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Calculate total assets for reporting on the balance sheet

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Reference no: EM131986188

Question - Dae needs help with Accounting as soon as possible. Dae wrote:

Circuit printing has the following asset:

a. Cash, $18000

b. Account Receivable, $60000; provision for doubtful debts $11000

c. Office supplies, cost $900; Scrap value $150

d. Office mchinery, cost $147000; accumulated depreciation, $30000; current sale value, $96000

e. Land, cost $60000; current sale value;$185000

Q1. Calculate total assets for reporting on the balance sheet assuming that Circuit continues as a going concern.

Q2. Assume that Circuit is going out of business by selling off (liquidating) its assets. Calculate the liquidation value of Circuit's assets.

Q3. The general principles that determine the amounts to be reported in each of the above cases are as follows:

Reporting asset values: Continuing as a going concern; Comparability, Relevance, Reliability, or Understandability

Reporting asset values: Going out of business (liquidating); Comparability, Relevance, Reliability, or Understandability

Reference no: EM131986188

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