I’m working on an accounting multi-part question and need support to help me learn.
1-Why do Corporations need financial reporting Standards? Explain the two major standard Setters
2-Accounting Information system takes in the whole process of the accounting cycle. Explain each step in the accounting cycle with a numerical example of your own
3.A. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how are they reported in the income statement.
B. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. It has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the information on the income statement, and if it has a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement
Q4.
| Presented below are a number of the statement of financial position items for ABC, Inc., for the current year, 2020. | |||
| Goodwill | SR 125,000 | Accumulated Depreciation – Equipment | SR 292,000 |
| Payroll Taxes Payable | 177,591 | Inventories | 239,800 |
| Bonds Payable | 285,000 | Rent Payable – Short-term | 45,000 |
| Cash | 360,000 | Taxes Payable | 98,362 |
| Land | 480,000 | Long-term Rental Obligations | 480,000 |
| Notes Receivable | 445,700 | Share Capital – Ordinary, $1 Par Value | 200,000 |
| Notes Payable to Banks | 265,000 | Share Capital – Preference, $10 Par Value | 150,000 |
| Accounts Payable | 490,000 | Prepaid Expenses | 87,920 |
| Retained Earnings | 713,897 | Equipment | 1,470,000 |
| Income Taxes Receivable | 97,630 | Trading Securities | 121,000 |
| Unsecured Notes Payable (Long-term) | 1,600,000 | Accumulated Depreciation – Building | 270,200 |
| Building | 1,640,000 | ||
Prepare a classified statement of financial position in good form as per IFRS.
Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same
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