User Account

All Pages

How much impairment loss is to be recorded by frozen

Assignment Help Accounting Basics
Reference no: EM133188274

Question - On February 14, 2022, Frozen Company classified a non-current asset as held for sale. At that time, the asset's carrying amount was P64,000. It's fair value was estimated at P48,000 and the cost to sell at P3,800. On May 9, 2022, the asset was sold for P42,000 and paid transaction costs of P2,000. The company accounts for non-current assets using the cost model.

1. How much impairment loss is to be recorded by Frozen relating to the non-current assets held for sale?

2. At what amount should the non-current assets held for sale be recorded on Feb. 14, 2022?

3. How much gain(loss) is to be reported by Frozen on the disposal of the non-current assets held for sale?

Reference no: EM133188274

Questions Cloud

What is the duration : Question - What is the duration of the following bond: $1,000 par value, 6% annual coupon, 5 years to maturity, and yield to maturity of 5.5%
What is the amount of kingbird company owner equity : The total assets of Kingbird Company are $749,000 and its liabilities are equal to one half of its total assets. What is the amount of Kingbird owner equity
Prepare the entries to record the mortgage loan : The terms call for annual payments of $34,335 each. Prepare the entries to record the mortgage loan and the first installment payment
Determine the standard material quantity variance for june : During June, actual production amounted to 420 units. All direct material was purchased and used this month. Determine the standard material quantity variance
How much impairment loss is to be recorded by frozen : Frozen Company classified a non-current asset as held for sale. How much impairment loss is to be recorded by Frozen relating to the non-current assets held
What is the amount of non-controlling interest : Poka borrowed P60,000 and used the proceeds to purchase 90% of the outstanding ordinary shares of Stess. What is the amount of non-controlling interest
How much was the accrual basis rent income : NNN Incorporated reported the following during the year - Cash basis rent income 665,000. How much was the accrual basis rent income
What is the pw, aw, and fw of this proposal : Estimated an annual revenue at the end of each year in the eight-year study period is $100,000. What is the PW, AW, and FW of this proposal
What is the pv-based breakeven unit price : The unit variable cost is $25. Fixed costs are $2 million a year. The project's opportunity cost of capital is 10%. What is the PV-based breakeven unit price

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd