Hey there!
I think you meant to type "value of what you <em>own</em> minus what you owe". Let me know if this assumption isn't correct, though I don't know what the value of what you owe is besides... ya know, what you owe.
The value of what you own is called you assets. This can include anything of value that you own, particularly your pricier possessions. Think of a vintage family heirloom or a highly–priced article of clothing. Assets, though, includes the value <em>everything</em> that you own that you could possibly put a price tag on if you were certain someone would buy it.
What you owe is called your liability. This is basically any debt that you owe anyone, whether it be your buddy who footed your lunch bill the other day when you didn't have enough cash or a student loan you used to pay for college.
Your assets minus your liability is called your net worth. This is basically what you are worth in total. This makes sense, since any debt you owe will be taken out of the amount that you are worth or any money that you have.
Net worth will be your answer.
Hope this helped you out! :-)
Answer:
The correct answer is letter "C": When both the fair value of a reporting unit and its associated implied goodwill fall below their respective carrying values.
Explanation:
Impairment Loss is the decrease in an asset's net carrying value that exceeds the future undisclosed cash flow it should generate. The net carrying value is an asset's acquisition cost minus depreciation. Impairment occurs when a company sells or abandons an asset that is no longer beneficial.
Thus, <em>a goodwill impairment loss is recognized when the goodwill's net carrying value is below its fair value and the expected cash flow it was to generate.</em>
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Selling price per unit $210.00
Variable expense per unit $92.40
Fixed Expense per month $130,536
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 130,536/ (210 - 92.4)
Break-even point in units= 1,110 units
The allowance for doubtful accounts credited, instead of accounts receivable when recording the adjusting entry for bad debts Because accounts receivable is made up of numerous client accounts, it cannot be credited unless it is known which particular customer will not pay.
The provision for questionable accounts is referred to as a "counter asset" since it reduces the value of an asset, in this example, the accounts receivable. The compensation, often known as a doubtful account, is management's projection of the amount of accounts receivable that customers will not pay. Let's assume, using the aforementioned example, that on June 30 a business reports an accounts receivable debit balance of $1,000,000. The business predicts that $50,000 will not be converted into cash and expects some consumers won't be able to pay the full amount.
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Answer:
The journal entries are shown below:
Explanation:
The journal entries are shown below:
On July 15
Purchases (2,100 × $40) $84,000
To Accounts Payable $84,000
(Being the purchase is recorded)
On July 23
Account payable $84,000
To Purchase discount $2,520 ($84,000 × 3%)
To Cash $81,480
(Being the payment is recorded)
On August 15
Account payable $84,000
To cash $84,000
(Being the payment is recorded)
