Pleas answers question 6and 7 In your opinion, are environmental or social discl
ID: 2395467 • Letter: P
Question
Pleas answers question 6and 7
In your opinion, are environmental or social disclosures like this ino to financial statements users? Support your answer. nternational Accounting: A User Perspective the develop- ment of the world's most widely used sustainability reporting framework and s to its continuous improvement and application worldwide. This principles and indicators that organizations can use to measure and report ut the environmental, and social performance. Visit the GRI website (www.globaloi org) and write an overview of the reporting requirements. Go to "GRI Re website, and examine the most recent GRI Reports list. Select three 6. According to its website, the Global Reporting Initiative (GRI) has pion sets out the on the companies in same industry from different geographic regions and critique their reports The following information is the consolidated balance sheet from Xen landy) 2008 anmual report. Assume that all assets were acquired on January 1, 208 7. 100 January 1, 2008 Average for 2008 December 31, 2008 108 General price-level index: Using the information given above, adjust Xenon's 2008 balance sheet for inflation using the GPLA model. What is Xenon's G in millions of Euros? PLA basis retained earnings balance Xenon Consolidated Balance Sheet (in millions of Euro) Year end December 31, 2008 Assets Equity and liabilities: Cash and cash equivalents 1,500 Accounts payable Accounts receivables Prepaid expenses Inventory Supplies Equipment 13,680 6,530 21,500 7,000 18,740 Accrued liabilities 500 Bank loan payable 11,410 Bonds payable 200 35,500 Owner's equity: Less: Accumulated dep. (6,000) Paid-in capital 10,000 Retained earnings 3,140 61,850 Total equity and liabilities 61,850 Total assets Argon (France) began its first year of operations on Jan 1, 2008. Below company's Statement of Income forh 8.Explanation / Answer
Since, question 6 requires access to third party sources, I have answered Question 7.
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Question 7:
To calculate the retained earnings balance using GPLA basis, we need to restate the values of non-monetary assets and liabilities as below:
Non-Monetary Assets:
Prepaid Expenses = 500*108/103 = 524.27
Inventory = 11,410*108/103 = 11,963.88
Supplies = 200*108/103 = 209.71
Equipment = 35,500*108/100 = 38,340
Accumulated Depreciation = 6,000*108/100 = 6,480
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Non-Monetary Liabilities:
Paid-in Capital = 10,000*108/100 = 10,800
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The complete balance sheet with monetary, non-monetary assets and liabilities (restated) is prepared as below:
Xenon's GPLA retained earnings balance would be 5,287.86 in millions of Euros.
Xenon Consolidate Balance Sheet (in millions of Euros) Year End December 31, 2008 Assets Equity and Liabilities Cash 1,500.00 Accounts Payable 13,680.00 Accounts Receivable 18,740.00 Accrued Liabilities 6,530.00 Prepaid Expenses 524.27 Bank Loan Payable 21,500.00 Inventory 11,963.88 Bonds Payable 7,000.00 Supplies 209.71 Equipment 38,340.00 Owner's Equity: Less Accumulated Depreciation -6,480.00 Paid-in Capital 10,800.00 Retained Earnings (Balance) 5,287.86 Total Assets 64,797.86 Total Liabilities and Owner's Equity 64,797.86