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Question 30 4.5 pts A company has some bottling equipment which cost $8.5 million, has a...
explanation very appreciated Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200....
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
Splish Company owns equipment that cost $1,116,000 and has accumulated depreciation of $471,200. The expected future...
Splish Company owns equipment that cost $1,116,000 and has accumulated depreciation of $471,200. The expected future net cash flows from the use of the asset are expected to be $620,000. The fair value of the equipment is $496,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the...
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Wilson's management determined that it should assess whether an impairment loss should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances,...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020....
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,540,000 1,060,000 7,420,000 5,088,000 Skysong intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,200. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially correct. Prepare the journal entry (if any)...
1 pts The ACME Company has a tract of land that originally cost $1 million when...
1 pts The ACME Company has a tract of land that originally cost $1 million when purchased in 1985. The current market value of the land is $2.5 million. The land will be presented in ACME's financial statements as an asset at Question 13 When a company has purchased inventory on credit, which account would reflect the amount owed to the vendor?
please answr all Question 16 1 pts During 2020, New Company earned service revenues amounting to...
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal....
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
what are the correct answers? sorry for the long post, just need some help :) Please...
what are the correct answers?
sorry for the long post, just need some help :)
Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
explanation very appreciated
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash flows from the use of the asset are expected to be $520,000. The fair value of the equipment is $416,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered....
Question 24 (1 point) Wilson Inc. owns equipment for which it paid $70 million. At the end of 2018, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Wilson's management determined that it should assess whether an impairment loss should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances,...
Presented below is information related to equipment owned by Marigold Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,360,000 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020....
Presented below is information related to equipment owned by Bramble Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,260,000 1,140,000 7,980,000 5,472,000 Bramble intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,800. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to...
Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,540,000 1,060,000 7,420,000 5,088,000 Skysong intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,200. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially correct. Prepare the journal entry (if any)...
1 pts The ACME Company has a tract of land that originally cost $1 million when purchased in 1985. The current market value of the land is $2.5 million. The land will be presented in ACME's financial statements as an asset at Question 13 When a company has purchased inventory on credit, which account would reflect the amount owed to the vendor?
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Question Help A coal mine cost $1,008,000 and is estimated to hold 53,000 tons of coal. There is no residual value. During the first year of operations, 9,000 tons are extracted and sold. Calculate depletion expense for the first year. (Round any intermediate calculations to the nearest cent.) O A $201,600 OB. $100.800 O C. $171,180 OD. $151,200 Question Help 0 Anderson Corporation has purchased a group of assets for $24,300. The assets and their relative market values are listed...
what are the correct answers?
sorry for the long post, just need some help :)
Please use the following information to answer Questions 7-9: At the end of January, the unadjusted trial balance of Windsor, Inc. included the following accounts: Debit Credit $500.000 Sales (80%o represent credit sales) Accounts Receivable Allowance for Doubtful Accounts $340,000 $800 7. Windsor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be...
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