Answer:
Reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
When the operating activities section of the statement of cash flows is reported using the indirect method, the FASB requires that, you report net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Hence, the indirect method for the preparation of the operating activities section of the statement of cash flows reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Some examples of operating activities are cash revenue from the sales of a product, cash paid as an expense for merchandise etc.
During 2020, LAL Corp. had the following cash flows: (1) received cash of $5,000 billed to a customer in 2020; (2) earned $20,000 of net income; (3) paid interest of $6,000 on a corporate bond issue; (4) paid dividends of $8,000 to its stockholders; (5) borrowed $50,000 from a local bank; and (6) purchased its own shares of common stock for $15,000. What is LAL's net cash flows from financing activities for 2020
Answer: $21,000
Explanation:
Financing activities refer to those that a company engages in, in relation to capital needed to run the affairs of the business which means it included Equity and Debt.
Financing Activities: Interest paid, dividends paid, money borrowed from bank, stock repurchase
Net cash flows from financing = Money borrowed from bank - Interest paid - dividends paid - Stock repurchase
= 50,000 - 6,000 - 8,000 - 15,000
= $21,000
LaMount works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $275 per month.
a. If LaMont receives one pass (worth $275) each month, how much of this benefit must he include in his gross income each year?
b. If the company provides each employee with $275 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
Answer:
a. $60 per year
b. $60 per year
Explanation:
The IRS decide the limit for Employee Fringe Benefit every year. As per the Latest Statutory limit, we can generally exclude the value of Transportation benefits during 2020 from the Employee's wages up to $270 per month for combined commuter highway vehicle transportation and transit passes. In this case, since no year was mentioned in the question, it has been assumed as 2020.
a. The amount of transit pass benefit to be included in gross income each year is as follows:
Benefit included in gross income = Worth of pass - Slab rate
Benefit included in gross income = $275 - $270
Benefit included in gross income = $5 * 12 month
Benefit included in gross income = $60 per year
b. The amount of parking benefit that LaMont must include in his gross income each year is as follows
Parking benefit included in gross income = Parking benefit provided by the company - Slab rate
Parking benefit included in gross income = Worth of pass - Slab rate
Parking benefit included in gross income = $275 - $270
Parking benefit included in gross income = $5 * 12 month
Parking benefit included in gross income = $60 per year.
Select the correct answer.
Information security professionals hack into computer systems.
A True
B. False
Answer:
true
Explanation:
Answer:
false
Explanation:
Hygdye218 Corporation has two divisions: the Domestic Division and the Foreign Division.The Hygdye218 Corporation's net operating income is $84,300.The Domestic Division's divisional segment margin is $48,200 and the Foreign Division's divisional segment margin is $172,000.
What is the amount of the Hygdye218 Corporation's common fixed expense not traceable to the individual divisions?
A. $132,500
B. $135,900
C. $256,300
D. $220,200
Answer:
B.$135,900
Explanation:
Calculation for What is the amount of the Hygdye218 Corporation's common fixed expense not traceable to the individual divisions
Using this formula
Net operating income = Segment margin - Common fixed expenses
Let plug in the formula
$84,300 = ($48,200 +$172,000) - Common fixed expenses
$84,300= $220,200 - Common fixed expenses
Common fixed expenses = $220,200 - $84,300
Common fixed expenses= $135,900
Therefore the amount of the Hygdye218 Corporation's common fixed expense not traceable to the individual divisions will be $135,900
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month:
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead$15,000
Fixed manufacturing overhead 28,000
Total manufacturing overhead $43,000
Variable selling expense$12,000
Fixed selling expense 18,000
Total selling expense $30,000
Variable administrative expense$4,000
Fixed administrative expense 25,000
Total administrative expense $29,000
Required:
1. With respect to cost classification s for preparing financial state ment s:
a) What is the total product cost?
b) What is the total period cost?
2. With respect to cost classifications for assigning costs to cost objects:
a) What is total direct manufacturing cost ?
b) What is the total indirec t manu facturing cost?
