1. Areas of differences between IFRS and US GAAP, in respect of IFRS include: * Property, plant and equipment – Measurement subsequent to initial recognition. Cost less accumulated depreciation and any accumulated impairment losses. * Purchased intangibles - Measurement subsequent to initial recognition. Same as property, plant and equipment. However, fair value method is only applicable for intangibles with an active secondary market. * Borrowing costs - No borrowing costs are capitalized
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CHAPTER 10 Acquisition and Disposition of Property, Plant, and Equipment ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Valuation and classification of land, buildings, and equipment. Self-constructed assets, capitalization of overhead. Capitalization of interest. Exchanges of assets Questions 1, 2, 3, 4, 6, 7, 12, 13, 21 5, 8, 20, 21 8, 9, 10, 11, 2, 3, 4 13, 21 12, 16, 17 8, 9, 10, 11, 12 5, 6, 7 Brief Exercises 1 Exercises 1, 2, 3, 4, 5, 13 4, 6, 12, 16 4, 5, 7, 8, 9, 10, 16 3, 11, 16
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Hca provides definite values, other methods don't! 4 the disadvantages of hca include the fact that hca values can relate to transactions that could be a year old, 10 years old and as much as 100 years old. It's true that some businesses have old equipment and old stocks (inventories) that are still working well but that were bought a long time ago: the problem is that the acquisition value may be out of date and so the balance sheet is showing out of date values. Taxation problems come with inflation
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Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $984.1; land $240.2; patents and trademarks (at cost) $536.6; machinery and equipment $2,049.3; buildings $939; goodwill (at cost) $190.3; accumulated amortization $53.8; and accumulated depreciation $2,151. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) NIKE, INC. Partial Balance
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Financial Reporting JOHNSON & JOHNSON ($ millions) (a) The cost of building and building equipment at the end of 2011 was $9,389. (b) As indicated in footnote number 1 to the financial statements, the company utilizes the straight-line method for financial statement purposes for all additions to property, plant, and equipment. Given that straight-line depreciation provides a lower charge for depreciation as compared to an accelerated method in the early years of an asset’s life, the
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highest ROS. Electric utility needs a great number of equipment. No.5 matches it because it has the highest net property, plant and equipment. No.12 matches computer and office equipment production and servicing because it has the second highest net property, plant and equipment. No.6 matches supermarket chain because it has the lowest account receivable and receivables collection and also, it has a higher net property, plant and equipment. No.1 matches fast food restaurant chain because it has
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we have successfully enlarge our market share to 15%.We have been listed in A-share in China. Property, Plant and Equipment All property, plant and equipment are stated at cost and depreciated over their useful lives. All depreciation expense incurred is derived using the straight line method. We do not depreciate our land. We estimate our useful life for our assets accordingly; equipments have a 10 years life. The estimated lives of our assets are reviewed periodically to determine if
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GUIDELINES ......................................................................................9 PLAY EQUIPMENT GUIDELINES ......................................................................................11 SATELLITE RECEIVER (DISH) GUIDELINES ..................................................................13 GENERAL IMPROVEMENTS, LANDSCAPE & MAINTENANCE GUIDELINES..........14 LIST OF RECOMMENDED PLANT SPECIES ....................................................................19 EXHIBIT A REQUEST
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office equipment. Paid $5,000 for utilities. Paid $2,000 in dividends. Collected $75,000 from customers. What was Edwards' net cash provided by operating activities? (Points : 3) $25,000 $5,000 $30,000 $23,000 | 6. (TCO A) In a classified balance sheet, assets are usually classified as: (Points : 3) current assets; long-term assets; property, plant, and equipment; and tangible assets. current assets; long-term investments; property,
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it did not require any form of ignition. He anticipated a considerable demand from the armed forces and manufacturers of flares and similar safety equipment. Clemalite, Inc. Balance Sheet June, 2003 Assets: Current Assets: Cash Inventory (raw inventory) Total Current Assets: Property, plant, and equipment: Equipment Total Property, Plant and Equipment Intangibles: Patent Total Intangibles: Total Assets: Liabilities and Shareholders' Equity Liabilities: Total Liabilities: Shareholders' Equity: Common
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