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Tresset [83]
3 years ago
11

The fair value of net identifiable assets of a reporting unit of Y Company is $270,000. The carrying value of the reporting unit

's net assets on Y Company's books is $320,000, including $50,000 of goodwill before any impairment. If the reported goodwill impairment for the unit is $10,000, what would be the fair value of the entire reporting unit?
Business
1 answer:
12345 [234]3 years ago
4 0

Answer: $310,000

Explanation:

From the question, we are informed that the fair value of net identifiable assets of a reporting unit of Y Company is $270,000 and that the carrying value of the reporting unit's net assets on Y Company's books is $320,000, including $50,000 of goodwill before any impairment. We are further told that the reported goodwill impairment for the unit is $10,000.

To calculate the fair value of the entire reporting unit, we deduct the goodwill impairment for the unit which is $10,000 from the carrying value of the reporting unit's net assets on Y Company's books which is $320,000. This will be:

= $320,000 - $10,000

= $310,000

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3 years ago
At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivab
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Answer:

Dr Bad debt expenses $ 32,400

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Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense

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