Rowlin Corporation, which reports under IFRS, wrote down its inventory of electronic
parts last period from its original cost of €28,000 to net realizable value of €25,000. This
period, inventory at net realizable value has increased to €30,000. Rowlin should revalue
this inventory to:
a) €28,000 and report a gain of €3,000 on the income statement.
b) €30,000 and report a gain of €5,000 on the income statement.
c) €30,000 and report a gain of €3,000 on the income statement and €2,000 as other
comprehensive income

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be: