User Account

All Pages

How much shall be credited to the inventory account

Assignment Help Financial Accounting
Reference no: EM132955471

An entity has determined that its fine China Division is a cash generating unit. The entity calculated the value in use of the division to be P8,000,000. The assets of the CGU at carrying amount are as follows:

Building 5,000,000                Equipment 3,000,000
Inventory 2,000,000              Goodwill 1,000,000

Problem 1: The entity has also determined that the fair value less cost to sell of the building is P4,200,000. In recording the impairment loss, how much shall be credited to the Inventory account?

Reference no: EM132955471

Questions Cloud

Prepare a t-account for michael lucas : Make the company's closing entries. Include explanations. Prepare a T-account for Michael Lucas, Capital. What is the ending Capital balance at June 30, 2020
What is the current price of the bonds : Today, the market interest rate on these bonds is 5.75%. What is the current price of the bonds?
What is the stock price : If the expected long-run growth rate for this stock is 5.4%, and if investors required rate of return is 11.4%, what is the stock price?
What is the entry to record the sale of the asset : Prepare the entry for the revaluation. If the equipment was sold for P8,000,000 one year after revaluation, what is the entry to record the sale of the asset?
How much shall be credited to the inventory account : The fair value less cost to sll of the building is P4,200,000. In recording the impairment loss, how much shall be credited to the Inventory account?
What is the carrying value of the gold mines as of december : During 2009, 270,000 tons were extracted and 240,000 tons were sold. What is the carrying value of the gold mines as of December 31, 2009?
What will the entry include to record the reinstatement : After writing off uncollectible accounts, a company reinstates and recovers an account for a customer. What will the entry include to record the reinstatement?
How much income would be allocated to ed for the year : Ed was a 25% shareholder in Horsey Corporation, Using the daily allocation method (per share, per day), how much income would be allocated to Ed for the year?
How would company account for the disposal : A fair market value of $450,000. Company has a December 31 year end. How would Company account for the disposal of the 3 golf courses?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Have ever been apart of drawing up a business plan

Have you ever been apart of drawing up a business plan? If so, what did it entail and how was the experience? If not, Did you ever have to do a plan

  Prepare the entries that are necessary to record

Crane Company designated Alexa Kidd as petty cash custodian.Prepare the entries that are necessary to record independent transactions

  Uses a job order cost system

Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s production. Materials purchased on account $196,700, and factory wages incurred $94,100.

  Find what stock worth if require sixteen percent ror

What is the stock worth if you require 16% rate of return? At the end of the sixth year, the company will pay a dividend of $4.50 and these dividends will grow

  Which issues include in australia ageing

Australia's ageing population has produced some unique issues which will need to be addressed by current and future governments. These issues include

  Determine what is the bond current yield

You paid $1,110 for a corporate bond that has a 16.42 percent coupon rate. What is the bond's current yield? Round the answer to two decimal places

  Balance sheet based on the restate financial statements

I need a Common-Sized Balance Sheet and Income Statement both Horizontal and Vertical based on the Restate Financial Statements for a company

  Do think should recognize a liability for the warrantees

Suppose that Gamesa also issues warranties on the wind turbines they sell. Do you think they should recognize a liability for the warrantees outstanding?

  How techniques are going to assist in due diligence process

Due Diligence has been, and remains, Which techniques will you use for this purpose? How these techniques are going to assist in a due diligence process?

  Uses the perpetual inventory system

Hitzu Co. sold a copier costing $4,500 with a two-year parts warranty to a customer on August 16, 2013, for $9,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2014, the copier requires on-site repairs that are completed the same ..

  Prepare the journal entry needed for the january redemptions

Prepare the journal entry needed for the January 2021 redemptions. Prepare the journal entry needed for the February 2021 redemptions

  At what amount should patent be reported on the december 31

At what amount should patent(s) be reported on the December 31, 2014, balance sheet, assuming monthly amortization of patents?

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