User Account

All Pages

What amount of loss on impairment should be recognized

Assignment Help Accounting Basics
Reference no: EM132674944

Problem 1: Caine Company a clothing manufacturer, purchased a sewing machine for P4,000,000 on July 1, 2016. The machine had a 10-year useful life, A P200,000 residual value, and was depreciated using the straight line method. On January 1, 2019, a test for impairment indicated that the undiscounted cash flows from the sewing machine are less that carrying amount. The fair value less cost of disposal of the machine on January 1, 2019 is P1,200,000. What amount of loss on impairment should be recognized?

Reference no: EM132674944

Questions Cloud

Role of government in providing health insurance : Compare and contrast the three major government health insurances. Include eligibility, administrative jurisdiction, and method of financing.
What amount should the equipment be reported on december : Kline Company has an equipment with carrying amount of P3,200,000 on December 31, 2019. What amount should the equipment be reported on December 31, 2019?
Find what amount should be recognized as impairment loss : Connery Company acquired equipment on January 1, 2019 for P10,000,000. What amount should be recognized as impairment loss for 2020?
Show the graph of the net payoff diagram : Show the gross and net pay-o table of a Bull spread on call option, and show the graph of the net payoff diagram
What amount of loss on impairment should be recognized : The fair value less cost of disposal of the machine on January 1, 2019 is P1,200,000. What amount of loss on impairment should be recognized?
Compute the the duration of bond : A six-year bond, with a Face Value of $1000 has yield rate of 5% compounded continuously, and coupon rate of 6% compounded semi-annually, paid every half-year.
What is the depreciation expense for ameche company : On January 1, 2015, Ameche Company purchased machine for P4,000, In the income statement for the year ended December 31, 2019, what is the depreciation expense?
Recommend a strategy to reduce the total length of time : If she cannot afford to increase her current repayments, and is unable to negotiate a better interest rate, recommend a strategy to reduce the total length
What is coleman cost of common equity : Coleman Technologies Inc. Cost of Capital Coleman Technologies is considering a major expansion program that has been proposed by the company's information

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate free cash flow

Sprouts Corporation reported net cash provided by operating activities of $412,000, Calculate free cash flow

  The financial accounting standards board

One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

  What is Meghann QBI deduction

In 2019, Meghann Carlson, a single taxpayer, has QBI of $110,000. Given this information, what is Meghann's QBI deduction

  The dean of the school of natural science is trying to

the dean of the school of natural science is trying to decide whether to purchase a copy machine to place in the lobby

  What is balance in eastern corporation investment account

Western Corporation earned net income of $360,000. What is the balance in Eastern Corporation's investment account at the end of 2018

  Prepare reconciliation of the change in governmental fund

Prepare, in good form, a reconciliation of the change in governmental fund balance to the change in net position of governmental activities

  What are these source use or

what are these source use or exchange?1 performed services for cash2 performed services for clients on account3

  What is the primary objective for the statement of cash flow

If your school has a subscription to the FASB Codification, prepare responses to the following. Use the Master Glossary to determine the proper definitions.

  The amount of cash on a company''s balance sheet

Which of the following actions are most likely to directly increase cash as shown on a firm's balance sheet? Explain and state the assumptions that underlie your answer.

  Prepare a form 1065 for abc partnership

Prepare a form 1065 for ABC Partnership, including the Schedule K-1 for the partners and all other required schedules

  Why residual income value estimates will not be distorted

Explain why residual income value estimates will not be distorted by aggressive accounting. How does the residual income valuation model correct for the effects of aggressive accounting and over-stated book values of equity?

  What crane cash account has a

Account amounted to $2500 and the total of the credit entries to the Cash account amounted to $2300. At the end of May, Crane' Cash account has a

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