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elena55 [62]
4 years ago
8

Twilight Corporation acquired End-of-the-World Products on January 1, 2020 for $6,200,000, and recorded goodwill of $1,000,000 a

s a result of that purchase. At December 31, 2021, the End-of-the-World Products Division had a fair value of $5,440,000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5,740,000 at that time. What amount of loss on impairment of goodwill should Twilight record in 2021
Business
1 answer:
scoray [572]4 years ago
7 0

Answer:

Loss on impairment of goodwill that should be recorded is $300,000

<u />

Explanation:

Carrying value of net identifiable assets   $5,740,000

Less: Fair value                                            <u>$5,440,000</u>

Loss on impairment of goodwill                <u>$300,000</u>

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Who is the Father of accounting
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Answer:

Luca Pacioli

Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.

5 0
3 years ago
An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful A
joja [24]

Answer:

c. debit to Bad Debts Expense for $6,900.

Explanation:

Allowance for Doubtful Accounts  $1,100 credit balance,

Estimated Un collectibles                $8000 credit

Required Adjustment                    $ 6900 credit

The adjustment to record bad debts for the period will require a

c. debit to Bad Debts Expense for $6,900.

Bad Debt Expense $ 6900 Dr

Allowance for Doubtful Accounts $ 6900 Cr

Alternatively if the allowance account had a debit balance the entry would have been posted adding the two amounts.

7 0
3 years ago
A farmer decides she wants to grow certified organic corn and sets out to meet all usda standards to do so. her crop grows well
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7 0
3 years ago
Saturn Industries purchased and consumed 64,000 gallons of direct material that was used in the production of 17,000 finished un
Nikitich [7]

Answer:

The actual price = $1.08

Explanation:

The standard material price can be worked out as follows:

<em>Step 1: Work out the standard price of material  using the material usage variance</em>

Standard price = Material usage variance/(standard quantity of material - actual quantity)

Standard quantity of material = standard qty per unit × actual production

                                              = 4 × 17,000 =68,000

Standard price =  2,800/(68,000-64,000)= $0.7

<em>Step 2 : Work out the Actual material price using the material price variance</em>

Material price variance = (Standard price - Actual price )× Actual quantity of material

6,400 =  (y - 0.7) ×  17,000

6400 = 17,000y  - 11,900

17,000 y = 6,400 + 11,900

y = 18,300/17,000= 1.08

The actual price = $1.08

5 0
3 years ago
A successful organization can involve its employees in the control system in all of the following ways EXCEPT
stiks02 [169]

D) regulating its behavior; involving employees in the control system is good for an organization but except in regulating its behavior.

More about Organizational Control System:

Organizational control system is crucial to understanding how the organization is doing, spotting problem areas, and then taking the necessary action.

There are three basic types of control systems available to executives:

Output control : The focus of output control is on quantifiable results for the organization. In output control, executives must choose the acceptable performance threshold, inform staff members of the general expectations, monitor whether performance metrics are in line with targets, and make any necessary adjustments.

Behavioral control: In contrast to output control, which focuses on results, behavioral control typically focuses on controlling the activities. Particularly, special procedures and regulations are utilized to shape or impose behavior.

Clan control: Clan control is a non-standardized type of control. It depends on shared traditions, expectations, values, and norms.

Complete Question:

A successful organization can involve its employees in the control system in all of the following ways EXCEPT

A) setting realistic performance results.

B) emphasizing development and improvement.

C) encouraging good communication and mutual participation.

D) regulating its behavior.

E) presenting data in understandable terms.

Learn more about Control System here:

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8 0
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