Accumulated depr - Study guides, Class notes & Summaries

ICAEW – FAR EXAM QUESTIONS WITH VERIFIED ANSWERS When does IAS 16 state PPE should be recognised? - AnswersWhen it is probable that future economic benefits will flow to the entity and the cost can be reliably measured. PPE should be measured at cost. What does IAS 16 state cost can include? - Answers- purchase price including import duties and non-refundable purchase taxes after deducting trade discount/rebates. - directly attributable costs needed to bring asset to location and condit...

Question 1. Question : (TCO A) Amazon Building, Inc. won a bid for a new warehouse building contract. Below is information from the project accountant. Total Construction Fixed Price $10,000,000 Construction Start Date June 13, 2012 Construction Complete Date December 16, 2013 As of Dec. 31… 2012 2013 Actual cost incurred $4,500,000 $2,360,000 Estimated remaining costs $2,250,000 $- Billed to customer $6,000,000 $4,000,000 Received from customer $5,000,000 $3,500,000 Assuming Amazon Building, ...

Capella University:MBA-FP6014 Assessment Sanchez Corporation - Company records at the end of accounting period December 31, 2012: Problem 1. Account Dollar Amount Total Assets $ 600,000.00 Total Noncurrent assets $ 350,000.00 Liabilities Dollar Amount Notes Payable (8% due in 6 yrs) $ 40,000.00 Accounts payable $ 60,000.00 Income taxes currently payable $ 15,000.00 Liability for withholding taxes $ 4,000.00 Rent revenue collected in advance by up to 4 months $ 8,000.00 Bonds payable (...