User Account

All Pages

Provide the journal entry for any impairment loss

Assignment Help Accounting Basics
Reference no: EM132743643

Question: Robin Ltd reported the following information in its statement of financial position at 30 June 2022.

Cash $30,000

Inventories $85,000

Plant $325,000

Accumulated depreciation ---plant-$75,000

Intangible assets$150,000

Accumulated amortisation-$50,000

Land$150,000

Liabilities$74,000

Net assets$540,000

At 30 June 2022, Robin Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment. Robin Ltd calculated the recoverable amount of the assets to be $490 000. The fair value of land less the cost of disposal is $120,000. (Robin Ltd can be treated as a cash-generating unit for impairment test purpose).

Required: Provide the journal entry for any impairment loss at 30 June 2022 with the detailed computation.

Reference no: EM132743643

Questions Cloud

How do find what is the weighted average cost of capital : What is the weighted average cost of capital. XYZ company can sell bonds with a par value of $1,000 and a coupon rate of 8% per year
Would the managers of both affiliates be pleased : Advanz enterprises has its pharmaceutical product manufacturing affiliate in the USA and its sales affiliate in Brazil. The manufacturing cost of a best-selling
Implications of the coronavirus pandemic : Discuss the behavior of investors in these markets and the expectations of technical and fundamental analysts for the stock markets in the near future.
Compute the price of a percent coupon bond : Compute the price of a 5.9 percent coupon bond with 15 years left to maturity and a market interest rate of 9.6 percent. (Assume interest payments)
Provide the journal entry for any impairment loss : At 30 June 2022, Robin Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets.
What is the margin of safety in? dollars : Unit variable expenses total? $50. The? break-even sales in units is 4,000 and budgeted sales in units is 9,600. What is the margin of safety in? dollars?
Determine the unit contribution margin : Sally Company sells 16,000 units at $38 per unit. Variable costs are $23.56 per unit, and fixed costs are $115,500. Determine the unit contribution margin
How does secured borrowing differ transaction-ally : Sometimes a company does not sell its receivables but uses it as security to borrow funds called "secured borrowing". How does secured borrowing.
Prepare trial balance in good form as of june : Prepare trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on trial balance

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