American Greetings Corporation IFRS Implementation Property‚ Plant‚ and Equipment is the largest asset account for American Greetings‚ with a 2011 net balance of $241‚649‚000. American Greetings carries its property‚ plant and equipment at cost. Depreciation and amortization of buildings‚ equipment and fixtures are computed principally by the straight-line method over the useful lives of the various assets. The cost of buildings is depreciated over 40 years; computer hardware and software over 3 to
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COMM 217 FINANCIAL ACCOUNTING FALL 2012 Section (lecture): B Group Project Part 2 (of 2) Dorel Inc. Presented to: Prof. George Kanaan Date: November 22nd 2012 John Molson School of Business – Concordia University $ = thousands of U.S. dollars Chapter 8 8.1 Cost of Sales Equation = Beginning Inventory + Purchases - Ending Inventory 1 846 470 000 = 510 068 000 + 177 811 000 - 442 409 000 Purchases for the year 2011 total $65 812 530. 8.2 Dorel calculates costs of
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This paperwork - ACC 422 Week 3 Discussion Questions - consists of: DQ 1: What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not. DQ 2: What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some
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-Simple Interest *Michael borrowed P30‚000 from bank savings. He was charged 12% simple interest and he paid it within 10 months. How much was the interest paid? -Rate *You invested P500 and received P650 after three years. What had been the interest rate -Principal *How much principal should you invest at 4% in order to have P3‚000 for a vacation to Europe in 3 years? -Final Amount *Find the final amount of the investment. P10‚000 invested at 6% compounded quarterly for 5 1/2 years
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........................................................... 200‚000 Interest expense...................................................................... 30‚000 Selling and administrative expense........................................ 40‚000 Depreciation expense............................................................. 20‚000 Preferred stock dividends....................................................... 80‚000 Taxes..........................................................................
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GROSS MARGIN………………………..$ 3500 Salary Expense…………………………………..$(1‚000) Rent Expense………………………………….. $(2‚000) Utilities Expense …………………………….$(200) Depreciation Expense ……………………….$(90) TOTAL EXPENSES……………………....$ (3290) Net Income: 3500 – 3290 = $ 210 BALANCE SHEET as of April‚ 30th Cash 3‚870
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Accounting 211 Study Guide for Final Exam Chapters 7 – 12 Chapter 7: 1. Terminology Accounting information system People‚ records‚ and methods that collect and process data from transactions and events‚ organize them in useful forms‚ and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing
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E16-1 2008 Expense and liability for vacations: Salaries and Wages Expense 7200 Salaries and Wages Payable 7200 Expense and liability for sick days: Salaries and Wages Expense 4320 Salaries and Wages Payable 4320 Record sick leave taken by employees: Salaries and Wages Payable 2880 Cash 2880 2009 Expense and liability for vacations: Salaries and Wages Expense 7920 Salaries and Wages Payable 7920 Expense and liability for sick days:
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Bethesda Mining In order to decide whether our company should undertake the project‚ we should refer to the project’s NPV and IRR. NPV indicates the possible profit (net cash flow) which the project will yield in future‚ a positive NPV suggests that company can earn profit from the investment and vice versa. IRR is the discounted rate which makes the NPV of all cash flows equal to zero‚ the greater the amount it exceeds the cost of capital (required rate of return)‚ the higher the net cash flow
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Testbank to accompany Applying International Financial Reporting Standards 3e By Prepared by John Sweeting and Emma Holmes John Wiley & Sons Australia‚ Ltd 2013 Chapter 25 Consolidation: intragroup transactions Learning Objectives Learning Objective 25.1 Explain the need for making adjustments for intragroup transactions Learning Objective 25.2 Prepare worksheet entries for intragroup transactions involving profits and losses in beginning and ending inventory Learning Objective
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