3. With respect to cost classifications for manu facturers :
a) What is the total manufacturing cost
b) What is the total nonmanufacturing cost?
c) What is the total conversion cost and prime cost?
4. With respect to cost classification s for predicting cost behavior:
a) What is the total variable manu factur ing cost?
b) What is the total fixed cost for the company as a whole?
c) What is the variable cost per unit produced and sold?
5. With respect to cost classification s for decision making:
a) If Dozier had produced 1 ,00 I unit s instead of 1 ,000 units, how much incrementa l manufacturing cost would it have incurred to make the additional unit ?
Answer:
Total product cost
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead $15,000
Fixed manufacturing overhead $28,000
Total Cost $43,000
Total period cost
Variable selling expense $12,000
Fixed selling expense $18,000
Variable administrative expense $4,000
Fixed administrative expense 25,000
Total Cost $59,000
Total direct manufacturing cost
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead $15,000
Total Cost $119,000
Total indirect manufacturing cost
Fixed manufacturing overhead $28,000
Total Cost $28,000
Total manufacturing cost
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead $15,000
Fixed manufacturing overhead $28,000
Total Cost $43,000
Total non-manufacturing cost
Variable selling expense $12,000
Fixed selling expense $18,000
Variable administrative expense $4,000
Fixed administrative expense $25,000
Total Cost $59,000
Total Conversion Cost
Direct labor $35,000
Variable manufacturing overhead $15,000
Total Cost $50,000
Total Prime Cost
Direct materials $69,000
Direct labor $35,000
Total Cost $104,000
Total variable manufacturing cost
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead $15,000
Total Cost $119,000
Total fixed cost for the company as a whole
Fixed manufacturing overhead $28,000
Fixed selling expense $18,000
Fixed administrative expense $25,000
Total Cost $71,000
Variable cost per unit produced and sold
Direct materials $69,000
Direct labor $35,000
Variable manufacturing overhead $15,000
Variable selling expense $12,000
Variable administrative expense $4,000
Total Variable Cost $135,000
Unit Variable Cost = Total Variable Cost ÷ Number of Units
= $135,000 ÷ $1,000
= $135
A falling price level is a symptom of an unhealthy economy, if prices have fallen due to _________. It is symptom of a healthy economy if prices have fallen due to _________
Answer:
A decrease in the demand for goods and services; an increase in the supply of goods and services.
Explanation:
In the case of the unhealthy economy, if the price is fall so it is because of reduction in the demand of the products and services while on the other hand if there is a healthy economy and now the price is fallen so it is because of the supply of the goods and services are rised up.
Therefore the last option is correct
And, the rest of the options are incorrect
Kirsten believes her company's overhead costs are driven (affected) by the number of direct labor hours because the production process is very labor intensive. During the period, the company produced 5,000 units of Product A requiring a total of 1,600 labor hours and 2,500 units of Product B requiring a total of 400 labor hours. What allocation rate should be used if the company incurs overhead costs of $20,000
Answer:
Predetermined manufacturing overhead rate= $10 per direct labor hour
Explanation:
Giving the following information:
Product A:
Direct labor hours= 1,600
Product B:
Direct labor hours= 400
Estimated overhead= $20,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 20,000/2,000
Predetermined manufacturing overhead rate= $10 per direct labor hour
Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER
Income Statement
For the year ended December 31, 2021
Net sales $1,925,000
Expenses:
Cost of goods $1,100,000
sold
Operating expenses 610,000
Depreciation expense 55,000
Income tax expense 45,000
Total expenses 1,810,000
Net income $ 115,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
Increase (I) or Decrease
2021 2020 (D)
Cash $107,000 $87,500 $19,500 (I)
Accounts receivable 45,500 51,500 6,000 (D)
Inventory 80,000 57,500 22,500 (I)
Prepaid rent 3,500 6,000 2,500 (D)
Accounts payable 50,000 39,500 10,500 (I)
Income tax 5,500 12,500 7,000 (D)
Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
Answer:
Cash flow from Operating Activities
Net income 115,000
Add Depreciation 55,000
Add Income tax 45,000
Decrease in Accounts receivable 6,000
Increase in Inventory (22,500)
Decrease in Prepaid rent 2,500
Increase in Accounts payable 10,500
Cash Generated from Operations 211,500
Income tax paid (38,000)
Net Cash from Operating Activities 173,500
Explanation :
The operating activities section of the statement of cash flows shows the Cashflow results from the Operating or Normal trading business of the organization.
