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3 years ago

On May 1, Tango Co. agreed to sell the assets of its Formal Wear Division to Top Hat Inc.

Business

2 answers:

wariber [46]3 years ago

5 0

Answer:

For the year ended December 31, 2021, Tango would report:

Fair value of the assets = $40 million

Carrying Amount = $48 million

lower of the 2 values is fair value, which would reduce the carrying amount and result in impairment of $8 million which would be recognized in the income statement.

This expense is recognized in the income statement + pre-tax loss

= $8 million + $10 million = $18 million

less tax(25%) = $4.5 million

Total loss from discontinued operation = $18 million - $4.5 million = $13.5 million

Explanation:

As at December 31, 2021, the Division's assets were considered held for sale.

Therefore, the assets should be measured at the lower of carrying amount and fair value less costs to sell (IFRS 5 -Non-current Assets Held for Sale and Discontinued Operations) with a recognition of any arising impairment.

Any impairment loss that arises by using the measurement principles in IFRS 5 must be recognized in profit or loss.

beks73 [17]3 years ago

3 0

Answer:

This gives a net losses from discontinued of operations of $13.5m

After having deducted tax benefit of $4,5m

Explanation:

Kindly find attached spreadsheet showing of the computations from US GAAP's perspective

Mind the use of formulas highlighted before each calculation

Download xlsx

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gogolik [260]

Answer:

Logistics

Explanation:

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3 years ago

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lina2011 [118]

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3 years ago

Marilyn, Bob, and Carl all believe a certain defendant is probably guilty and should be sentenced. Individually their recommenda

bazaltina [42]

Answer:

Explanation:

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The members of the group recommended 3,5,7 years as prison sentence individually but 10 years together. 10 years is more extreme when compared to the sentences recommended individually.

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3 years ago

Journalize the following transactions for Combs Company.

Anarel [89]

Answer: See explanation

Explanation:

a. Debit: Raw material $12000

Credit: Account payable $11500

Credit: Material price variance $500

(To record material purchase)

b. Debit: Work in process 11600

Credit: Raw material 11200

Credit: Material price variance 400

(To record material issued)

Note:

Material price variance for (a)= 12000 - 11500 = 500

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3 years ago

Salary is typically discussed at the _____ interview.

Vikentia [17]

Answer:

follow-up

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A follow-up employment interview has fewer candidates as compared to the initial interview. The employer invites the best candidate from the first interview for further evaluation.

A follow-up interview is conducted after the employer has identified several potential candidates. Salaries and other benefits are discussed in the follow-up interview.

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3 years ago