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1. Defines impairment, goodwill and qualitative assessment.
2. Provides a journal entry to record an impairment and an explanation of its impact on financial statements.
3. Discusses the benefits of impairment recording to financial statement users.
4. Discusses the qualitative assessment option and the factors entities should consider before performing a qualitative assessment.
5. Discusses the motivation for using a qualitative test for impairment.
6. Discusses how impairment testing will impact the firm and users of financial statements.
What the underlying fundamental concept is that governs what expenses should be capitalized and what should be expensed.
Prepare all of Delta's journal entries for the above transactions. Delta uses a periodic inventory system and calculate Delta's net purchases
Bond interest is shown as a current liability. Did we not pay our trustee, Hollywood Trust Company, the full amount of interest due this period?
Prose Corp. owns 70% of the common stock of Script Co. Script's revenues for 20x1 totaled $200,000. What amount of Scripts' revenues would be included in the consolidated total under the economic unit concept?
18. National Health Corporation (NHC) has a cumulative preferred stock issue outstanding, which has a stated annual dividend of $8 per share. The company has been losing money and has not paid preferred dividends for the last five years. There are ..
As of December 31, 2015, Caledonia Corp. has taxable income of $150,000, which includes a $20,000 accelerated depreciation deduction; had straight-line depreciation been used, the deduction would have been $6,000. Additionally, Caledonia earned $4,00..
Journalize the July transactions and prepare and record the adjusting journal entries for the following July 31 end of period adjustments:
required1 perform horizontal financial analysis using at least 5 financial ratios including both balance sheet and
What is the defining distinction between for-profit businesses and not-for-profit entities, including governments? What are implications of this distinction for financial reporting?
The Tatiana Partnership is a calendar year, cash basis limited partnership which was formed on 1 January 2014. The partnership is in the business of training attack dogs and cats (business code 541990). The address for the partnership and both partne..
(Learning Objective 2: Describe the effect of a stock issuance on paid-in capital) ARM received $48,000,000 for the issuance of its stock on May 14. The par value of the ARM stock was only $48,000. Was the excess amount of $47,952,000 a profit to ARM..
Compute present value and the internal rate or return for the new product line - outlay for working capital will be recovered at the end of six year. Aunt Sally's tax rate is 34% and the firm requires 16% return.
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