A major difference between IFRS and GAAP relates to the A Revaluation Surplus Account.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
Learn more about Revaluation here: brainly.com/question/19908089
#SPJ4
Answer:
The incremental cost is $198,000
Explanation:
Given;
Current cost per unit to manufacture = 66,000 units
Direct materials = $5.00
Direct labor= $9.00
Overhead = $10.00
Total cost per unit = $24.00
Incremental costs = $1,254,000 - $1,056,000 = $198,000
Answer:
Bad debt expense (w/o allowance) = $2,875
Bad debt expense ( with allowance) = $2,675.
Explanation:
According to the scenario, the given data are as follows:
Net credit sales = $115,000
Uncollectible percentage = 2.5%
So, we can calculate the bad debt expense without Allowance for doubtful accounts by using following method:
Bad debt expense ( W/o allowance) = $115,000 × 2.5%
= $2,875
After Allowance for doubtful expense
Bad debt expense = $2,875 - $200
= $2,675
Quick ratio is 1.47.
Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The quick ratio is an indicator of a company’s short-term liquidity position and measures a company’s ability to meet its short-term obligations with its most liquid assets.
Gross Profit 72000 67000
Operating expenses and interest expense 56000 53000,
Pretax Income 2200014000
Income Tax 3000 4000
Net Income 14000 10000
Balance sheet Year? Year
cash 4000 7000
Accounts Receive ab 114000 18000
Taventory 40000 34000,
Property & Equipment 45000 36000
Total Assets 302000 97000
Current Liabilities ‘i6000 4.7000
Long term Liabilities 5000 45000
Common stock 30000 30000
Retained Earnings 1120005000
Total Liabilities & Stock holders equity 10300037000,
L. Current Ratio = Current Assets / Current Liabilities
Year? Year
Current Ratio 36347
2.Quick Ratio
‘Current Assets - Inventory / Current Liabilities
Year? Year
Quick Ratio is 1.47
2.Profit Margin = Net profit /Sales
Year? Year
Profit Margin 737% 5.99%
Learn more about quick Ratio here
brainly.com/question/25894261
#SPJ4
Those are examples of values.
Values is a set of standard that held by certain individuals or group that would be a crucial factor in creating their moral codes.
Different companies may held completely different values based on what they want to achieve as their goals and identity.
