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Problem - Simpson Ltd purchased a piece of plant at a cost of $200,000. Simpson has a 30 June year end. At 30 June 2019, the plant had accumulated depreciation of $40,000 and an expected remaining useful life of 4 years. On 30 June 2019, Simpson determined that the plant could be sold for $120,000 with associated costs of $5,000. Alternatively, the plant is expected to be used by Simpson for another 4 years and it is expected that the net cash flows to be generated from the Plant would be $39,000 over each of the next 4 years. At 30 June 2019, it is considered that the market would require a return of 6% on this item of plant.
Required -
a) Determine if any impairment loss needs to be recognised in relation to this plant at 30 June 2019.
b) Provide the depreciation entry for this plant item at 30 June 2020.
c) If the recoverable amount of an item of machinery is higher than the carrying amount, is the business required to report the machinery at its recoverable amount in the balance sheet?
on the first day of the current fiscal year 1500000 of 10-year 8 bonds with interest payable semiannually were sold for
The company owns vacant land that is being held for future expansion but would have to spend approximately $50,000. What are the relevant tax issues
January the company is required to pay $5,000 on the note. How will this note be reported on the December 31, year 2 Statement of Financial position
Ralph Co. has two support departments (S1 and S2) and two producing department (P1 and P2). Department S1 costs are allocated on the basis of number of deigns and Department S2 costs are allocated on the basis of space occupied (in square feet).
Describe the role Generally Accepted Accounting Principles and the Financial Accounting Standards Boardplays in financial reporting in the United States.
Sam, a single individual with a salary of $40,000, paid the following expenses during the year: Analyze the above expenses and determine which ones are deductible for AGI. Please support your position
A storage tank acquired at the beginning of the fiscal year at a cost of $61,000 has an estimated residual value of $9,000 and an estimated useful life.
The relevant production level ranges from 10,000 to 15,000. What is the flexible budget formula for the fixed and variable cost behavior
Dana Solomon is a partner in firm Seidner & Wilner, Under the California Accountancy Act, what is the earliest date that Dana Solomon may accept this position?
On January 1, 2008, J & J, signed a 10-year noncancelable lease agreement to lease a storage building from Action Co., What is amount of minimum payment
Raw Material $45,600 Direct Labor $49,300 Manuf. Overh. $43,720 D/M used in current period $81,200. Prepare the production report
If the Jeter Village council adopts the budget as submitted prepare the journal entry to record the adopted budget.
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