Accounting Equation Management Report Homework Help
- November 24, 2017
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- Category: Accounting
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1. Gold Alive Corp. (GAC), which reports its financial results in accordance with IFRS, began operating a gold mine on April 1, 20X8. Pertinent details with respect to the mining equipment used by GAC follow:
• GAC paid a total of $1,050,000 for the equipment ($1,000,000 for the equipment plus $50,000 GST).
• GAC estimates that the equipment, which was brought into use when the mine opened, will last approximately eight years based on scheduled production and will have a residual value of $100,000 once production is finished.
• GAC depreciates its mining equipment using the units of production method.
• GAC estimates that the equipment is capable of processing 20,000 ounces of gold. In 20X8, the mine processed 1,500 ounces of gold.
What is the amount that GAC will report as depreciation expense relative to the mining equipment for its year ending December 31, 20X8?
2. Fancy Retailing (FR) is a division of Huge Wholesale Corp. (HWC). Items of note for the company are as follows:
• HWC reports its financial results in accordance with IFRS.
• HWC’s year end is December 31.
• FR is a cash-generating unit (CGU).
• HWC uses the cost model to report its property, plant and equipment and intangible assets.
* The $12,000 is the combined fair value of the land and buildings sold in a single transaction.
Which of the following statements is true with respect to the journal entry resulting from the December 31, 20X6, impairment test?
a) An impairment loss of $182 must be recognized on the patent.
b) An impairment loss of $1,000 must be recognized on the building.
c) An impairment loss of $1,102 must be recognized on the land.
d) The total impairment loss that must be recognized is $7,400.
3. Wood Ventures Corp. (WVC) is a publicly accountable enterprise. WVC received two forms of government assistance in 20X7 to assist with the establishment of a value-added wood-processing plant, as described below:
• A $300,000 loan was received April 1, 20X7, to assist with the purchase of wood-processing equipment that cost $500,000. The loan is forgivable providing that WVC continuously employs five additional people for a three-year period.
• A $100,000 grant was received May 1, 20X7, to assist with the payment of employee wages to a maximum of 50% of the gross pay of three new employees.
Additional details follow:
• WVC’s year end is December 31.
• The wood-processing equipment was purchased and brought into use on the loan date. WVC depreciates this asset over five years on a straight-line basis. The estimated residual value is nil.
• During 20X7, the gross pay to the qualifying new employees totalled $130,000.
• WVC expects that it will be able to fully comply with all terms and conditions of the government assistance.
• WVC elects to use the gross method to report its government assistance.
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4. On January 1, 20X6, Percy Co. bought 1,575 shares of Bowler Inc. for $36.50 per share. The company did not elect to classify the investment as fair value through other comprehensive income (FVOCI). During the 20X6 fiscal year, Bowler paid a dividend of $1.40 per share to its shareholders.
On December 31, 20X6, Bowler shares were trading for $38.60 per share.
What is the effect of the investment in shares of Bowler on Percy’s December 31, 20X6, statement of comprehensive income?
5.What is the purpose of management accounting reports? Give examples (about 150 words).
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