The main difference between US GAAP and IFRS is?

Q: Question 1 Andromeda Manufacturing Company has the following data in the ledger for the year ended…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: Montrose Instrumentation produces measurement equipment. One component, used in a variety of the…

A: The purchase budget is prepared to estimate the number of units to be purchased during the period.…

Q: onsider the following data: 2 9 6 alculate the Sample Variance. Round to one decimal pl 3.09 O 12.1…

A: Solution:- Calculation of the sample variance as follows:-

Q: A manager has offered various possible causes to explain why an adverse labour efficiency variance…

A: Labor efficiency represents the ability of the company to utilize its labor working in the…

Q: 3. Hilda Homeowner enters into a signed written contract with Carpenter Cory to build a deck for…

A: Hilda enters into a signed written contract with Cory to build a deck for $2000 in 3 weeks. After 5…

Q: On June 1, the cash account balance was $94,580. During June, cash receipts totaled $348,100 and the…

A: Lets understand the basics. Cash account shows the how much is cash receipts, cash payments are…

Q: Compute Net Operating Assets Refer to the balance sheet information below for Home Depot. $…

A: The assets of a firm that contribute to the generation of revenue are referred to as the company's…

Q: Acquirer Company issued 80,000 new shares of its P10 par value ordinary shares and paid cash of…

A: Consolidation statements are prepared by the parent company if the parent company owes more than 50%…

Q: Data for adjusting journal entries on December 31: Amortization for 2018, $3. Supplies of $2 were…

A: Adjusting journal entries are the entries which are made at the end of the period to adjust all the…

Q: Paulson Company issues 6%, four-year bonds, on January 1 of this year, with a par value of $200,000…

A: Unamortized discount is the amount of discount on bonds payable which is not yet amorized as the…

Q: 4. A purchasing manager buys 30,000 kg of H for a total cost of £105,000. The budget assumed a price…

A: MATERIAL PRICE VARIANCE   Direct Materials Price Variance is the difference between the actual and…

Q: Meghan Markle wants to elect S85(1) and transfer land valued at $45,000 to her corporation. Megan's…

A: According to law,  With respect to the transfer of capital property: (i) the elected amount cannot…

Q: All else equal, which of the following factors would cause a bond to have a higher yield?…

A: Bond is that debt instrument which is used by the organization to finance its long term fund…

Q: An engineering firm has decided it's time to get back into the office and purchases $100,000 in…

A: The practice of allocating the cost of a tangible or physical item over the course of that asset's…

Q: A corporation purchases 8,002 shares of its own $10 par common stock for $15 per share, recording it…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: At the end of the year, the records of NCIS Corporation provided the following selected and…

A: ANSWER In this question it is specified that answer only for the sub part 5 and 6. The par value of…

Q: A company reports the following: Cost of merchandise sold $1,861,500 Average merchandise inventory…

A: analysing of the ratio is considered to be very important part both in finance and an accounts…

Q: Machinery was purchased on January 1 for $52,920. The machinery has an estimated life of seven years…

A: Lets understand the basics. In double declining balance method, depreciation is calculated in…

Q: A national government agency purchased 2 motor vehicles at a total cost of P430,000. A window-type…

A: Cost per unit is the term which is defined as both the variable as well as fixed costs that is…

Q: A product sells for $120, variable costs are $85, and fixed costs are $56,000. If the selling price…

A: The excess amount of sales revenue as compared to variable costs is termed as contribution margin.…

Q: In a Balanced Scorecard, what perspective would a measure of the number of repeat orders be most…

A: option b is correct. there are 4 perspectives in balance scorecard   perspectives measures…

Q: , B, and C are partners sharing profits and losses in a 5:3:2 ratio. They have capital balances of…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: 2. In Hal's hypothetical business, which of the following would be a "sunk cost" (circle all that…

A: Sunk cost is a type of cost incurred that cannot be recovered. Such costs are not considered…

Q: BFAR Corporation has the following information in its shareholders' equity: • Ordinary Share Capital…

A: Dividends are not paid on treasury shares, hence dividends are paid on shares outstanding. Shares…

Q: Corporate Accounting 1 A... Depreciation on venicie Depreciation Depreciation on Furniture on Plant…

