please answer the question attached on the file in 3 hours

1. (TCO D) The basis for classifying assets as current or noncurrent is conversion to cash within (Points : 5) the accounting cycle or one year, whichever is shorter. the operating cycle or one year, whichever is longer. the accounting cycle or one year, whichever is longer. the operating cycle or one year, whichever is shorter. Question 2. 2. (TCO A) Why are some of the major differences between iGAAP and U.S. GAAP? Explain in detail. (Points : 25) The significance difference between I GAAP and U.S GAAP is on the valuation of assets, inventories and many other areas. For example i GAAP list the long term assets first but the US GAAP list the current asset first and long term assets later one. The balance sheet format is also difference as per the U.S GAAP it list the current assets first whereas the I GAAP list the long term asset first. The other significance difference is US GAAP is rule based and I GAAP is most broadly based on the principle. Moreover IASB is focus on providing the information for management performance which is referred to stewardship Question 3. 3. (TCO C) Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2010, included the following expense accounts. Accounting and legal fees $140,000 Advertising $120,000 Freight-out $75,000 Interest $60,000 Loss on sale of long-term investments $30,000 Officers' salaries $180,000 Rent for office space $180,000 Sales salaries and commissions $110,000 One half of the rented premises are occupied by the sales department. How much of the expenses listed above should be included in Perry's selling expenses for 2010? (Points : 15) Perry's selling expenses Advertising expenses= $120,000 Sale department expen 90,000 Sales salaries comission 110,000 Total selling cost $320,000 Question 4. 4. (TCO C) For the year ended December 31, 2010, Transformers Inc. reported the following. Net income $60,000 Preferred dividends declared $10,000 Common dividend declared $2,000 Unrealized holding loss, net of tax $1,000 Retained earnings, beginning balance $80,000 Common stock sold during the year Retained earnings, beginning balance $80,000 Common stock $40,000 Accumulated Other Comprehensive Income, Beginning Balance $5,000 What would Transformers report as the ending balance of retained earnings? (Points : 20) Retained earning begining balance=$80,000 Add Net income = 60,000 Deduct Preferred dividends = 10,000 Deduct common deividend =2,000 Retained earning ending balance= $128,000 to me 5. (TCO C) For the year ended December 31, 2010, Transformers Inc. reported the following. Net income $60,000 Preferred dividends declared, $10,000 Common dividend declared, $2,000 Unrealized holding loss, net of tax; - Available-For-Sale-Securities $1,000 Retained earnings $80,000 Common stock, $40,000 Accumulated Other Comprehensive Income, Beginning Balance 5,000 What would Transformers report as its ending balance of accumulated other comprehensive income? (Points : 20) Question 6. 6. (TCO B) Prepaid rent at 1/1/10 was $30,000. During 2010, rent payments of $120,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment (Points : 10) Rent expenses= $125,000 Less cash paid = 120,000 Decrease in payment=5,000 Rent expenses Dr. $5,000 Cash Cr. $5,000 Question 7. 7. (TCO B) Retained earnings at 1/1/10 was $170,000 and at 12/31/10 it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. (Points : 10) Income Summary Dr. $120,000 Retained earning Cr. $120,000 Retained earning ending balance =$200,000 Retained earning beginining balance=170,00 Difference =30,000 Cash dividend Stock dividend Total adjustment =50,000 =40,000 = 120,000 Question 8. 8. (TCO B) Retained earnings at 1/1/10 was $150,000 and at 12/31/10 it was $200,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. (Points : 10) Income Summary Dr. $140,000 Retained earning Cr. $140,000 Retained earning ending balance $200,000 Retained earning beginining balance 150,000 Differences =50,000 Cash dividends =50,000 Stock dividends =40,ooo Adjustment 140,000 Question 9. 9. (TCO B) Allowance for doubtful accounts on 1/1/10 was $60,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $55,000, and during 2010, bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment. (Points : 10) Bad debt expenses Dr. $35,000 Allowance for doubtful account Cr. $35,000 Ending balanc of allowace for doutful account =$55,000 Begining balance of allowance for doubtful account =$60,000 Difference =(5,000) Written off =40,000 Adjustment=35,000