Prepare the journal entries for any impairment loss

Assignment Help Accounting Basics
Reference no: EM131988832

This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory.

Part A:1000 word short essay about the following:

Disclosures for finance leases

Part B: Provide all calculations and related journal entries for the following case:

Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:

Account

Carrying Amount


Land

$299,200



Franchise

$69,000


Furniture

$43,000



Inventory

$18,000


Goodwill

$15,000


Total CA

$444,200


Gali Ltd calculated the value in use of the division to be:

$399,200

If the fair value less costs of disposal of the

 

 

$288,286

Required:

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

Reference no: EM131988832

Questions Cloud

Firm should continue to operate in the short run : I. The firm should continue to operate in the short run II. The firm should continue to operate in the long run if the normal rate of return is 10%
Write a report on a special probation-parole client : Write a report on a special probation/parole client and programs that have been established to address this problem client.
Prepare the adjusting entry for the accrual of interest : Foren Corporation had the following transactions pertaining to debt investments. Prepare the adjusting entry for the accrual of interest at December 31
What does this question mean in econ : And my vote is the United States." -- John Barrasso What does this question mean in Econ?
Prepare the journal entries for any impairment loss : Prepare the journal entries for any impairment loss occurring at 30 June 2015 including supporting calculations
Add two new cases to the function my-function : Add two new cases to the function my_function. This means that when the user selects Love or Like, the appropriate response will be displayed.
What are the type i and ii decision error costs : What are the Type I and II decision error costs? Which decision error is more likely to be discovered by the CEO?
Is clean air a scarce good in economic terms : Is clean air a scarce good in economic terms? Explain why
What did marshall mcluhan mean by calling : What did Marshall McLuhan mean by calling the world of today a "GLOBAL VILLAGE" and give examples to what he might be saying?

Reviews

len1988832

5/19/2018 3:15:30 AM

The assignment must be typed, use Axial font, 12, to avoid plagiarism, make sure you do proper referencing, at least use 6 references, to be submitted the soft copy in Turnitin and hard copy in lecture Week 10. Please ensure you attach a KO1 assignment cover sheet, with ID numbers and signed. Late assignments will be penalised, 10% deduction per day,

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.

  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!

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