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Category > Accounting Posted 12 Aug 2017 My Price 13.00

El Dorado Foods Inc

1. El Dorado Foods Inc. owns a chain of specialty stores in the Pacific Northwest. Recently, four of the stores have experienced declining profits due to market saturation in the area. As a result, management gathered data about possible impairment of the assets of the stores. The information gathered was as follows:

Book value: $17.5 million
Fair value: $14.9 million
Undiscounted sum of future cash flows: $16.5 million

Required: Determine the amount, if any, of the impairment loss that El Dorado must recognize on these assets.

    $1 million
    $1.6 million
    $14.9 million
    $2.6 million



2. Meca Concrete purchased a mixer on January 1 for a cost of $45,000. Straight-line depreciation was used for years one and two based on an estimated eight-year life and $3,000 estimated residual value. In the third year of use, Meca revised its estimate and now believes the mixer will have a total service life of only six years, and that the residual value will be only $2,000.

Required: Compute depreciation for the third year

    $9,187.50
    $7,375
    $8,625
    $8,125



3. First quarter credit sales totaled $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%. The journal entry to record the sales shall include:

    Debit accounts receivable - $700,000; credit sales $700,000
    Debit accounts receivable - $742,000; credit sales $742,000
    Debit accounts receivable - $742,000; credit sales $700,000; credit sales tax payable $42,000
    Debit accounts receivable - $700,000; credit sales $700,000; credit sales tax payable $42,000

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Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 13.00

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