A: Comment - Multiple Questions Asked. Question -1 Partnership - A partnership is a type of business…

Q: Ordinary Share Capital (5,000 shares, P100 par value) Share Premium (purely issuance) Accumulated…

A: The Accumulated profits or retained earnings are decreased with declaration of dividend. The…

Q: A company reports the following income statement and balance sheet information for the current year:…

A: Return on total assets: Return on total assets  measures the company's ability to generate the…

Q: Question 4 Assume that there is a machine, with a cost of P171,307, 2/3 depreciated on a…

A: The total cost represents all the costs incurred by a business to produce a particular level of…

Q: Journalize the following merchandise transactions. Refer to the chart of accounts for the exact…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Required information [The following information applies to the questions displayed below) On October…

A: Warranty is the promise made by the seller to the buyer of the product or repair or replace the…

Q: 10. A product was expected to sell for £6 and to have variable costs of £1.60 per unit; fixed costs…

A: The break even sales are the sales where business earns no profit no loss during the period. The…

Q: sset? 1,680 loss 1,680 gain 2,400 loss 2,400 gain

A: Answer : Value of assets at the time of sale = cost - accumulated depreciation  =$24,000 -$21,600 =…

Q: George, an attorney, earns $200,000 from his law practice in the current year. He receives $25,000…

A: Passive activity refers to the activity in which the taxpayer is not materially participated…

Q: At the end of the year, the records of NCIS Corporation provided the following selected and…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: he following information was drawn from the year-end balance sheets of Thornton River, Inc. Account…

A: The cash flow statement is prepared to record the cash flow from various activities during the. The…

Q: canova corporation adopted the dollar value LIFO retail method on janurary 1, 2024. on that date,…

A: Answer:-  LIFO retail method:- Inventory is determined using the last in, first out (LIFO) method…

Q: Holiday Corp. has two divisions, Quail and Marlin. Quail produces a widget that Marlun could use in…

A: Transfer price is the one at which the goods from one division can be transferred to the other. It…

Q: Dolan Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2002.…

A: Introduction: Under dollar value LIFO method, any increase or decrease is determined on total dollar…

Q: Suppose that Oriole purchased a new machine on October 1, 2025 at a cost of $416,000. The company…

A: Straight Line Method of Depreciation :— In this method, depreciation expense per year is calculated…

Q: Allocate the support department costs to the operating units using the reciprocal method.

A: Meaning of cost allocationAllocating the cost of service department into production department…

Q: S atio Flight Dynamic $ 690,000 xpenses total $557,000 per month. red 1 Required 2 60% Sure Shot $…

A: Lets understand the basics. Contribution margin is a sales less variable cost of the company. It is…

Q: 41) Dozen Corporation is owned equally by twelve unrelated individuals. Its taxable income this year…

A: It is the tax payable by the companies with retained earnings deemed to be unreasonable and more…

Q: Johnny's personal-use classic Ford Mustang, for which he paid $12,000 seven years ago but now worth…

A: Taxpayer can deduct casualty and theft losses relating to home, household items, and vehicles on…

Q: On October 1, 2022, BFAR Corporation issued 20,000 shares of its P100 par ordinary shares to MJE…

A: When assets are acquired in exchange for shares, the assets are recorded at the fair value of the…

Q: what are the possible causes of favourable Wage rate variance

A: Labor or wage Rate variance: The labor rate variance measures the difference between the actual and…

Q: Jasper Company has 62% of its sales on credit and 38% for cash. All credit sales are collected in…

A: The cash collection schedule is prepared to estimate the cash collection from customers during the…

Q: Accounts receivable turnover . Average collection period . Inventory turnover Average sole period…

A: Requirement:-1 Calculation of accounts receivables turnover ratio as follows:- Accounts receivables…

Q: A, B, and C are partners in ABC Company with capital balances of P500,000, P300,000, and P200,000…

A: As per the question, D is bringing expertise with him so, he is getting a credit of P100,000 bonus.…

Q: The bookkeeper for Packard's Country Music Bar left this incomplete balance sheet. Packard's working…

A: The accounting equation states that assets equal to sum of liabilities and equity. The working…

Q: Mr. Limon is a service holder. His sources of income for the 30th June were: monthly basic salary…

A: Income from salary refers to the amount received by the employee from his employer for rendering the…