Questions from Financial Reporting


Q: Refer to the ExxonMobil information in Case 14-3.

Refer to the ExxonMobil information in Case 14-3. Explain how pension expense and OCI would change if ExxonMobil were using IAS 19. Case 14-3: At December 31, 2015, ExxonMobil had 4,156 million share...

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Q: Presented below are excerpts from the 2012 annual report of Marston’s PLC

Presented below are excerpts from the 2012 annual report of Marston’s PLC, a UK-based company that operates pubs. Required: Property, plant and equipment Freehold and leasehold properties are initi...

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Q: Refer to the facts in Problem 10-8. Repeat

Refer to the facts in Problem 10-8. Repeat requirements 2 through 5 using the cost model (as opposed to the revaluation model) under IFRS. Problem 10-8: Yachting in Paradise, Inc., was founded late...

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Q: In its Year 2 balance sheet, IBM reported the following account

In its Year 2 balance sheet, IBM reported the following account: In the notes to its financial statements, IBM reported that it spent $2,997 million on computer software–related activities. Assume...

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Q: National Sweetener Company owns the patent to the artificial sweetener known as

National Sweetener Company owns the patent to the artificial sweetener known as Supersweet. Assume that National Sweetener acquired the patent on January 1, 2011, at a cost of $300 million dollars, ex...

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Q: To meet the increasing demand for its microprocessors, Intelligent Micro Devices

To meet the increasing demand for its microprocessors, Intelligent Micro Devices began construction of a new manufacturing facility on January 1, 2017. Construction costs were incurred uniformly throu...

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Q: Consider the following two scenarios: Scenario I: Over the

Consider the following two scenarios: Scenario I: Over the 2014–2018 period, Micro Systems, Inc., spends $10 million a year to develop patents on new computer hardware manufacturing technology. While...

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Q: Assume that Major Motors Corporation, a large automobile manufacturer,

Assume that Major Motors Corporation, a large automobile manufacturer, reported in a recent annual report to shareholders that its buildings had an original cost of $4,694,000,000. 1. Major Motors us...

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Q: The 2016 income statement and other information for Mallard Corporation, which

The 2016 income statement and other information for Mallard Corporation, which is about to purchase a new machine at a cost of $500 and a new computer system at a cost of $300, follows. Sales …………………...

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Q: Gardenia Co. and Lantana Co. both operate in the same

Gardenia Co. and Lantana Co. both operate in the same industry. Gardenia began its operations in 2017 with a $20 million initial investment in plant and equipment with an expected life of 10 years. La...

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