prescribes the treatment of income taxes of corporate entities and guidance for how deferred taxes should be recorded either an asset or a liability in the financial statements. It also provides assistance in certain cases requiring a valuation allowance to be used to reduce the carrying value of any deferred tax asset for which it was “ more likely than not” that the asset would not be realized. The main reason behind the issue is the impact of cut-throat competition in the telecom industry and
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E20-7 Rydell Corp Memo Record Items Annual Pension Expense Cash OCI—Prior Service Cost Pension Asset/Liability Projected Benefit Obligation Plan Assets Balance‚ Jan. 1‚ 2012 13‚800 cr 560‚000 cr 546‚200 dr Prior service cost 120‚000 dr 120‚000 cr New Balance‚ January 1‚ 2012 680‚000 cr 546‚200 dr Service cost 58‚000 dr 58‚000 cr Interest Cost $680‚000 x 9% = $61‚200 61‚200 dr 61‚200 cr Actual return 52‚280 cr 52‚280 dr Unexpected
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stability Balance sheet Period Ending Dec 31‚ 2012 Dec 31‚ 2011 Dec 31‚ 2010 Assets Current Assets Cash And Cash Equivalents 15‚659‚000 17‚148‚000 14‚805‚000 Short Term Investments 20‚284‚000 18‚618‚000 20‚765‚000 Net Receivables 82‚338‚000 78‚541‚000 8‚381‚000 Inventory 7‚362‚000 5‚901‚000 5‚917‚000 Other Current Assets - - - Total Current Assets 125‚643‚000 120‚208‚000 49‚868‚000 Long Term Investments 3‚246‚000 2
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equipment‚ goodwill etc. Going Concern Concept- This assumes that the business entity will remain in existence in perpetuity. Cost Concept- Assets acquired by a business are recorded at their actual cost. This concept in tandem with the going concern concept does not consider the existing market price of the assets because such assets would never be sold and hence should be valued at cost. The depreciation is also therefore charged on the original cost. The principle of Conservatism-
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timeliness). See Learning objective 5 in the chapter for a discussion of each characteristic. DQ8. ‘To determine whether an entity should classify its costs either as an asset or an expense‚ accounting standards must contain definitions of these terms.’ With reference to the above statement‚ discuss the concept of an asset and an expense provided in the
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Final Project: Financial Analysis XACC/280 Final Project: Financial Analysis Two of the major competing companies that manufacture drinks are Coca-Cola‚ and Pepsi. They both produce regular water‚ flavored water‚ and soft drinks of many kinds. While this essay will explain what vertical and horizontal analysis is‚ it will also explain each company’s vertical and horizontal analyses. Also the ratios for each company will be given‚ and several examples as to how each company
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c) Compare and contrast Current ratio is the ratio of the current assets and current liabilities‚ it show that whether the company is able to meet its short-term obligation or not. The table above shows that all the current ratio of the two company in each year have the ratio over 1. It means that they have enough current assets to settle the current liabilities. Parkson Holding Berhad achieved the highest current ratio which is 1.79 in the year of 2014 among the three years. While it achieve the
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What is the accounting value of its liquid assets? Answer Selected Answer: $750 Correct Answer: $750 Response Feedback: Liquid assets = $400 + $50 + $300 = $750 Difficulty level: Medium Ross - Chapter 02 #54 Topic: LIQUIDITY Type: PROBLEMS Question 4 2 out of 2 points At the beginning of the year‚ a firm has current assets of $380 and current liabilities of $210. At the end of the year‚ the current assets are $410 and the current liabilities are $250
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Contents Corporate Governance Report Group Audit Committee Report 2 6 LIFE Group salient features Directors’ responsibility statement and approval of annual financial statements Statement of actuarial values of assets and liabilities Notes to the statement of actuarial values of assets and liabilities Embedded value statement Independent Auditors’ Report Directors’ Report Statements of financial position Income statements Statements of comprehensive income Statements of changes in equity Statements
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CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE | | | | |Brief | | | |Study | |Questions | |Exercises | |Do It! | |Objectives | | | |
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