Apollo Company, a consolidated enterprise, conducted an impairment review for each of its reporting assessment, one particular reporting unit, Stande, emerged as a candidate for possible goodwill impai net assets with carrying amounts totaling $1,220, including goodwill of $725. Stande's reporting unit fa and includes two internally developed unrecognized intangible assets (a patent and a royalty agreeme $79, respectively). The following table summarizes current financial information for the Stande reportin Items Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets Carrying Fair Amounts Values $142 $ 222 353 384 725 7 0 353 Required: a. Determine the amount of any goodwill impairment for Apollo's Stande reporting unit. h. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the fe

Apollo Company, a consolidated enterprise, conducted an impairment review for each of its reporting assessment, one particular reporting unit, Stande, emerged as a candidate for possible goodwill impai net assets with carrying amounts totaling $1,220, including goodwill of $725. Stande's reporting unit fa and includes two internally developed unrecognized intangible assets (a patent and a royalty agreeme $79, respectively). The following table summarizes current financial information for the Stande reportin Items Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets Carrying Fair Amounts Values $142 $ 222 353 384 725 7 0 353 Required: a. Determine the amount of any goodwill impairment for Apollo's Stande reporting unit. h. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the fe

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 65RSCQ

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Apollo Company, a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Stande, emerged as a candidate for possible goodwill impairment. Stande had recognized net assets with carrying amounts totaling $1,043, including goodwill of $615. Stande’s reporting unit fair value is assessed at $990 and includes two internally developed unrecognized intangible assets (a patent and a royalty agreement with fair values of $165 and $145, respectively). The following table summarizes current financial information for the Stande reporting unit: Items Carrying Amounts Fair Values Tangible assets, net $ 118 $ 178 Recognized intangible assets, net 310 353 Goodwill 615 ? Unrecognized intangible assets 0 310 Required: Determine the amount of any goodwill impairment for Apollo’s Stande reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying…
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Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,366, including goodwill of $915. Seller's reporting unit fair value is assessed at $1,181 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $222 and $115, respectively). The following table summarizes current financial information for the Sellers reporting unit: Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets a. a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's reporting unit Sellers? b. Goodwill impairment loss…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,087, including goodwill of $580. Seller’s reporting unit fair value is assessed at $1,036 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $242 and $108, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $157 $185 Recognized intangible assets, net 350 389 Goodwill 580 ? Unrecognized intangible assets 0 350 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,150, including goodwill of $660. Seller’s reporting unit fair value is assessed at $1,122 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $271 and $122, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $97 $146 Recognized intangible assets, net 393 435 Goodwill 660 ? Unrecognized intangible assets 0 393 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $985, including goodwill of $605. Seller’s reporting unit fair value is assessed at $920 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $115 and $107, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $158 $194 Recognized intangible assets, net 222 299 Goodwill 605 ? Unrecognized intangible assets 0 222 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the…
lomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,094, including goodwill of $755. Seller’s reporting unit fair value is assessed at $1,028 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). The following table summarizes current financial information for the Sellers reporting unit: Carrying Amounts Fair Values Tangible assets, net $ 84 $137 Recognized intangible assets, net 255 326 Goodwill 755 ? Unrecognized intangible assets –0– 255 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit.
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets wi carrying amounts totaling $1,456, including goodwill of $920. Seller's reporting unit fair value is assessed at $1,289 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $301 and $141, respectively). The following table summarizes current financial information for the Sellers reporting unit: Carrying Fair Amounts Values $94 $158 Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets 442 517 920 442 a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar's…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers has recognized net assets of $1,094, including goodwill of $755. Seller’s fair value is assessed at $1,028 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $199 and $56, respectively). The following table summarizes current financial information for the Sellers reporting unit:a. Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit.b. After recognition of any goodwill impairment loss, what are the reported carrying amounts for the following assets of Alomar’s reporting unit Sellers?• Tangible assets, net.• Goodwill.• Patent.• Customer list.
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,266, including goodwill of $840. Seller's reporting unit fair value is assessed at $1,168 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $244 and $87, respectively). The following table summarizes current financial information for the Sellers reporting unit: Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets a. Goodwill impairment loss b. Tangible assets, net Goodwill Patent Customer list Carrying Amounts $95 331 840 0 Amounts Fair Values $150 a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,266, including goodwill of $840. Seller's reporting unit fair value is assessed at $1,168 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $244 and $87, respectively). The following table summarizes current financial information for the Sellers reporting unit: Tangible assets, net Recognized intangible assets, net Goodwill Unrecognized intangible assets Goodwill impairment loss a. b. Tangible assets, net Goodwill Patent Customer list Carrying Amounts a. Determine the amount of any goodwill impairment for Alomar's Sellers reporting unit. b. After recognition of any goodwill impairment loss, what are the reported carrying…
Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as a candidate for possible goodwill impairment. Sellers had recognized net assets with carrying amounts totaling $1,043, including goodwill of $615. Seller’s reporting unit fair value is assessed at $990 and includes two internally developed unrecognized intangible assets (a patent and a customer list with fair values of $165 and $145, respectively). The following table summarizes current financial information for the Sellers reporting unit: CarryingAmounts FairValues Tangible assets, net $118 $178 Recognized intangible assets, net 310 353 Goodwill 615 ? Unrecognized intangible assets 0 310 Determine the amount of any goodwill impairment for Alomar’s Sellers reporting unit. After recognition of any goodwill impairment loss, what are the reported carrying amounts for…