emilypena887

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emilypena887University of Houston - Downtown

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My name is Emily. I am currently attending University of Houston Downtown studying marketing.

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English32Philosophy1Business1Nursing1Precalculus1Accounting14Finance2Mathematics1Economics39Chemistry2
Answer: Identifying research aim data collection process Sample information
Answer: B. Step-by-step explanation:due to vendors or suppliers for goods or s...
Answer:There are two pieces of evidence which point that this process is a che...
Answer:Incremental revenue (26000×$144) = $3,744,000 (Credit) incremental vari...

Bessrawl Corporation is a U.S.-based company that prepares its consolidated financialstatements in
accordance with U.S. GAAP. The company reported income in 2020 of $1,000,000 and
stockholders’ equity at December 31, 2020, of $8,000,000.
The CFO of Bessrawl has learned that the U.S. Securities and Exchange Commission is
considering requiring U.S. companies to use IFRS in preparing consolidated financial statements.
The company wishes to determine the impact that a switch to IFRS would have on its financial
statements and has engaged you to prepare a reconciliation of income and stockholders’ equity from
U.S. GAAP to IFRS. You have identified the following five areas in which Bessrawl’s accounting
principles is based on U.S. GAAP differ from IFRS.
1. Inventory
2. Property, plant, and equipment
3. Intangible assets
4. Research and development costs
5. Sale-and-leaseback transaction
Bessrawl provides the following information with respect to each of these accounting differences.
Inventory
At year-end 2020, inventory had a historical cost of $250,000, a replacement cost of $180,000, a net
realizable value of $190,000, and a normal profit margin of 20 percent.
Property, Plant, and Equipment
The company acquired a building at the beginning of 2019 at a cost of $2,750,000. The building
has an estimated useful life of 25 years, an estimated residual value of $250,000, and is being
depreciated on a straight-line basis. At the beginning of 2020, the building was appraised and
determined to have a fair value of $3,250,000. There is no change in estimated useful life or residual
value. In a switch to IFRS, the company would use the reevaluation model in IAS 16 to determine
the carrying value of property, plant, and equipment subsequent to acquisition.
Intangible Assets
As part of a business combination in 2017, the company acquired a brand with a fair value of
$40,000. The brand is classified as an intangible asset with an indefinite life. At year-end 2020, the
brand is determined to have a selling price of $35,000 with zero cost to sell. Expected future cash
flows from continued use of the brand are $42,000 and the present value of the expected future cash
flows is $34,000.
Research and Development Costs
The company incurred research and development costs of $200,000 in 2020. Of this amount, 40
percent related to development activities subsequent to the point at which criteria had been met
indicating that an intangible asset existed. As of the end of the 2020, development of the new
product had not been completed.

3

Sale-and-Leaseback
In January 2018, the company realized a gain of the sale-and-leaseback of an office building in the
amount of $150,000. The lease is accounted for as an operating lease, and the term of the lease is
five years.

Required
a) Prepare a reconciliation schedule to convert 2020 income, and December 31, 2020, stockholders’
equity from a U.S. GAAP basis to IFRS. Ignore income taxes. Prepare a note to explain each
adjustment made in the reconciliation schedule.
b) Discuss each relevant accounting standards with references to journal article(s) by using
disclosure examples of companies.

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Answer: A. Step-by-step explanation:His purpose was to encourage and inspire t...
Answer: It was a solo piano comp
Answer: B.
Answer:No, it is a bad idea to take the value of these benefits and programs i...
Answer: A.
Answer: A. on discount Step-by-step explanation:For instance, lets say a payme...
Answer: C. Step-by-step explanation:Because your gonna wanna keep track of ven...
Answer: I'm gonna say C Reason being because it wasn't the Baroque period it w...
Answer: A. TANF
Answer: 30. Social Security 31. TNAF 32. Represents neither side. 33. food sta...
Answer: Medicaid
Answer: C. Step-by-step explanation:Everything else is a social program
Answer: All the Above Step-by-step explanation:Cuz thats how stores be Compani...
Answer: B
Answer: y sin(3x)
Answer: A. 3.5 (7/2)
Answer: A
Answer: D.
Answer: Part of Retained Earnings Assets: Liabilities+ Stock Equity (Common St...
Answer: C. Retained Earnings
Answer: Net income Step-by-step explanation:Under the indirect method, cash fl...
Answer: A. Step-by-step explanation:Revenue minus expenses
Answer:1. Since average cost is $58, marginal cost & price both equal $582...
Answer: D.
Answer: A. Net Cash from OperationsStep-by-step explanation:Formula Free cash ...
 

Answer the following questions pertaining to monopolist production. 

 

1) If a monopolist is producing in the inelastic portion of its demand curve, which of the following will occur if the monopolist decreases its price?

a. Marginal revenue will decrease, but profits will increase.

b. Marginal revenue will increase, but profits will decrease.

c.Total revenue will decrease, but profits will increase.

d.Both total revenue and profits will decrease.

e. Both total revenue and profits will increase.

 

2) Which of the following statements is true for a perfectly competitive firm but not true for a monopoly?

a.The firm's price is equal to its average revenue.

b.The firm cannot affect the market price for its good.

c.It is difficult for other firms to enter the industry.

d. The demand for the firm's product is unit elastic.

e.The firm must lower its price in order to sell more of its product.

 

3) Monopolies are inefficient for which of the following reasons?

a. They produce too little of the good.

b.They produce too much of the good.

c. They do not produce an output level at which marginal cost equals marginal revenue.

d. The marginal cost of producing the good is too low.

e. The firm is too large.

 

4) Which of the following is necessarily true of the profit-maximizing equilibrium of a monopolist who sets a single price?

a. Price equals average total cost.

b. Price is greater than the marginal cost.

c. Average total cost is at its minimum level.

d. Marginal revenue is greater than marginal cost.

e. Marginal cost is minimized.

Answer:1. Both total revenue and profits will decrease2. The firm cannot affec...
Answer: Either Stock Holders or the firms Step-by-step explanation:They always...
Answer: A.
Answer:1. Less than; More than 2. 7 dollars 3. 4 dollars 4. marginal product c...
Answer: B. Needed Capital
Answer: D. Raise Capital

Consider a market with many firms that have different cost structures.

Unless shutdown or exit is optimal, every firm expands production until ___________.

A.

marginal product is maximized.

B. marginal revenue, marginal cost, and price are all equal

(MR = MC = P)

C. marginal revenue is equal to the minimum of the short-run average total cost.

D. marginal cost is minimized.

To construct the supply curve in a market with many firms with different cost structures, the ___________.

A.

individual supply curves for each firm are added together.

B.

individual average variable cost curves are added together.

C.

minimums of the​ firms' marginal cost curves are linked together.

D.

minimums of the​ firms' long-run average total cost curves are linked together.

The equilibrium price is the ___________.

A.

​long-run average total cost of the last entrant into the market.

B.

the average marginal cost of the firms.

C.

the long-run average total cost of the first entrant into the market.

D.

minimum of the average variable cost of the smallest firm in the market.

In terms of economic profits, early market entrants earn

(negative

zero

positive)

economic profits and the last entrant earns

(negative

zero

positive)

economic profits.

A perfectly competitive firm will choose to shut down when the (price (marginal revenue)/ average total cost) intersects the marginal cost curve below the ( total cost curve average variable cost curve ).

Therefore, the short-run supply curve for a perfectly competitive firm is represented by __________.

A. the portion of the average variable cost curve below marginal cost. B. the portion of the average variable cost curve above marginal cost. C. the portion of the marginal cost curve above the average total cost. D. the portion of the marginal cost curve above average variable cost.

In the long run, the supply curve for a perfectly competitive firm is represented by __________.

A. the portion of the marginal cost curve above the average total cost. B. the portion of the marginal cost curve above average variable cost. C. the portion of the average variable cost curve below marginal cost. D. the portion of the average variable cost curve above marginal cost.

Answer:1. marginal​ revenue, marginal​ cost, and price are all equal​(MR​ = MC...
Answer:1. total fixed cost2. A3. B 4. d
Answer:AVC or ATC must be increasing
Answer:7. Each firm produces a differentiated product.8. MR > AVC at the ra...

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