User Account

All Pages

Prepare journal entries to account for the impairment loss

Assignment Help Accounting Basics
Reference no: EM132687007

Question - The following information is extracted from a cash generating unit of Sunland Ltd at 30 June 2020:

Carrying amount

Cash $32,000

Accounts receivable 27,000

Inventory 20,000

Plant 110,000

Accumulated depreciation 30,000

Land 80,000

Goodwill 3,000

Accounts payable 10,000

The value in use and fair value less cost to sell of the cash generating unit are determined to be $220,000 and $225,000, respectively. The value in use of the land is $79,500.

Required - Prepare journal entries to account for the impairment loss of the cash generating unit as at 30 June 2020.

Reference no: EM132687007

Questions Cloud

What is the effective price per barrel paid : What is the effective price per barrel paid by the company after taking into account the gains or losses in the futures market?
Explain whether your therapeutic theory has changed : Explain whether your therapeutic theory has changed as a result of your practicum experiences. Recall the theories you selected in Week 1.
What was cost of goods sold : The Merchandise Inventory account had a January 1 balance of $47,435 and a December 31 balance of $11,595. What was Cost of Goods Sold in 2019
Describe the types of services rendered : Identifying information of client (e.g., hypothetical name and age). The date the client initially contacted the therapist, date therapy began, duration.
Prepare journal entries to account for the impairment loss : The value in use of the land is $79,500. Prepare journal entries to account for the impairment loss of the cash generating unit as at 30 June 2020
Analyze therapeutic approaches to treating clients : Clients with personality disorders often find it difficult to overcome their problems and function in daily life. Even when these clients are aware that they.
Calculate the size of their monthly payment : A couple bought $8,000 worth of furniture from The Rock. Starting exactlyten months from now they will make their first of 24 monthly payments to pay
How does the ten steps to earning awesome grades : What did the information in the chapter reveal about you as a learner and as an international graduate student studying in the US?
Prepare the necessary journal entries : Prepare the necessary journal entries in relation to the machinery and equipment at 30 June 2020. Narrations are not required

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