What is the correct
answer?Homework Answers
- Under U.S. GAAP:-
Current assets = $100,000 + 25000 = $125,000
Current liabilities = $5000
- Under IFRS:-
Current assets = $100,000 + 25,000 - 5000
= $120,000
Current liabilities = NA
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What is the correct
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On January 1, 2021, Red Flash Photography had the following
balances: Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred
Revenue, $5,400; Common Stock $54,000; and Retained Earnings,
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February
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Issue additional
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2.
May
20
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customers for cash, $39,000, and on account, $34,000.
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August
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employees for work in 2021, $27,000.
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