Homework Help is Here – Start Your Trial Now!
Business
Accounting
6. An Impairment loss will be calculated as follows: A. Carrying value divide by the recoverable amount B. Carrying amount less Recoverable amount C. The estimated cash that would be received from a customer less Carrying value of Receivable D. The market value less estimated cash that would be received from a customer

6. An Impairment loss will be calculated as follows: A. Carrying value divide by the recoverable amount B. Carrying amount less Recoverable amount C. The estimated cash that would be received from a customer less Carrying value of Receivable D. The market value less estimated cash that would be received from a customer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please help me
6. An Impairment loss will be calculated as follows: A. Carrying value divide by the recoverable amount B. Carrying amount less Recoverable amount C. The estimated cash that would be received from a customer less Carrying value of Receivable D. The market value less estimated cash that would be received from a customer 7. As at 1 December 2015 the Trade Receivables ledger had N$432 800 debit balances and N$22 900 credit balance. Credit sales in August were N$1 165 100 and sales returns N$63 200. N$996 400 has been received from credit customers. Identify the debit balance by the month end assuming that discount allowed was N$28 800 and credit balances by month end were N$39 500. A. N$333 200 B. N$526 100 C. N$263 050 D. N$39 500 8. During October 2012, purchases, purchases returns and amounts paid to suppliers were N$738,450, N$21,200 and N$692,500 respectively. As at 1st October a list of Trade Payables Ledger balances included N$159,550 credit balances and N$17,400 debit balances. Identify the total of credit balances in the Trade Payables Ledger, by the month end, assuming that payments to trade payables include N$290,250 paid taking advantage of 5% cash discount 4 offered by the suppliers and by the month end the debit balances in the Trade Payables Ledger amounted to N$15,200. A. N$177,350 B. N$186,900 C. N$192,100 D. N$167 350
Transcribed Image Text:6. An Impairment loss will be calculated as follows: A. Carrying value divide by the recoverable amount B. Carrying amount less Recoverable amount C. The estimated cash that would be received from a customer less Carrying value of Receivable D. The market value less estimated cash that would be received from a customer 7. As at 1 December 2015 the Trade Receivables ledger had N$432 800 debit balances and N$22 900 credit balance. Credit sales in August were N$1 165 100 and sales returns N$63 200. N$996 400 has been received from credit customers. Identify the debit balance by the month end assuming that discount allowed was N$28 800 and credit balances by month end were N$39 500. A. N$333 200 B. N$526 100 C. N$263 050 D. N$39 500 8. During October 2012, purchases, purchases returns and amounts paid to suppliers were N$738,450, N$21,200 and N$692,500 respectively. As at 1st October a list of Trade Payables Ledger balances included N$159,550 credit balances and N$17,400 debit balances. Identify the total of credit balances in the Trade Payables Ledger, by the month end, assuming that payments to trade payables include N$290,250 paid taking advantage of 5% cash discount 4 offered by the suppliers and by the month end the debit balances in the Trade Payables Ledger amounted to N$15,200. A. N$177,350 B. N$186,900 C. N$192,100 D. N$167 350
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS