Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

At the end of its reporting year (December 31, 2010), Acme Inc. shows the following intangible assets on its books: $60,000 patent with estimated remaining useful life of 10 years, and $92,000 goodwill with an indefinite life. Before closing its books, the company evaluates its intangible assets and identifies a $20,000 impairment in the patent and a $32,000 impairment in goodwill. These amounts are the same for US GAAP and IFRS purposes. For IFRS, Acme Inc. does not revalue its intangible assets.

a. How will the impairment loss be recorded using US GAAP and for IFRS?

b. Assume that at the end of 2011, Acme Inc. determines the company has recovered $12,000 of the patent impairment and $16,000 of the goodwill impairment. How will this be recorded using US GAAP and IFRS?

c. Assume instead that at the end of 2011, Acme Inc. determines the company has recovered $18,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?

d. Assume instead that at the end of 2011, Acme Inc. determines the company has recovered $24,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946031
  • Price:- $25

Guranteed 24 Hours Delivery, In Price:- $25

Have any Question? 


Related Questions in Accounting Basics

Practice questionsdistinguish betweennormal lossesabnormal

Practice questions: Distinguish between normal losses abnormal losses and explain their costing treatments.

Actg5210p assignment-sofias furniture sf makes residential

ACTG5210P Assignment- Sofia's Furniture ("SF") makes residential wet bar equipment from real wood and sells them through three sales outlets. The product line consists of two styles of bar stools, three styles of bar cou ...

Taskin april 2016 the fair work ombusman released a report

Task In April 2016, the Fair Work Ombusman released a report on the findings of this inquiry on the 7 Eleven franchise network. The inquiry was prompted by allegations of systemic non-compliance with federal workplace la ...

Accountingmoviesplus inc is in its third year of business

Accounting MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the ...

The processes of selecting an aiserp to make informed

The processes of selecting an AIS/ERP to make informed decision for investment in an accounting software Group Assignment Scenario B Bakery is a family owned firm with around 70 employees and sales revenue increased to m ...

Module- slpaccounting cost systems and cost behavioryou are

Module- SLP ACCOUNTING COST SYSTEMS AND COST BEHAVIOR You are applying for a managerial position at an innovative and rapidly growing company. This is a dynamic company that wants an individual who adds value to the orga ...

Casedavid sutherland a partner and fraud examiner in rachin

Case David Sutherland, a partner and fraud examiner in Rachin Cohen & Holtz LLP, was driving to a client when he heard a CNN announcement that LucidCom, a newly emerged provider of network infrastructure and connectivity ...

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

Accounting helpkelloggk8286nyse general millsgis7295nyse

Accounting Help Kellogg K $82.86 NYSE General Mills GIS $72.95 NYSE Target TGT $70.12 NYSE Choose three of the stocks - two within the same industry plus one additional stock - from the Company Selection and Stock Watch ...

Topic ethics in auditing practiceyour assignment should

Topic: "Ethics in auditing practice" Your assignment should answer the following questions: 1. Provide a brief overview of the nature of the auditing/ethical issue/s involved with Ethics in auditing practice. 2. How does ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate