User Account

All Pages

Prepare any journal entry to record the impairment

Assignment Help Financial Accounting
Reference no: EM132786559

Question - Greenwater Inc. is a company that follows IFRS and has a year end of July 31. Greenwater Inc. owns a trademark that it purchased 4 years ago for $136,400. The accumulated amortization on this trademark to July 31, 2020 is $27,300.

Other information available about the trademark on July 31, 2020 is as follows:

Expected undiscounted future cash flows from the trademark for the remainder of its useful life total $108,250.

The trademark has a value in use of $97,600.

The fair value of the trademark is $105,950. Selling costs of $2,000 would be incurred if the trademark was sold.

Required - Determine if the trademark is impaired at July 31, 2020 and prepare any journal entry to record the impairment, if required?

Reference no: EM132786559

Questions Cloud

What is the payoff to edwin the entrepreneur : Gary is under 2/20 compensation plan. Interest does not accrue on the dividends. What is the payoff to Edwin the Entrepreneur
Significance of use of pharmacokinetic parameters : Describe the significance of the use of pharmacokinetic parameters in case to calculate appropriate drug dosing regimens.
Write an overview of thomas hobbes laws of social life : In your own words, describe the influence of William of Ockham on the history of psychology. Provide an overview of Thomas Hobbes's laws of social life.
What new layers of interpretation can make from film : Did you learn something new you did not notice when you watched Parasite? What new layers of interpretation can you make from this film?
Prepare any journal entry to record the impairment : Determine if the trademark is impaired at July 31, 2020 and prepare any journal entry to record the impairment, if required
How british new imperial policies impact colonial politics : Explain how the British new imperial policies during the 18th century impact colonial politics, culture and the development of American identity.
Determining the growth rate of total factor productivity : -If both capital and labour grow at 1 percent per year, what would the growth rate of total factor productivity have to be?
Consent-confidentiality and privileged communication : Consent, Confidentiality, and Privileged Communication can be tricky concepts in the profession of counseling particularly when working with minors
What does that expression mean : You receive a shipment of goods from one of your suppliers, On the bill is written: "Terms: 2/7 net 30". What does that expression mean

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is their excluded gain-how much must they recognize

Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000. (a) What is their excluded gain? How much ..

  Find what amount that should be reported as a cash inflow

Accumulated depreciation of $121,000. The equipment is sold for $52,200 cash. The amount that should be reported as a cash inflow from investing activities is

  What is the correct net income for 2014

Pettit Company reports net income of $84,950 in 2014. However, ending inventory was understated $7,640. -  What is the correct net income for 2014?

  Which of following items would be increased by the bank loan

At the end of the quarter, a company did an adjusting entry to record $5,000 of depreciation on the fleet of automobiles used by the sales force. Which of the following items would be increased by this depreciation adjusting entry?

  Compute the weighted average number of shares outstanding

Compute the Weighted Average Number of Shares Outstanding at the end of 2020? Jan. 1 Beginning balance common shares 100,000

  Using the direct method compute cash payments to suppliers

Suppose a recent income statement for McDonald’s Corporation shows cost of goods sold $6,065.9 million and operating expenses (including depreciation expense of $1,501 million) $13,339.4 million. Using the direct method compute cash payments to suppl..

  Which is used to account for probable sales discounts

Which is used to account for probable sales discounts, sales returns and sales allowances in factoring arrangement? Both factor holdback and recourse liability

  Fair value of office equipment is depreciating

Under IFRS, if fair value of land is appreciating and fair value of office equipment is depreciating, which measurement model (cost or revaluation) would you suggest for measuring land vs. office equipment? Use the Conceptual Framework to justify you..

  Prepare the long term liabilities section

Toto Company reports the following on its year end balance sheet:

  How many years will it take to reach your goal

You have $42,180.53 in a brokerage account, You expect to earn 12% annually on the account. How many years will it take to reach your goal

  What is the amount of basic earnings per share

If the 5% convertible debentures are converted, what is the impact on income (numerator) to be used in the calculation of diluted earnings per share?

  Sunny valley wheat cooperative

The Sunny Valley Wheat Cooperative is considering the construction of a new silo

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