OKRs were naturally integrated into the management of MyFitnessPal. A successful innovation to the OKR system made by Mike Lee was to match objectives to people rather than match people to objectives.
A. True
B. False
Answer:
A. True
Explanation:
Since in the question it is mentioned that QkR is naturally integrated into the MyFitnessPal management. Also the innovation would become the successful when the objectives are matches according to the people instead matching the people to objectives as in this the people are aligned and understand what the firm wants that they work like this
Therefore the given statement is true
Marie is expected to receive $25,000 at the end of 7 years. If the interest rate is 10% per year, how much is it worth at the end of 10 years?
"Political risk is the possibility that political events in a particular country will influence the economic well-being of a firm operating in that country. Multinational firms need to anticipate and manage political risk. In order to do that, the firm must understand the differing types of risks and their likelihood of occurrence. The political risks facing a multinational firm can be categorized as"
Answer:
macro risk and micro risk.
Explanation:
Political risks are crucial factors for a multinational company to make investments in a given country, due to the instability of the country's political scenario that can bring negative adverse effects to the company in a context of macro risk and micro risk.
Macro risk is that which is inherent in the country and affects all economic sectors equally, such as the risk of government expropriation.
Micro risk, on the other hand, is one that will impact only a specific business sector, such as corruptions that aim to defraud or harm an organization.
g Suppose the total deposits in the Last Bank of Commerce are $100,000, and $20,000 of the total deposit is set aside as reserves required by the Federal Reserve. Based on this information, the required reserve ratio is:Group of answer choices.20$20,000.10.30
Answer:
0.10
Explanation:
The total deposits in last bank of commerce are $100,000
The total deposits set asides as reserves are $10,000
Therefore the required reserve ratio can be calculated as follows
= 10,000/100,000
= 0.10
Hence the required reserve ratio is 0.10
Crane Construction Company had a contract starting April 2021, to construct a $22800000 building that is expected to be completed in September 2023, at an estimated cost of $20800000. At the end of 2021, the costs to date were $7072000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3600000 and the cash collected during 2021 was 3080000. Crane uses the percentage-of-completion method. For the year ended December 31, 2021, Crane would recognize gross profit on the building of:____.a. $680000. b. $0. c. $13728000. d. $620351.
Answer: a. $680,000
Explanation:
Gross profit to be recognized from entire project;
= Value of building - cost
= 22,800,000 - 20,800,000
= $2,000,000
In 2021, a cost of $7,072,000 was incurred out of the total cost of $20,800,000.
Percentage complete is therefore;
= 7,072,000/20,800,000
= 34%
The gross profit recognized is therefore;
= 34% * Total gross profit
= 34% * 2,000,000
= $680,000
HELP ME ASAP!!!
Select the correct answer.
What does the term sustainability refer to in construction?
A.
a building that does not depend on traditional energy sources to power its internal systems
B.
a building that uses only non-renewable energy sources
a building that is environmentally responsible and resource-efficient throughout its life cycle
C.
D.
a building that can withstand the pressure of external forces such as strong winds
Answer:
a building that is environmentally responsible and resource-efficient throughout its life cycle
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Assuming a company has no other funding sources other than debt and common equity, what is the difference between enterprise value and equity value?
