User Account

All Pages

Prepare journal entry to record the impairment of asset

Assignment Help Accounting Basics
Reference no: EM133171253

Question - Presented below is information related to equipment owned by Swifty Company at December 31, 2020.

Cost $6,370,000

Accumulated depreciation to date 750,000

Expected future net cash flows 5,100,000

Fair value 3,630,000

Assume that Swifty will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years and no salvage value.

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.

Reference no: EM133171253

Questions Cloud

Compare the information found in these reports : Compare the information found in these reports and then explain a report for Mr. Rodriguez that explains which of companies is likely to be his best investment
Determine the machine''s second-year depreciation : During its second year, the machine produces 29,900 units of product. Determine the machine's second-year depreciation using the double-declining-balance method
What is the stock current price per share : The company is considering a recapitalization where it will issue $4 million in debt. What is the stock's current price per share (before the recapitalization)
Develop budgeted cost calculation for assembly department : At zero direct labor hours, the total budgeted cost line intersects the vertical axis at $137,000. Develop budgeted cost calculation for Assembly Department
Prepare journal entry to record the impairment of asset : As of December 31, 2020, the equipment has a remaining useful life of 4 years and no salvage value. Prepare journal entry to record the impairment of asset
Critically reflect on contemporary issues and research : Critically reflect on contemporary issues and research to inform your professional practice - examine biases and assumptions concerning mental well being
What is the ratio of program expenses to total expenses : For purposes of this exercise review the Alley Cat Allies Form 990 for 2020. What is the ratio of program expenses to total expenses
What was the prevailing market rate when the bond was issued : Boyle received P4,411,076.80 upon issuance. What was the prevailing market rate when the bond was issued
Determine the weighted average cost of capital : The cost of new issues of ordinary shares 17%. Determine the weighted average cost of capital (WACC) for this project

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