Answer:
Under IAS 16, the journal entry recorded on this date would include:
Debit Building (cost = €24m -€20m) €4000,000
Debit Accumulated depreciation - Building €6,000,000
Credit Revaluation reserve (Gain on revaluation) €10,000,000
<em>(To recognize the revaluation of building)</em>
Explanation:
Based on IAS 16, gains arising from revaluation of assets are always credited to Equity, under revaluation reserve caption, unless such gains reverse the previously recognized losses on the assets in the income statement. In that case, the revaluation gains would be taken to income statement.
Revaluation gains are unrealized gains. They become realized when the assets are disposed (sold) or derecognized from the books.
Answer:
Ending inventory = 300 units
Explanation:
The formula for calculating ending inventory is given as follows:
Ending inventory = (Beginning inventory + units started into process) - (completed units)
Ending inventory = (1,600 + 10,000) - (11,300)
Ending inventory = 11,600 - 11,300
Ending inventory = 300 units
<em>Note, the percentages completed are distractor information</em>
Answer:
Advertising goes to Copywriter, designer, media buyer.
Hospitality goes to Chef, spa operator, hotel manager.
Insurance goes to Underwriter, claims processor, agent.
Answer:
C. Takes its price as given by market conditions.
Explanation:
A perfectly competitive firm is basically an atomistic market. A perfectly competitive firm is a price taker which takes the price as given.