Business

Business, 15.07.2019 22:30, nevelle

Zeta, ltd., a company that prepares its financial statements in accordance with ifrs, has the following pending items at december 31, 2018. the company is the defendant in a product liability lawsuit as a result of injuries incurred by purchasers of its products. legal counsel has indicated that an unfavorable verdict in the amount of $650,000 is probable. the company is involved in another lawsuit and their legal counsel believes it is reasonably possible that the lawsuit will result in a loss of $175,000. the entity sells a product that is subject to a warranty. the estimated warranty liability is $150,000. in its financial statements for the period ended december 31, 2018, how much will be reported either on the balance sheet or in the footnotes for contingencies and how much for provisions?

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Business, 22.06.2019 10:30, volleyballfun24

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.

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Business, 16.10.2019 04:10, natimike10

Saved mework g surat limited paid cash to acquire an aircraft on january 1, 2017, at a cost of 34,600,000 rupees. the aircraft has an estimated useful life of 50 years and no salvage value. the company has determined that the aircraft is composed of three significant components with the following original costs (in rupees) and estimated useful lives: component fuselage engines inerior5,100,003 years cost 12,500,000 17,000,00e useful life 50 years 40 years 34,600,000 the u.s. parent of surat does not depreciate assets on a component basis, but instead depreciates assets over their estimated useful life as a whole. assume that a foreign company using ifrs is owned by a company using u.s. gaap. thus, ifrs balances must be converted to u.s. gaap to prepare consolidated financial statements. ignore income taxes. required a. prepare journal entries for this aircraft for the years ending december 31, 2017, and december 31, 2018, under () ifrs and (2) u.s. gaap b. prepare the entrylies) that the u.s. parent would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert ifrs balances to u.s. gaap.

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Business, 31.10.2019 00:31, vkyles84

Harrington company was sued by an employee in late 2017. general counsel concluded that there was an 60 percent probability that the company would lose the lawsuit. the range of possible loss is estimated to be $21,000 to $70,000, with no amount in the range more likely than any other. the lawsuit was settled in 2018, with harrington making a payment of $58,000.assume that a u.s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u.s. gaap to ifrs must be made. ignore income taxes.required: prepare journal entries for this lawsuit for the years ending december 31, 2017, and december 31, 2018, under (1) u.s. gaap and (2) ifrs.prepare the entry(ies) that harrington would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u.s. gaap balances to ifrs.

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