Solution-Calculate total assets for reporting on the

Calculate total assets for reporting on the balance sheet

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Reference no: EM132452860

Problem - 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 machinery, cost $147000; accumulated depreciation, $30000; current sale value, $96000

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

Required -

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: EM132452860

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Calculate total assets for reporting on the balance sheet

Reference no: EM132452860

Reference no: EM132452860

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