User Account

All Pages

What amount should be presented as the carrying value

Assignment Help Financial Accounting
Reference no: EM132696369

SC Corporation plans to dispose of a group of net assets that form part of a disposal group. The net assets at December 31, 2020 are:

-----------------------------------------------------------------------Carrying Value at December 31, 2020

Goodwill ----------------------------------------------------------------------- 6,000,000

Property, Plant and Equipment ---------------------------------------------18,000,000

Inventory------------------------------------------------------------------------10,000,000

Financial Assets (profit of P2,000,000 recognized in equity) ---------7,000,000

Financial liabilities ------------------------------------------------------------( 4,000,000)

Total ----------------------------------------------------------------------------P37,000,000

Before the date of reclassification, the property, plant and equipment had a fair value of P16,000,000, the inventory has a net realizable value of P9,000,000. The fair value less costs to sell of the disposal group is P25,000,000.

Problem 1: Immediately after classification as held for sale, what amount should be presented as the carrying value of the disposal group?

Group of answer choices

a. P25,000,000

b. P34,000,000

c. P37,000,000

d. P29,000,000

Reference no: EM132696369

Questions Cloud

Child rearing philosophy : Describe what it means to be a parent or your child rearing philosophy. Alternatively, describe what your childhood was like. What do you recall?
Discuss the most obvious and best-selling product : Discuss the most obvious and best-selling product(s)/services (strength) of Walmart. Be thorough and provide sufficient detail to fully present the strength of
What amount of liability directly associated with disposal : What amount of liability directly associated with the disposal group should be presented in the liability section of the statement of financial position?
Make Spiderman journal entry : Make Spiderman's journal entry when they buy the equipment from Hulk. Make Hulk's journal entry when they sold the equipment at to Spiderman
What amount should be presented as the carrying value : Immediately after classification as held for sale, what amount should be presented as the carrying value of the disposal group?
A network topology is the shape or pattern : A network topology is the shape, or pattern, of the way nodes on the network are connected to each other.
Prepare the journal entry to record accrued interest : Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year
Outline primary ways in which the traditional approach : Outline the primary ways in which the traditional approach to modeling a use case differs from an object-oriented approach.
What amount of impairment loss is allocated to the inventory : Before the date of reclassification, the property, plant and equipment had a fair value. What amount of the impairment loss is allocated to the inventory?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

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 .

  Computation of free cash flow

Computation of Free Cash Flow

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