Answer:
eat potato bitc 1234567890
Perry Freight Co. leased a trailer to Harper Inc. for use in delivering inventory. The finance lease has a 3-year term, 5% implicit rate, and begins on January 1, 2018. The lease requires a down payment of $10,000 and two equal annual lease payments on December 31 of 2018 and 2019. The list price of the trailer on the inception date is $50,000. What is the dollar amount of each annual payment that Perry Freight Co. will receive
Answer: $21512
Explanation:
The dollar amount of each annual payment that Perry Freight Co. will receive will be calculated thus:
Lease Price of trailer = $50,000
Less: Down payment = $10,000
PV = $50,000 - $10,000 = $40,000
The present value will be the value of the annual installments multiplied by the annuity factor. Therefore,
$40,000 = Annual installment × 1.8594
Annual installment = $40,000 / 1.8594
Annual installment = $21512
The dollar amount of each annual payment that Perry Freight Co. will receive is $21512.
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for May
Answer:
Total cash collection May= $60,000
Explanation:
Giving the following information:
Cash collection:
30% are collected in the month of sale
60% are collected in the first month after sale
10% are collected in the second month after sale.
Sales:
April= $60,000
May= $80,000
We need to calculate the cash collection for May:
Cash collection:
Sales in cash May= (80,000*0.3)= 24,000
Sales in account from April= (60,000*0.6)= 36,000
Total cash collection May= $60,000
The process for applying for a work permit at the Manchester department of labor is as follows. First, the administrator fills out an application (5 minutes) and takes a picture (1 minute). Then, a clerk enters the information and processes the permit (5 minutes). There are two administrators and three clerks. If the number of licenses per hour for the administrators is 16 and the number of licenses per hour for the clerks is 20.57, what is the hourly service rate for administrators
Answer:
the hourly service rate is 10
Explanation:
The computation of the hourly service rate for the administrator is shown below:
= total minutes for filling out the application by an administrator × number of administrator
= 5 minutes × 2 administrator
= 10
Hence, the hourly service rate is 10
We simply applied the above formula so that the correct value could come
And, the same is to be considered
All of the following are true of Transportation EXCEPT: A. Transportation systems link geographically separated partners, facilities and customers B. Transportation facilitates the creation of time and place utility in the supply chain C. Transportation managers choose modes of transportation based only on cost D. Transportation has a major impact on company financial performance E. Transportation involves the physical movement of goods between origin and destination points
Answer:
C. Transportation managers choose modes of transportation based only on cost
Explanation:
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.
The fundamentals of supply chain management are best summed up as a strategic collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.
Basically, in supply chain management, transportation plays a significant part in the movement of goods or services from the point of production to the end users or consumers.
Hence, all of the following are true of Transportation;
A. Transportation systems link geographically separated partners, facilities and customers
B. Transportation facilitates the creation of time and place utility in the supply chain
C. Transportation has a major impact on company financial performance
D. Transportation involves the physical movement of goods between origin and destination points
Supply chain management is termed as the effectiveness and efficiency of the management of the goods and services and the production involved in the process of the transformation of the goods and services from the raw materials.
The correct option is C. Transportation managers choose modes of transportation based only on cost.
Option C. Transportation managers choose modes of transportation based only on cost is wrong because the transportation or the transmission of the materials of the consumption is not as per the cost of it but as per the demand and the supply of the goods and services.
It is decided by the supply chain management that looks for the management of the supply of the goods and the services to the consumers for their satisfaction and their satisfaction.
To know more about the true statement of the transportation, refer to the link below:
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when you hear the words financial literacy and financial wellness, what do they mean to you? (i’m not sure if it’s in the right subject but it would be nice to help?)
Answer:
Being Financial Literate means you can read and comprehend financial statements, such as a balance sheet or income statement. You understand business terminology and can understand business writings. Financial wellness is having a strong and diverse financial portfolio, eg owning stocks, bonds, making good investments. Essentially being smart with money, and building up your wealth.
Explanation:
Recording Cash Discounts Schrand Corporation purchases materials from a supplier that offers credit terms of 2/15, n/60. It purchased $12,500 of merchandise inventory from that supplier on January 20, 2019. Required a. Assume that Schrand Corporation paid the invoice on February 15, 2019. Prepare journal entries to record the purchase of this inventory and the cash payment to the supplier using the net-of-discount method.
Answer:
Schrand Corporation
Journal Entries:
January 20, 2019:
Debit Inventory $12,500
Credit Accounts Payable $12,250
Credit Purchase Discounts $250
To record the purchase of inventory on credit terms, 2/15, n/60.
February 15,. 2019:
Debit Discount Lost Expense $250
Credit Accounts Payable $250
To record the loss of discount following late payment.
Debit Accounts Payable $12,500
Credit Cash Account $12,500
To record the payment for purchase.
Explanation:
a) Data and Calculations:
Inventory purchase on January 20, 2019 = $12,500
Credit terms = 2/15, n/60
Net-of-discount purchase = $12,250 ($12,500 - 250)
Payment of invoice on February 15, 2019 = $12,500
b) The difference between the net and gross discount methods is that under the gross discount method, the purchases and Accounts Payable are initially recorded at full value. On the other hand, under the net discount method, the purchases and Accounts Payable are initially recorded at a reduced value.
Factor Weight A B C
Convenience 0.15 85 85 82
Parking facilities 0.20 70 91 91
Display area 0.18 87 97 90
Shopper traffic 0.27 95 90 92
Operating costs 0.10 86 90 97
Neighborhood 0.10 88 92 84
1.00
Using the above factor ratings, calculate the composite score for each location.
Answer and Explanation:
The composite score for each location is as follows;
The Composite score for Location A is
= 85 × 0.15 + 70 × 0.2 + 87 × 0.18 + 0.27 × 95 + 86 × 0.1 + 88 × 0.1
= 85.7
= 86
The Composite score for Location B is
= 85 × 0.15 + 91 × 0.2 + 97 × 0.18 + 90 × 0.27 + 90 × 0.1 + 0.1 ×92
= 90.91
= 91
The Composite score for Location C is
= 82 × 0.15 + 91 × 0.2 + 90 × 0.18 + 92 × 0.27 + 97 × 0.1 + 0.1 ×84
= 89.64
= 90
January 1, 20x1, as related to the establishment of the patent. On June 30, 20x2, Pitchfork spent $130,000 to successfully defend a patent infringement case against the drug. As a result, the estimated remaining useful life was determined to be 16 years from June 30, 20x2. Pitchfork uses the straight-line method to amortize intangibles. What is the amount of amortization expense Pitchfork will record on their December 31, 20x2, Income Statement
Answer:
The question is incomplete since the cost of the patent is missing. I will try to answer the question using some random number for the cost:
purchase cost of the patent = $200,000
assuming that the patent originally had a useful life of 10 years
patent amortization for 2021 = $200,000 / 10 = $20,000
patent's carrying value Dec. 31, 2021 = $200,000 - $20,000 = $180,000
since the company incurred legal costs = $130,000 and was able to extend the patent's useful life:
amortization expense January 1 to June 30 2022 = $20,000 x 6/12 = $10,000
carrying value of the patent on June 30, 2022 = $180,000 - $10,000 + $130,000 = $300,000
since the patent's useful life was extended to 16 years, starting June 30, 2022, the amortization expense per year = $300,000 / 16 years = $18,750
total amortization expense during 2022 = $10,000 (for the first 6 months) + $18,750/2 (for the remaining 6 months) = $10,000 + $9,375 = $19,375
Apollo Inc. has an unfunded pension liability of $900 million that must be paid in 30 years. If the annual interest rate is 6% compounded semiannually, what is the present value?
Answer:69420 milliom
Explanation:
Nice
Rock Bottom Gold Company recently repurchased 7 million shares of its common stock for $47 per share. The intent of the repurchase was to increase earnings per share to be more in line with competitors. Required: 1. Determine the impact of the stock repurchase on assets, liabilities, and stockholders' equity. (Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). Negative amounts should be indicated by a minus sign.)
The impact includes Assets = -$32,90,00,000, Liabilities = No Effect and Stockholder's Equity = -$32,90,00,000.
If the stock is repurchased, the cash will be paid. Thus, the assets would be decreased.
Also for the stock repurchase, the stockholder's equity will be decreased consequently.
Assets = Cash (7,000,000*$47)
Assets = -$329,000,000
Thus, the assets will decrease by $329,000,000.
Liabilities = No Effect
Thus, the liabilities will have no impact for the transaction.
Stockholder's Equity = -$329,000,000
Thus, the stockholder's equity will be decreased by $329,000,000.
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RJ Corporation has provided the following information about one of its inventory items:
Date Transaction
1/1 Beginning Inventory
6/6 Purchase
9/10 Purchase
11/15 Purchase
During the year, RJ sold 3,000 units.
Number of Units 400 800 800 1,200 800
Cost per Unit $3,200 $3,600 $4,000 $4,200
What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
a. $880,000.
b. $640,000
c. $770,000.
d. $840,000
Answer:
b. $640,000
Explanation:
The computation of the ending inventory using the periodic inventory system is as follows:
But before that the ending inventory units is
= Beginning inventory units + purchased units - sold units
= 400 + 800 + 1,200 + 800 - 3,000
= 200 units
Now the ending inventory is
= 200 units × $3,200
= $640,000
hence, the ending inventory using the periodic inventory system is $640,000
Therefore the correct option is B
Evan is transferring his credit card balance from one card to another. What is the most important factor that Evan should consider when selecting a new
credit card?
APR
over the limittee
late fee
credit limit
Answer:
APR
Explanation:
APR stands for annual percentage rate, which is the rate of interest that will be applied to the purchases Evan makes on his card. You typically want a card with a low APR rate.
Jeff and Riley were married for 35 years when Riley died in July of 2016. The couple have two children who are 6 and 10 years old. Which of the following applies to Jeff regarding filing status?a) Jeff can file using any status he wants for the next 3 yearsb) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2017 and 2018c) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2016 onlyd) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2017 only
Answer:
(D) I think
Explanation:
When your husband or spouse dies,you file as a widower. If he has children he could get extra benefits because he can file his kids as a Dependent on his Taxes.
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With Riley having died in 2016, the procedure would be that b) Since Jeff’s spouse died during the year, he may be entitled to the special qualifying widower with dependent child benefits for tax year 2017 and 2018.
Special Qualifying WidowerAllows a widower to still fill taxes jointly as a married person for two years after the spouse dies. Can only apply if there is at least a single dependent child.There are two dependent children in this scenario so Jeff qualifies for this filling status. As Riley died in 2016, Jeff's two years would be the years 2017 and 2018.
In conclusion, option B is correct.
Find out more on the special qualifying widower status at https://brainly.com/question/26021534.
Sheffield Corp. bought a machine on January 1, 2011 for $814000. The machine had an expected life of 20 years and was expected to have a salvage value of $82000. On July 1, 2021, the company reviewed the potential of the machine and determined that its future net cash flows totaled $408000 and its fair value was $273000. If the company does not plan to dispose of it, what should Sheffield record as an impairment loss on July 1, 2021
Answer:
$156,700
Explanation:
Depreciation expense = [Cost-salvage value] /useful life
Depreciation expense = [814000 - 82000]/20
Depreciation expense = $36600
1 January 2011 - 1 July 2021 = 10.5 years . Total depreciation = 10.5 * $36600= 384,300
Book value as on 1 July 2021 = Cost - Accumulated depreciation
Book value as on 1 July 2021 = 814000-384300
Book value as on 1 July 2021 = 429700
Net realizable value = Lower of future cash flow or fair value
Lower of 408000 or 273000
Net realizable value = 273000
Now, since the Book value is more than net realizable value, Asset is impaired
Impairment loss = $273,000 - $429,700
Impairment loss = $156,700
Thus, Sheffield should record $156,700 as an impairment loss on July 1, 2021.