Aforeign subsidiary of wampoa ltd. has one asset (inventory) and no liabilities. the subsidiary operates with a significant degree of autonomy from wampoa and primarily uses the local currency (the won) in carrying out its transactions. since the date the inventory was acquired, the won has decreased in value in relation to wampoa’s reporting currency. in translating the foreign subsidiary’s won financial statements into the parent’s reporting currency, which of the following is true under ifrs? multiple choice a positive translation adjustment must be reported in stockholders’ equity. a translation loss must be reported in net income. a negative translation adjustment must be reported in stockholders’ equity. a translation gain must be reported in net income.

Which statement or statements are implied by equilibrium conditions of the loanable funds market? a firm borrowing in the loanable funds market invests those funds with a higher expected return than any firm that is not borrowing. investment projects which use borrowed funds are guaranteed to be profitable even after paying interest expenses. the quantity of savings is maximized, thus the quantity of investment is maximized. a loan is made at the minimum interest rate of all current borrowing.

Investors who put their own money into a startup are known as a. mannequins b. obligators c. angels d. borrowers

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?