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Flat Inc. owns equipment for which it paid 90 million. At the end of 2015, accumulated depreciation on equipment was 27 million. Due to adverse economic conditions, plant management determined that it should assess whether impairment should be recognized for the equipment. The estimated future cash flows (w/o discounting) to be provided by the equipment total 60 million, and it's fair value at that point is 40 million. Under these conditions plant;
a) record no impairment for loss on equipment
b) record 3 million impairment loss on equipment
c) record 23 million impairment loss on equipment
d) record 30 million impairment loss on equipment
An executive from a large merchandising firm has called your vice-president for production to get a price quote for an additional 100 units of a given product. The vice-president has asked you to prepare a cost estimate.
Sales salaries paid during 2010 were 60,000.Advances to salesmen were 1,100 on jan1, 2010 and 800 on dec 31, 2010, sales salaries accrued were 1360 on jan 1 2010 and 1380 on dec 31, 2010 - show the computation of sales salaries on accrual basis fo..
Which of the following statements about managerial accountants is false?
Have operating cash flows been sufficient to meet investing needs and to pay dividends? b. Were there significant changes to any of the specific line-item details that you think would require further explanation or analysis?
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Evaluation of cost per equivalent unit for conversion costs for the month and What would be the cost per equivalent unit for conversion costs for the month?
Cadavieco Detailing's cost formula for its materials and supplies is $2,030 per month plus $8 per vehicle. For the month of November, the company planned for activity of 98 vehicles, but the actual level of activity was 58 vehicles. The actual materi..
Prepare a four-column account for Supplies. Enter a debit balance of $2,200 as of January 1, 2016. Enter "Balance" in the Item column and place a check mark (?) in the Posting Reference column.
On January 3, 2013, Matteson Corporation acquired 30 percent of the outstanding common stock of O'Toole Company for $1,209,000. This acquisition gave Matteson the ability to exercise significant influence over the investee.
The building had a 10-year remaining useful life and the equipment had a 5-year remaining useful life. Explain how much amortization expense will be on the consolidated financial statements for the year ended on December 31, 2009 related to the ac..
Calculate all the possible variances for the year ended 31 December 2007 not yet calculated by the management accountant. Using your calculated variances and those of the management accountant, reconcile budgeted profit to actual profit or loss fo..
A complete physical inventory of the company's office furniture has recently been taken. Identify control environment factors that affect the company's internal control
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