1. Do you AGREE or DISAGREE with the following statement? Under Current (2019) US GAAP, if...
1. Do you AGREE or DISAGREE with the following statement?
Under Current (2019) US GAAP, if on December 31, 2019, a firm with outstanding “Commercial Paper” in the amount of $ 5,000,000, which is due on June 30, 2020, may classify the “Commercial Paper” as a Non-Current Liability if the firm has an unused line of credit with an expiration date of May 31, 2021 in the amount of $ 12,000,000.
BRIEFLY support your answer.
2. Do you AGREE or DISAGREE with the following statement?
Under Current (2019) US GAAP, “Inventory” is reported at “Level 3” on the Fair Value Hierarchy”
BRIEFLY support your answer.
Homework Answers
1. Not agreed
The maximum period of commercial paper is 270 days. If any financial instrument is issued for more than one year, only can be treated as non current liability . It is a unsecured short term liability and treated as a current liability.
2. Not agreed
Level 3 assets are most difficult to be liquidated .Level 3 assets are financial assets considered to be the most illiquid . A fair value of these assets cannot be determined with accuracy .Inventory can't be treated like this. It is not a financial asset ever.
Add Answer to:
1. Do you AGREE or DISAGREE
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do you agree or disagree with the statement or any thought at
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4) Recognize the interest earned on the note receivable
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Assume you are an audit manager, today is May 15, 2019, and your
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