1. How do IFRS and U.S. GAAP differ with respect to the classification of debt that is expected to be refinanced?

2. What is the difference between the use of the term contingent liability in U.S. GAAP and IFRS?

Thank you!

Given certain international transactions, determine if they cause a supply/demand of the U.S. dollar as well as a depreciation/appreciation of the U.S. dollar? "at least 1 paragraph required"

This is all that was given is just wants really an opinion on it

1. (a) Explain whether exchange rate risk of Hong Kong dollars is zero as it is pegged with the U.S. dollars.

2. (b) Explain how the U.S. government intervenes exchange rate indirectly to its boost economic growth.

How should the U.S address the Flint/ Legionnaires crisis? what other areas of the U.S. have polluted water that you can inform us about? Do a quick search on Google and inform us.

The residents of nnn spend all of their income on cauliflower, broccoli, and carrots. In 2020, they spend a total of $250 for 100 heads of cauliflower, $100 for 50 bunches of broccoli, and $250 for 500 carrots. In 2021, they spend a total of $210 for 60 heads of cauliflower, $180 for 90 bunches of broccoli, and $270 for 450 carrots.

Complete the following table by calculating the price of one unit of each vegetable in each year.

Using 2020 as the base year, the CPI for 2020 is   , and the CPI for 2021 is   .

The inflation rate in 2021 is    % using the CPI.

On January 1, 2020, ECT Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $600 million. The 2020 and 2021 ending inventory valued at year-end costs were $702 million and $840 million, respectively. The appropriate cost indexes are 1.08 for 2020 and 1.20 for 2021.

Required:

Calculate the inventory balance that ECT Co. would report on its year-end balance sheets for 2020 and 2021, using the dollar-value LIFO method and submit using the DVL template.

On January 1, 2020, Penguin Corporation, the parent corporation of a consolidated group of corporations filing a calendar year consolidated tax return, acquires all of the stock of Steeler corporation for $3 million. In 2020, Steeler Corporation earns $500,000 of taxable income, it earns $20,000 of tax-exempt interest income, it pays Penguin corporation a dividend of $400,000. Steeler pays Penguin an amount equal to its stand-alone income tax liability for 2020, computed at the statutory tax rate of 21%. Compute Penguin’s year-end 2020 tax basis in Steeler stock.

Read the following news items and explain where a short-run decision and a long-run decision are involved?

a. January 31, 2020: Tim Horton will open 60 more stores in Asian countries  

b. March 30, 2020: All stores of Tim Horton will shut down on Tuesday stores so that baristas can receive a refresher course.

c. June 2, 2020: Tim Horton replaces baristas with vending machines.

d. June 30, 2020: Tim Horton is closing 200 stores in British Columbia by the end of July

Mitchell Corporation pays $10 million to acquire a 30 percent interest in Turner Corporation’s stock on January 1, 2020, and reports the investment using the equity method. Any basis difference is attributed to goodwill. During 2020, Turner reports net income of $1,000,000, which includes $50,000 in realized and unrealized gains on trading securities. Turner also reports $80,000 in unrealized losses on AFS securities in other comprehensive income, and pays dividends of $250,000 in 2020. Required Prepare Mitchell’s journal entries to record the above events for 2020

In 2020, Hydrogen Corp. began selling a new line of products that carry a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to dollar sales are as follows:

           First year of warranty 2%

           Second year of warranty 5%

Sales and actual warranty expenditures for 2020 and 2021 are presented below:

                                                                                             2020                               2021

           Sales                                                                     $ 450,000                     $ 600,000

           Actual warranty expenditures 15,000                           30,000

Hydrogen uses the expense approach to account for warranties.

Provide the journal entries for 2020 relating to the above transactions.