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

Discussionsustainable income and ratio analysis please

Discussion "Sustainable Income and Ratio Analysis" Please respond to the following: • Describe sustainable income and the importance of sustainable income in the evaluation of the income statement. Choose at least two it ...

District water company issued 10-year bonds with a face

District Water Company issued 10-year bonds with a face value of $100,000 and a stated interest rate of 8.0%. The bonds are dated April 1, 2016, and call for semiannual interest payments on each April 1 and October 1. Du ...

Preston auto paint company had the temporary free use of an

Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2010: Sept. 1 The company was organized and received USD 100,000 cash from the issuance of ca ...

Government and nonprofit accountingyour portfolio project

Government and Nonprofit Accounting Your Portfolio Project will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions. Scenario A Is fund acc ...

Payrolllocate a payroll processing company you may either

Payroll Locate a payroll processing company. You may either contact one in person, by telephone, or conduct an Internet search. Write a brief report describing the advantages and disadvantages of using a payroll processi ...

To make sure you are up to date on the special guidelines

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal en ...

Assignmentfinal take home examination on basic erp

Assignment Final Take Home Examination on Basic ERP Configuration Concepts Provide brief but clear and specific answers to the following questions. Consult any sources necessary, including SAP's Help features. 1. What ar ...

Ics manufacturing company produces plastic parts for the

ICS Manufacturing Company produces plastic parts for the automotive industry. Here is their Income Statement for 2015 - ICS Manufacturing Company Income Statement for 2015 Sales Revenue $35,500,000 Cost of Goods Sold 12, ...

Assignment gaap applicationsinternal controlrecall that in

Assignment: GAAP Applications Internal Control Recall that in Units 2 and 3, you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently ...

Business assignmentthe comany i have choosen is upsresearch

Business Assignment The comany i have choosen is UPS. Research a company that interests you from the Fortune 500. (A list will be provided). Analyze what they do. What business are they in? What industry? How have they b ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen