapplied overhead cost for the year

$97000 - Underapplied

Schedule of cost of goods manufactured for the year

Direct Material 3885000

Direct Labor 60000

Overheads 376000

Total Manufacturing Costs 4321000

Add Opening Inventory WIP 400000

Less Closing Inventory WIP (700000)

Cost of Goods Manufactured 4021000

Explanation:

Amount of underapplied or overapplied overhead cost for the year

Underapplied or Overapplied overhead cost =Actual Overhead - Applied Overhead

$473000-$376000= $ 97000

Schedule of cost of goods manufactured for the year

<em>Direct Materials Calculation </em>

Opening 200000

Add Purchases 4000000

Available 4200000

Less Closing Material 300000

Materials Consumed 3900000

Less Indirect Materials 15000

Direct Materials Consumed 3885000

8 0

3 years ago

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