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liq [111]
2 years ago
7

Last year, Wyeth Company recorded an impairment on an asset held for use. Recent appraisals indicate that the asset has increase

d in value. Should Wyeth record this recovery in value under GAAP?
Business
1 answer:
kolezko [41]2 years ago
3 0

Answer and Explanation:

The impairment loss held on the assets would be recorded as an expense and if there is any impairment loss of any earlier period with respect to the revalued asset so it would be adjusted to the down value of the asset and if there is any balance left over so it would be charged as an expense

Now in the case when there is any revaluation of the impaired asset held in the next period so it would be recorded in the income statement and if there is any balance left so it would be recorded as a revaluation reserve

So it would have to park the rising value of the asset

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The repayment of a note payable is classified in the statement of cash flows as a(n): _______
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8 0
1 year ago
Oliver works at Tate Corp., an apparel manufacturing company. He primarily focuses on the tastes and needs of the firm's custome
aleksandrvk [35]

Answer:

Explanation:

B

8 0
3 years ago
Which of the following borrowing options would cost her the least? Credit card. Personal loan at bank. Student loan. Payday loan
nika2105 [10]

Answer:

Explanation:

The student loan is set up to have a very low interest rate. They are mostly in the 2 to 3 % range if you qualify. The worst is a payday loan. Those have double digit rates associated with them.

5 0
1 year ago
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory cost
Ilya [14]

Answer:

  • <u>Sale, March 14 (1,380 units) cost of goods sold = $117,200</u>
  • <u>Sale, August 31 (1,550 units ) cost of goods = $96,100</u>
  • <u>Ending inventory = 1,800 units</u>

<u>Explanation</u>:

a. Cost Of Goods Sold Using LIFO

<u>1. Sale, March 14 (1,380 units)</u>

- from May 1 purchase)

1,130 units at $90= 1130*90= $101,700

+

from January 30 purchase

250 units from 2,150 units at $62 = $15,500

Total= 15,500+101,700= $117,200

<u>2. Sale, August 31 (1,550 units )</u>

- from January 30 purchase

1,550 units from 1900 units leftover

1550 at $62 = 1550*62= $96,100

b. Ending inventory

350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units

5 0
3 years ago
g Swifty Corporation issued 3,100 5%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1
slamgirl [31]

Answer:

Dr Cash     $3,100,000

Cr Bonds payable            $3,100,000

Explanation:

Since the bonds were issued at face value of $1000 each,the cash proceeds received from the entire issue of 3,100 bonds can be computed thus:

Cash proceeds=$1000*3,100=$3,100,000

The cash proceeds imply that cash inflows have increased by $3,100,000, as a result cash account should be debited with $3,100,00o while the same amount is credited to bonds payable since an increase in  debt obligation should be a credit entry.

8 0
3 years ago
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