Business
On Dec 31, an entity had a reporting unit that had a book value of $3,450,000, including goodwill of $225,000. As part of its annual review of good will impairment, the entity determined that the fair value of the reporting unit was $3,310,000. The entity assigned $3,170,000 of the reporting units fair value to its assets and liabilities other than goodwill. What is the goodwill impairment loss to be reported on Dec 31 under current US GAAP
Presented below is information for Sunland Co. for the month of January 2022. Cost of goods sold $201,500 Rent expense $32,100 Freight-out 7,900 Sales discounts 9,000 Insurance expense 13,600 Sales returns and allowances 18,700 Salaries and wages expense 63,700 Sales revenue 393,500 Income tax expense 4,700 Other comprehensive income (net of $400 tax) 2,000 (a) Prepare an income statement using the multiple-step format.
Carlin and Marley, an accounting firm, provides consulting and tax planning services. For many years, the firm's total administrative cost (currently $270,000) has been allocated to services on this basis of billable hours to clients. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning services, while 45% resulted from consulting services. The firm, contemplating a change to activity-based costing, has identified three components of administrative cost, as follows: Staff Support$200,000 In-house computing charges 50,000 Miscellaneous office costs 20,000 Total$270,000 A recent analysis of staff support found a strong correlation with the number of clients served. In contrast, in-house computing and miscellaneous office cost varied directly with the number of computer hours logged and number of client transactions, respectively. Consulting clients served totaled 35% of the total client base, consumed 30% of the firm's computer hours, and accounted for 20% of the total client transactions. If Carlin and Marley switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:
Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Adjusted Trial Balance and Additional Information below to answer this question and the next three (3) questions. (Hint: you may also want to prepare a new Income Statement and Statement of Stockholders' Equity before preparing the Balance Sheet to make sure you have the necessary information for the Balance Sheet account balances.) You will need to know the amounts for total current assets, total long-term assets, total current liabilities, total long-term liabilities, and total stockholders' equity. Adjusted Trial Balance As of 12/31/20xx Accounts Debit Credit Cash $25,486 Prepaid Rent 5,700Supplies 4,400 Building 100,000Accumulated Depreciation $6,000Accounts Payable 1800 Deferred Revenue 1,300 Notes Payable (due in 24 months 80,486 Common Stock 2,100 Retained Earnings 46,400 Dividends 4,000 Service Revenue 12,400 Rent Expense 900 Supplies Expense 3,000 Utility Expense 1,000 Depreciation Expense 6,000 Totals $150,486 $150,486 Additional Information: Beginning Balance of Common Stock on 1/1/20xx $2.100 Beginning Balance of Retained Earnings on 1/1/20xx $46,400 No new stock was issued during the accounting period. . Hint: Please remember the formula for retained earnings when preparing this statement Question: What is the amount shown for Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper?