What amount of loss on impairment of goodwill sheridan

Assignment Help Financial Accounting
Reference no: EM132489311

Question 1: Sheridan Corporation acquired Linebrink Products on January 1, 2018 for $8500000, and recorded goodwill of $1800000 as a result of that purchase. At December 31, 2018, Linebrink Products had a fair value of $6947000. The net identifiable assets of the Linebrink (excluding goodwill) had a fair value of $6000000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2018?

Option 1: $853000

Option 2: $247000

Option 3: $0

Option 4: $1553000

Question 2: Marigold owes $2.3 million that is due on February 28. The company borrows $1750000 on February 25 (5-year note) and uses the proceeds to pay down the $2.3 million note and uses other cash to pay the balance. How much of the $2.3 million note is classified as long-term in the December 31 financial statements?

Option 1: $2300000.

Option 2: $1750000.

Option 3: $550000.

Option 4: $0.

Reference no: EM132489311

Questions Cloud

What is the value of a call per share : Jessica Silva, The options mature in 3 years and the risk free rate is 4%. What is the value of a call per share and the total 200,000 shares?
How much will the preferred stockholders receive : How much will the preferred stockholders receive? Dividends have been paid in every year except the past two years and the current year.
Current critical issue in the us army and how best to fix it : Need assistance researching and writing a current critical issue in the US Army and how best to fix it.
Determine what journal entry is needed to record : Determine what journal entry is needed to record estimated uncollectible accounts? If Bestway estimates that 2% of credit sales will be uncollectible.
What amount of loss on impairment of goodwill sheridan : Linebrink (excluding goodwill) had a fair value of $6000000 at that time. What amount of loss on impairment of goodwill should Sheridan record in 2018?
Adoption of agile methodology in industry : Field of project management related to Adoption of Agile methodology in Industry (Engineering, Construction or any domain of your choice) and summarize
What does Henrys tax preparer need to do to determine : Henry, who is not a dependent, states he wishes to claim EITC this year for his 35-year-old dependent child. What Henrys tax preparer need to do to determine
Determine the inventory to be reported : Question - Determine the inventory to be reported using lower of cost or market under GAAP and IFRS (Show all calculations)
What is the correct entry for recording the june : What's the correct entry for recording the June 30 interest payment on the bonds? On January 1, $500,000 of 8%, 10-year bonds were sold for $530,000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculation of material variancesthe standard cost of

calculation of material variances.the standard cost of product b manufactured by mateo company includes 3 units of

  Breakeven point under the current leasing agreement

Style wise Printing Company currently leases its only copy machine for $1,000 a month. The company is considering replacing this leasing agreement with a new contract that is entirely commission based.  What is the company’s breakeven point under the..

  The howe companys stockholders equity account followscommon

the howe companys stockholders equity account followscommon stock 400000 shares at 4 par1600000paid-in-capital in

  Journal entries in relation to plant asset

journal entries in relation to plant asset transactions.mahoney company had the following transactions involving plant

  Prepare a schedule for any noncash items for disclosure.

Purpose a cash flow statement for Oju Company for 20B using the indirect method. Be sure to prepare a schedule for any noncash items for disclosure.

  The brandt company presents the following december

The Brandt Company presents the following December 31, 2010 balance sheet:

  Complete the given worksheet

Complete the given worksheet- XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet.

  Assume the following transactions occurred during the year

assume the following transactions occurred during the year. the annual accounting period ends on december 31.jan.

  Determine the quick ratio for both companies

The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period.

  What was the companys EBITDA

A company had revenue of $1,000, Depreciation and Amoritzation Expense of $100. Interest Expense of $100 and Tax Expense of $50. All other Expenses were $500. What was the company's EBITDA?

  Prepare an income statement for aikman corporation

Prepare an income statement through gross profit for June 2010 assuming net sales are$87,100 Aikman Corporation

  Total contribution margin at the break-even point

What is the total contribution margin at the break-even point and what is the contribution margin ratio for the product?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd