User Account

All Pages

What is the impairment loss recognized in the accounts

Assignment Help Accounting Basics
Reference no: EM132674927

On July 1, 2018, Hutton Company purchased computer equipment at a cost of 360,000. This equipment was estimated to have a six-year life with no residual value and was depreciated by the straight-line method. On December 31, 2020, the company determined that this equipment could no longer process data efficiently, that its value had been permanently impaired, and that P70,000 could be recovered over the remaining useful life of the equipment.

Problem 1. What is the impairment loss recognized in the accounts on December 31, 2020?

Problem 2. What is the asset's carrying amount at December 31, 2021?

Reference no: EM132674927

Questions Cloud

What amount should gielgud report as accumulate depreciation : Gielgud Company, In its December 31, 2021 statement of financial position, what amount should Gielgud report as accumulated depreciation?
What is the present value of this income flow : She wants to save $120 000 to deposit for her first home loan. She decided to put that $50 000 in an investment fund that pays an interest rate
National rifle association take to try to influence policy : What is the NRA's website? What are the issues the NRA is concerned with? What actions does the NRA take to try to influence policy and the public agenda
Calculate the market required rate of return : APM Fund Management is considering the following options for their new investment portfolio:
What is the impairment loss recognized in the accounts : On July 1, 2018, Hutton Company purchased computer equipment, What is the impairment loss recognized in the accounts on December 31, 2020?
Calculating the systematic risk of portfolio : If the beta of this portfolio is 1.2, the risk-free rate of return is 7%, how much is the risk premium applied in calculating the systematic risk of this portfo
Levelled set of functional models : Levelled Set of Functional Models - The chronological order we cover these topics in lectures is not meant to dictate the order in which you collate these
Calculate the current total market value of the company : Debt: $4,500,000 paying 9.5% coupon bonds outstanding with 12 years to maturity, an annual before-tax yield to maturity of 8% on a new issue.
Record transaction in new york city cultural center : Prepare statement of revenue, expenditure and fund balance for the year ended June 30, 2008. Record transaction in New York city Cultural center

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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