Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 27 Sep 2017 My Price 8.00

Ramshare Company

Ramshare Company acquired equipment at the beginning of 2013 at a cost of $245,000. The equipment has a 7-year life with no expected salvage value and is depreciated on a straight-line basis. At December 31, 2013, Ramshare compiled the following information related to this equipment:

   
  Expected future cash flows from use of the equipment $ 219,600
  Present value of expected future cash flows from use of the equipment 200,400
  Fair value (net selling price), less costs to dispose 195,300
 
a.

Determine the amount at which Ramshare should carry this equipment on its December 31, 2013, balance sheet and the amount, if any, that it should report in net income related to this inventory using (1) U.S. GAAP and (2) IFRS. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required.)

b.

Determine the adjustments that Ramshare would make in 2013 and 2014 to reconcile net income and stockholdersAc€?c equity under U.S. GAAP to IFRS. Ignore the possibility of any additional impairment at the end of 2012. (Input all amounts as positive values.)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 09:09 PM My Price 8.00

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