Varnay Ltd is a manufacturing company that prepares annual financial statements to 31 December. In November 2022,
Question:
Varnay Ltd is a manufacturing company that prepares annual financial statements to 31 December. In November 2022, the company announced a plan to close down one of its manufacturing operations and to sell off the assets of that operation. The operation will be closed down over a period of approximately nine months and closure is expected to be complete by the end of July 2023. Sale of the operation's assets is expected to take place in September 2023.
Explain how this closure and sale should be dealt with in the financial statements of Varnay Ltd for the year to 31 December 2022 and for the year to 31 December 2023.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
On 31 December 2022 the assets of the operation cannot be classified as held for sale since they ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
International Financial Reporting a practical guide
ISBN: 9781292439426
8th Edition
Authors: Alan Melville
Question Posted:
Students also viewed these Business questions
-
Varnay Ltd is a manufacturing company which prepares annual financial statements to 31 December. In November 2019, the company announced a plan to close down one of its manufacturing operations and...
-
Varnay Ltd is a manufacturing company which prepares annual financial statements to 31 December. In November 2017, the company announced a plan to close down one of its manufacturing operations and...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Glencoe First National Bank operated for years under the assumption that profitability can be increased by increasing dollar volumes. Historically, First Nationals efforts were directed toward...
-
The general fund trial balance of the city of Oakpark at December 31, 2018, was as follows: The following data pertain to 2019 general fund operations: a. Budget adopted: Revenues and other financing...
-
Steam at 1600 kPa, 300C, flows so that it has a stagnation (total) pressure of 1800 kPa. Find the velocity and the stagnation temperature.
-
Which of the following has been a finding of prior research that has examined whether information systems audit staff should be recruited with an information technology background or an audit...
-
A review of the accounting records of Spiller Manufacturing indicated that the company incurred the following payroll costs during the month of September. 1. Salary of the company president$40,000....
-
Moneypenny Inc. has a beginning account payable balance of 2.1m and an ending balance of 1.9m. During this one-year period, supplier purchases totalled 12.5m, all on credit and assigned 45-day...
-
1. Who are the followers at Bluebird Care? 2. In what way is followership related to the mission of the agency? Do Robin and her managers recognize the importance of followership? Explain. 3. Using...
-
On 1 January 2023, Crimmock Ltd (which prepares accounts to 31 December) enters into a four-year lease of office machinery. The company is required to make four lease payments of 30,000 and these...
-
On 1 July 2022, Helvelyn Ltd enters into a lease to acquire use of a machine. The lease agreement specifies that the company will make four lease payments, each of 45,303, on 30 June 2023, 2024, 2025...
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. 1.53 2+ = -5 #
-
Should decision control and decision management be separate or together? Provide a provide a fictitious example or a real-world example of a firm where the control (correctly) resides with the same...
-
This term project aims to combine your knowledge on Queuing Theory together with your analysis and development skills. You will be working as a team and are asked to provide a decision support tool (...
-
How does the maturity date affect the liquidity and marketability of a financial instrument? 8. How do investors or borrowers typically plan for or manage the maturity date of their financial...
-
The greatest common divisor or the highest common factor is the largest natural number that divides two numbers without leaving a remainder. Hope you remember GCD calculations used in algebra and...
-
How do interest rates affect the value of debentures? 12. What factors should investors consider when analyzing the risk and return of debentures? 13. How are debentures different from bonds and...
-
For each day of last year, the number of vehicles passing through a certain intersection was recorded by a city engineer. One objective of this study was to determine the percentage of days that more...
-
Show that gj concave AHUCQ Abadie For nonnegative variables, we have the following corollary.
-
E plc has an issued share capital consisting of 800,000 ordinary shares. There are no preference shares. Some years ago, the company issued 1 million of 10% convertible loan stock, convertible in...
-
The profit after tax of B plc for the year to 30 June 2020 is 217,500. The comparative figure for the year to 30 June 2019 was 188,000. On 1 July 2018, the company's issued share capital consisted of...
-
IFRS8 requires disclosure of four main classes of information. Identify these classes and list the main disclosures required for each class.
-
The most likely outcomes for a particular project are estimated as follows: Unit price: $ 4 0 Variable cost: $ 2 0 Fixed cost: $ 3 5 0 , 0 0 0 Expected sales: 3 4 , 0 0 0 units per year However, you...
-
Rent of the land will be 2800 per month. The rent of the building with all the facilities installed is estimated in 24,000 per year, with council tax charges estimated at 15,000 per year. The rent of...
-
Further to the lesson discussions and readings about the Sales and Operations Planning Process, provide your argument for the value of this process applied to a CPG (Consumer Packaged Goods) company....
Study smarter with the SolutionInn App