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Question - Cranston Inc. reported an impairment loss of $200,000 on its income statement for the year ended December 31, year 3. This loss was related to long-lived assets which Cranston intended to use in its operations. On the company's December 31, year 3 balance sheet, Cranston reported these long-lived assets after impairment at $1,000,000 and as of December 31, year 3, Cranston estimated that these long-lived assets would be used for another five years. On December 31, year 4, Cranston determined that the fair values of its impaired long-lived assets had increased by $50,000 over their fair values at December 31, year 3. On the company's December 31, year 4 income statement, what amount should be reported as the gain on reversal of impairment loss?
Achieve maximum efficiency/lower costs it was desirable to run the extrusion machines for as long a period as possible (say on the 1-1/2" PVC pipe which is a standard for residential plumbing).
Based on your research and understanding, what are the apparent opportunities/benefits and challenges/limitations of for reporting entities?
On February 28, 2015, $5,000,000 of 6%, 10-year bonds payable, dated December 31, 2014, are issued. Interest on the bonds is payable semiannually each June 30 and December 31. If the total amount received (including accrued interest) by the issuing c..
Trade Creditors 52,000 13,000 Total Equity and Liabilities 227,000 98,000. Prepare Consolidated Balance Sheet of Dumbu
How is the transaction price to be measured by the entity when receiving non-cash consideration from a customer consistent with AASB 15
Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual inventory system is used.Calculate the amount of gross profit that would be recognized each year on installment sales.
Discusses the motivation for using a qualitative test for impairment. Discusses how impairment testing will impact the firm and users of financial statements.
What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year
question 1preparing a flexible budget as well as evaluating performancehome products company manufactures a whole line
On January 2, 2020, X co. sold classify the building as? On January 2, 2020, X co. is committed to a plan to sell a manufacturing facility and has initiated.
On October 1, 2020, At the time of reclassification as held for sale, what amount should the noncurrent asset held for sale be recognized?
What Interest expense for the third year is? Alex Limited issued its 7%, 20-year debentures payable at a price of 846720 (maturity value is $ 960 000)
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