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Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220 Exercise 31
Lisali Company gathered the following information related to inventory that it owned on December 31, 2015:
a. Determine the amount at which Lisali should carry inventory on the December 31, 2015, balance sheet and the amount, if any, that should be reported in net income related to this inventory using (1) U.S. GAAP and (2) IFRS.
b. Determine the adjustments that Lisali would make in 2015 to reconcile net income and stockholders' equity under U.S. GAAP to IFRS.
a. Determine the amount at which Lisali should carry inventory on the December 31, 2015, balance sheet and the amount, if any, that should be reported in net income related to this inventory using (1) U.S. GAAP and (2) IFRS.
b. Determine the adjustments that Lisali would make in 2015 to reconcile net income and stockholders' equity under U.S. GAAP to IFRS.
Explanation
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Inventory:
Inventory is an asset reflec...
Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
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