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Safety-First Company completed all of its October 31, 2023, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Account Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Balance $ 11,520 20, 100 79,500 37,700 Other information: 1. All accounts have normal balances. 2. $26,700 of the note payable balance is due by October 31, 2024. View transaction list 21, 200 910 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Recoverable Value $136,700 105,900 28,900 15,700 136,700 11,300 90,500 761,500 50,750 105,750 35,350 85,950 904, 170 62,780 8,220 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2023. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)

Safety-First Company completed all of its October 31, 2023, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Account Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Balance $ 11,520 20, 100 79,500 37,700 Other information: 1. All accounts have normal balances. 2. $26,700 of the note payable balance is due by October 31, 2024. View transaction list 21, 200 910 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Recoverable Value $136,700 105,900 28,900 15,700 136,700 11,300 90,500 761,500 50,750 105,750 35,350 85,950 904, 170 62,780 8,220 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2023. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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Safety-First Company completed all of its October 31, 2023, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Account Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Balance $ 11,520 View transaction list 20, 100 79,500 37,700 Recoverable Value $136,700 105,900 28,900 15,700 21, 200 910 136, 700 Other information: 1. All accounts have normal balances. 2. $26,700 of the note payable balance is due by October 31, 2024. 11,300 90,500 761,500 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. 50, 750 105, 750 35,350 85,950 904, 170 62,780 8,220 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2023. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)
Transcribed Image Text:Safety-First Company completed all of its October 31, 2023, adjustments in preparation for preparing its financial statements, which resulted in the following trial balance. Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Accumulated depreciation, furniture Allowance for doubtful accounts Building Cash Equipment Expenses, including cost of goods sold Furniture Land Account Merchandise inventory Note payable Sales Tarifa Sharma, capital Unearned revenues Asset Land Building Equipment Furniture Balance $ 11,520 View transaction list 20, 100 79,500 37,700 Recoverable Value $136,700 105,900 28,900 15,700 21, 200 910 136, 700 Other information: 1. All accounts have normal balances. 2. $26,700 of the note payable balance is due by October 31, 2024. 11,300 90,500 761,500 The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. 50, 750 105, 750 35,350 85,950 904, 170 62,780 8,220 Required: 1. Prepare the entry (entries) to record any impairment losses at October 31, 2023. Assume the company recorded no impairment losses in previous years. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)
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