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Staples Company completed all of its March 31, 2011, adjustments in preparation for compiling its financial statements, which resulted in the following trial balance.
Other information: 1. All accounts have normal balances. 2. $61,000 of the mortgage balance is due beyond March 31, 2012. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule.
Required
1. Prepare the entry (entries) to record any impairment losses at March 31, 2011. Assume the company recorded no impairment losses in previous years.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
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