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Freeman Company determined that its Clooney division is a cash generating unit. The company calculated the value in use of the division to be P24,000,000. The assets of the CGU at carrying amount are as follows : Building P15,000,000; Equipment 9,000,000; Inventory 6,000,000. The entity has also determined that the fair value less cost of disposal of the building is P13,500,000. In recording the impairment,
Problem 1: What amount is credited to Accumulated depreciation-Building?
Problem 2: What amount is credited to Accumulated depreciation - Equipment?
Problem 3: What amount is credited to Inventory?
What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? The cost of goods sold reported by Ford for the current year was $127,103 million. Determine the cost of goods sold that would have been reported..
Zurich company reports pre-tax Financial income of $70,000 for 2014. The following items cause taxable income to be different than pre-tax Financial income.
gourmet specialty coffee company gscc is a distributor and processor of different blends of coffee. the company buys
Starr Company purchased a depreciable asset for $150,000. The estimated salvage value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the..
In this case, you are provided information regarding selling prices and costs of several products offered by Mendel Paper Company. In addition, management has concerns about sales mix and rising costs. Address the questions (1-5) at the end of th..
Jim Chan decided to Christmas shop online. He linked to Amazon.com, found a perfect gift for his daughter, registered, and placed his order. It was only later that he noticed that the Web site's URL was actually Amazom.com. Jim was a victim of
Do you think that employees should be involved with setting up cost functions or is this just a management thing?
How does the final withholding system work? Who will pay for the tax deficiency in case the tax withheld is less than the tax required?
ehrmann data systems is considering a project that has the following cash flow and wacc data. what is the projects
How much was Carried Away's manufacturing overhead, The following information relates to Carried Away Hot Air Balloons
Record the following adjusting entries on December 31. On January 1, $5,000.00 worth of office furniture was purchased on account
Preparing financial statements with a net loss Forms are given in the Working Papers. The following information is obtained from the work sheet of Rolstad.
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