Answer: internet advertising
Explanation:
Answer:
$38,000 loss
Explanation:
For calculation of entry to record the sale of the tractor first we need to determine the total depreciation and net book value on Jan 1, 2018 which is shown below:-
Total depreciation = (Tractor cost - Salvage value) × (Hours in 2016 + Hours in 2017) ÷ Hours of operation
= ($180,000 - $20,000) × (2,400 + 2,100) ÷ 10,000
= $72,000
Net book value on January 1, 2018 = Tractor cost - Total depreciation
= $180,000 - $72,000
= $108,000
Loss on sale = Sold tractor amount - Net book value on January 1, 2018
= $70,000 - $108,000
= $38,000
Answer:
A.True
Explanation:
a person who sets up a business or businesses, taking on financial risks in the hope of profit.
Answer:
A.$200,000
B.Dr Loss on impairment $30,000
Cr Goodwill $30,000
Explanation:
(a) Computation of the amount of goodwill acquired by Vinson
Purchase price$900,000
Fair value of net assets $700,000
(Fair value of assets $950,000-
Fair value of liabilities $250,000)
Value assigned to goodwill $200,000
($900,000-$700,000)
(b) Preparation of Vinson’s journal entry to record impairment of goodwill.
Based on the information given we were told
the fair value of Carley is the amount of $720,000 while the implied fair value of goodwill is the amount of $170,000 and we were also told that carrying value of Carley’s net assets as well include the goodwill which is the amount of $750,000 which means that their is loss on impairment because the fair value amount is lower than carrying value which means that the journal entry to record impairment of goodwil will be ;
Dr Loss on impairment $30,000
($200,000 − $170,000)
Cr Goodwill $30,000