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Dimas [21]
3 years ago
13

In year 1, X Company recognized an impairment loss on the trade name for its beverage product, reducing the carrying value from

$485,000 to $350,000. At December 31, year 3, while preparing its financial statements, X Company has determined that the fair value of the trade name has risen and it is now worth $500,000. What amount will be reported for the trade name on X Company’s December 31, year 3 balance sheet?
Business
1 answer:
ziro4ka [17]3 years ago
6 0

Answer:

The value of the intangible will remain at $350,000

Explanation:

The reason is that the International Accounting Standard IAS-36 says that once the impairment is recognized for the intangible assets it can not be reversed which means that the amount reported would be $350,000. The reason is that it is very rare that the asset gain its value and specially those which are intangible assets. Most of the management in the 1990s-2000 tried to recognize a gain on impairment which was unjustifiable to increase their profits for the period so the standard specifically didn't permitted gain on a previously impaired asset.

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1. ______ assist in the movement of goods and services from producers to industrial and consumer users. Exchange providers Finan
Nonamiya [84]

Answer:

Marketing Intermediaries

Explanation:

Marketing Intermediaries work as a thoroughput between operations that produce goods and operations who use those goods.

6 0
2 years ago
The employees of Vintage Clothes achieved all of the sales goals for 2017. Vintage decides to reward the employees with a bonus
Elza [17]

Answer:

$52,000

Explanation:

Bonus is 20% on annual net​ income, after deducting the bonus.

Let the annual income after deducting bonus be g

Then,

Bonus = 20% of g

           = 0.2g

Annual income before bonus = annual income after bonus + bonus

312,000 = g + 0.2g

g = 312000/1.2

g = $260,000

Bonus = 0.2g

          = 0.2 × 260,000

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7 0
3 years ago
Smith Company reported pretax book income of $406,000. Included in the computation were favorable temorary differences of $51,20
masha68 [24]

Answer:

$3,604

Explanation:

Calculation for what Smith's deferred income tax expense or benefit would be:

Using this formula

Deferred income tax expense =(favorable temporary difference-unfavorable temporary difference)*Tax rate

Let plug in the formula

Deferred income tax expense =($51,200-$40,600)*21%

Deferred income tax expense =$10,600*34%

Deferred income tax expense =$3,604

Therefore Smith's deferred income tax expense or benefit would be:$3,604

8 0
3 years ago
This month, Susan, the branch manager of Intrepid Car Rentals, has heard several complaints from customers that Intrepid employe
mojhsa [17]

Answer:

A. policy

Explanation:

A deliberate plan or course of action chosen by an individual or a group of people intended to deal with a problem, influence and determine decisions, actions, and other matters is known as policy.

5 0
3 years ago
Read 2 more answers
If $1,029,000 of 6% bonds are issued at 102 1/2, The amount of cash received from the sale is a.$1,090,740 b.$771,750 c.$1,054,7
Natasha_Volkova [10]

Answer:

amount of cash receive by sale = $1054725

Explanation:

given data

face value of the bond = $1,029,000

bond quote = 102 1/2

bond rate = 6 %

solution

we get here amount of cash receive by sale of the bond that is get here as

amount of cash receive by sale = face value of the bond × bond quote  .............1

put here value and we get

amount of cash receive by sale = $1,029,000 × 102 1/2 %

amount of cash receive by sale =  $1,029,000 × 102.5%

amount of cash receive by sale = $1054725

7 0
3 years ago
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