Answer:
No goodwill impairment should be recognized by Orioles in 2018
Explanation:
Data provided in the question:
Goodwill related to the purchase = $741,000
Fair value of Special Products Division = $5,600,000
Goodwill existing on December 31, 2018 = $595,000
Now,
Here, the fair value of division including the goodwill i.e $5,600,000 is lower than the fair value of division excluding the goodwill i.e $595,000
Hence,
There will be impairment loss
Hence,
No goodwill impairment should be recognized by Orioles in 2018
Answer:
This has no effect on the period-end balance sheet.
Explanation:
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
According to the question asked the balanced sheet was prepared before the pay period came so this effect will not affect the balance sheet.
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Answer:
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Explanation:
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Bad debt expense is an operating expense. An increase in operating expenses decreases income from operations.
When a receivable is no longer collectible as a result of a customer's inability to pay an outstanding debt due to bankruptcy or other financial issues, a bad debt expense is recorded. Companies that offer credit to their customers record bad debts as an allowance for doubtful accounts, also referred to as a provision for credit losses, on their balance sheet.
The basic idea behind bad debt expense is the same as that behind all accounting principles: it enables businesses to completely and accurately report their financial position. Almost every business will encounter a customer who is unable to pay at some point, and they will need to record a bad debt expense.
Learn more about bad debt here:
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