What total amount should be charged against income

Assignment Help Financial Accounting
Reference no: EM132889240

Problem - An intangible asset costs P300,000 on January 1, 2014. On January 1, 2015, the asset was evaluated to determine if it was impaired. As of January 1, 2015, the asset was expected to generate future cash flows of P25,000 per year (at the end of each year). The appropriate discount rate is 5%.

Required - What total amount should be charged against income in 2012 assuming that as of January 1, 2014, the asset was assumed to have an indefinite useful life and that as of January 1, 2015, the remaining life was still indefinite?

Reference no: EM132889240

Questions Cloud

What is the unrealized gain : The bonds are quoted at 110 on January 1, 2021 and 120 on December 31, 2021. What is the unrealized gain for 2020
Develop a job description and job specifications : You as a human resource manager need to develop a job description and job specifications for a new position at your firm, write the steps that you will follow t
What is progressive discipline : Consider an organization that you have worked in. Critically review its safety procedures and training. Evaluate the organization in terms of the presence of ph
Calculate the required return : Calculate the required return and the present value for both shares would you place on each share Furthermore
What total amount should be charged against income : An intangible asset costs P300,000 on January 1, 2014. What total amount should be charged against income in 2012
Foster interprofessional teamwork : What role could be played in the organization you hope to work for to foster interprofessional teamwork?"
Prepare the sales budget for the second quarter : At the beginning of the second quarter, Zachry Berhad had 4,000 units of inventory. Prepare the Sales Budget for the second quarter
Calculate expected monetary value for project : 1. A project has a 60% chance of a $100,000 profit and a 40 percent of a US $100,000 loss. Calculate the Expected Monetary Value for the project.
How to make stress your friend : Watch the video by Kelly McGonigal titled "How to Make Stress Your Friend". Then answer the following questions.

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!

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