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Graham Top Menswear, Ltd, reported net plant and equipment of $1,618,000. these assets cost $2,522,000 with accumulated depreciation taken to date of $904,000. Base don recently assessed negative evidene, Graham's top management conclude that its plant assets might be impaired. graham Top estimate totals exceed future cash flows from use of the assets as only $1,315,000 and appraises the fair value of the asset at $1,010,000. Are the company assets impaired? If there is an impairment loss, prepare the journal entry necessary to record the impairment.
Problem 1: Conduct the impairment test for plant and equipment at the end of the year to determine whether Graham Top Menswear assets are impaired.
2. The SEC noted six reasons why the bill and hold sales recorded by Mattel did not qualify as consummated sales transactions. Identify and discuss the general conditions for recognizing revenue from sales transactions. Also, identify circumst..
Total Store Supplies bought during the year amount to P3,680. Prepare the adjusting entry at year end. Compute the balance of Store Supplies
The Final Paper will involve applying the concepts learned in class to an analysis of a company using data from its annual report.
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Prepare journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2018 related to the situation described
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