Question
Current Cost Accounting 1/1/15 31/12/15 Accounts Payable $160,000 $140,000 Accounts Receivable $200,000 $220,000 Bank Overdraft $70,000 $80,000 Inventory $180,000 $190,000 Tax Payable $30,000 $20,000 General
Current Cost Accounting
1/1/15 31/12/15
Accounts Payable $160,000 $140,000
Accounts Receivable $200,000 $220,000
Bank Overdraft $70,000 $80,000
Inventory $180,000 $190,000
Tax Payable $30,000 $20,000
General Price Index $100. $105
Inventory Price Index $100 $102
a) Calculate the gain/loss of monetary items for 2015
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Financial Accounting
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
6th Edition
1618533118, 978-1618533111
