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Delvig [45]
3 years ago
10

After an impairment loss is recognized, the adjusted carrying amount of the intangible asset shall be its newaccounting basis. W

hich of the following statements about subsequent reversal of a previously recognized impairment loss is correct under U.S. GAAP?a. It is prohibited.b. It is required when the reversal is considered permanent.c. It must be disclosed in the notes to the financial statements.d. It is encouraged, but not required.
Business
1 answer:
Mandarinka [93]3 years ago
3 0

Answer:

A, it is prohibited

Explanation:

Under the U.S GAAP, subsequent reversal of a previously recognised intangible asset impairment loss is prohibited with the exception that the intangible asset is held up for the purpose of sale.

Cheers.

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Jane transferred a piece of real estate to her son Christopher 6 months ago. Jane purchased the real estate for $90,000 six year
goldenfox [79]

Answer:

c. Christopher will have a dual basis for income tax purposes.

Explanation:

Due to the fact that the basis of Jane in the specific property was higher than the FMV of the property on the specific date that she gave out the property, therefore, the double basis principle will apply to Christopher. In addition, Christoper will not collect any additional basis for the tax paid on the gift. The correct answer is option c.

7 0
2 years ago
Webster's has sales of $649,000 and a profit margin of 7.2 percent. the annual depreciation expense is $102,600. what is the amo
Dimas [21]
Operating cash flow = ($649,000 x .072) + $102,600 = $149,328. In financial accounting, operating cash flow or as called as OCF in which cash flow provided by operations, cash flow from operating activities or as called as CFO or free cash flow from operations or as called as FCFO bring up to the sum of cash a company produces from the revenues it brings in not including costs related with long-term investment on capital items.
7 0
3 years ago
Why is it important to do research prior to making a purchase ?
VashaNatasha [74]

Answer/ Explanation:

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7 0
3 years ago
2. At an oral auction for used car, half of all bidders have a value of $1,500 and half have a value of $1,900. What is the expe
Romashka [77]

Answer:  $1,700

Explanation:

The expected winning bid is the weighted average of the 2 different bids.

Half of the bids are for $1,500 so weight of $1,500 is 0.5.

Half of the bids are for $1,900 so weight of $1,900 is 0.5.

Expected Winning bid = (1,500 * 0.5) + ( 1,900 * 0.5)

= 750 + 950

= $1,700

7 0
3 years ago
Researchers have found that during the last recession, when income fell by 6 percent, many fast-food restaurants saw their sales
vesna_86 [32]

<span>Income elasticity is obtained by dividing the percentage change in the quantity demanded of a product with by the percentage change in income. </span>

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8/-6 = -1.33 

When income fell by 6 percent and sales of soda decreased by 12 percent, then the income elasticity for soda would be

<span>-12/-6=2 </span>

3 0
3 years ago
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