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:
a.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $144,000
Paid-In Cap. in excess of par $30,800
<u>Working</u>
Common stock = 18,000 * 8
= $144,000
Paid-in cap. = 174,800 - 144,000
= $30,800
b.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $174,800
c.
Date Account Title Debit Credit
Feb. 20 Cash $174,800
Common stock $72,000
Paid-In Cap. in excess of par $102,000
<u>Working</u>
Common stock = 4 * 18,000 = $72,000
Paid in cap = 174,000 - 72,000 = $102,000
Answer and Explanation:
The journal entries are shown below
On Sept 1
Supplies Dr $1,020
To Cash $1,020
(being supplies purchased in cash)
On Sept 5
Dividend Dr $410
To cash $410
(being cash dividend is paid)
On Sept 7
cash Dr 5,500
To Unearned service revenue $5,500
(being cash collection is recorded)
On Sept 16
Cash Dr $770
To Account receivable $770
(being cash collection is recorded)
On Sept 22
Equipment Dr $3,000
To cash $1,100
To Note payable $1,900
(being equipment purchased is recorded)
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Answer:
a-3 / b-2 / c-4 / d-1
Explanation:
Notes to financial statements: Includes a summary of significant accounting policies and explanations of specific items on the financial statements.
The notes are required by the full disclosure principle. Also referred to as footnotes. Provide additional information pertaining to a company's operations and financial position.
Report of independent registered public accounting firm: Attests to the fairness of the presentation of the financial statements.
is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
Management's discussion and analysis of financial condition and results of operations (MD&A): Is written by the company to help investors understand the results of operations and the financial condition of the company.
Disclosure is mandatory where there is a known trend or uncertainty that is reasonably likely to have a material effect on the registrant's financial condition or results of operations
Financial statements: Includes the income statement, balance sheet, statement of stockholders' equity, and statement of cash flows.
are reports prepared by a company's management to present the financial performance and position at a point in time.
