Carla is preparing a speech. How will creating an outline most help her speech?

Marston acquired assets for $100,000. At the end of year 3, the assets had accumulated depreciation of $40,000. An impairment lo

MissTica

Answer:

(b)-Debit to loss on impairment of $12,000

Explanation:

As for the details in question,

The asset purchase price = $100,000

Accumulated depreciation = $40,000

Thus, book value = Purchase price - Accumulated depreciation = $100,000 - $40,000 = $60,000

Now, this has a fair market value = $48,000

Thus, loss of value to be recorded as impairment loss = $60,000 - $48,000 = $12,000

Since loss in value will decrease the value of asset, it will be debited against credit in fixed assets by $12,000

This, will represent book value = $48,000

Therefore, correct option is:

Statement B

7 0

3 years ago

Should protesting be allowed at Biden’s inauguration?

Fudgin [204]

Answer:

Explanation:

No, He deserves a peaceful inauguration.

3 0

3 years ago

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as foll

ch4aika [34]

Answer:

$5,225

Explanation:

Calculation for What should Tringali report as its deferred income tax liability as of the end of its first year of operations

Using this formula

Deferred income tax liability=Temporary difference-depreciation*Tringali's tax rate

Let plug in the formula

Deferred income tax liability= $20,900 * 25%.

Deferred income tax liability=$5,225

Therefore What Tringali should report as its deferred income tax liability as of the end of its first year of operations is $5,225

3 0

2 years ago

The Allowance for Bad Debts account has a credit balance of $ 5 comma 000$5,000 before the adjusting entry for bad debts expense

GaryK [48]

Answer:

62,200 allowance ending

Explanation:

allownce 5,000 credit

Because the bad debt is calculate over the sales, the bad debt expense is the result of that estimated, without considering the beginning balance of the allowance.

22% of net credit sales will be uncollectible:

260,000 x 22% = 57,200

Now ending balance will be beginning + uncollectible for the period

5,000 beginning

57,200 uncollectible for the period

62,200 allowance ending

4 0

3 years ago

Read 2 more answers

A common carrier bailee generally would avoid liability for loss of goods entrusted to its care if the goods area. Stolen by an

larisa86 [58]

Answer:

The correct answer is letter "D": Improperly packed by the party shipping them.

Explanation:

Carriers are liable for the loss of goods being transported by them under three scenarios: acts of God (because they are unpredictable), acts of the shipper (negligence of the person providing with the goods being transported), and acts of a public enemy (a country engaging into the war).

In that case, the carrier is likely not to be found liable if the shipping items were incorrectly packaged the sending party.

8 0

3 years ago