What amount should be included as loss on disposal in Rose statement of comprehensive income for the year ended December 31, 2020?

Q: Abba Company accounted for noncurrent assets using the revaluation model.On July 1, 2021, the entity…

A: As per IFRS 5 Assets held for sale shall be valued at lower of carrying value or fair market value…

Q: The Cheer Company accounts for noncurrent assets using the cost model. On July 20, 2020, Cheer…

A:

Q: ARLENE Company accounts for noncurrent assets using the cost model. On October 30,2010, Arlene…

A: Loss on disposal: It implies to the loss incurred by the business from the sale of it's asset. It is…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Introduction: A noncurrent asset is one that is not projected to be utilized within one year. If a…

Q: On September 1, 2019, Simon Corporation acquired Jumbo Enterprises for a cash payment of OMR…

A: For calculating good will, fair value of asset should be used. Book value of asset should be…

Q: Positivity Enterprises accounted for noncurrent assets using the revaluation model. On September 1,…

A: As per IFRS 5 Non current assets held for sale and discontinued operation The revaluation of asset…

Q: An entity purchased equipment for P5,000,000 on January 1, 2020 with a useful life of 10 years and…

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Asset  classified as "held for use" means that the disposal of the asset will not take place and if…

Q: On January 1, 2019, Ferrothorn Co. sold equipment, to its subsidiary, Klang Corp., for P115,000. The…

A: Actual cost of asset=125000 less Accumulated depreciation =45000 Value of asset as on 1.1.19= 80000…

Q: The Verba Company accounts for non-current assets using the revaluation model.  On 30 June 2020,…

A: Impairment loss represents the amount difference between the recoverable amount and carrying value.…

Q: The Phoenix Company accounts for non-current assets using the revaluation On 30 June 2020 Phoenix…

A: Recoverable amount = Fair value - costs to sell  = P280,000  - 20000 = P260,000

Q: On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Here discuss about the fact to use the non current assets which are held for use and not use for…

Q: Abba Company accounted for noncurrent assets using the revaluation model. On June 30, 2021, the…

A: Given information,   •On June 30,2021: Fair value =P3,300,000 Cost of disposal=P200,000   •On…

Q: Renata Corporation paid $366,400 for equipment in 2019 and took $164,880 in standard MACRS…

A: Any sort of income that is taxed at regular rates is referred to as ordinary income.Salaries,…

Q: On February 14, 2022, Frozen Company classified a non-current asset as held for sale. At that time,…

A: As per IFRS 5 when an asset is calssifed as a non-current asset as held…

Q: Happy

A:

Q: Abba Company accounted for noncurrent assets using the revaluation model.On July 1, 2021, the entity…

A: Impairment loss 2021 = P100,000

Q: Shak Company acquired a financial instrument for P4,000.000 on March 31, 2020. The financial…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 1. Coral Company accounts for noncurrent assets using the cost model. On July 31, 2011, Coral…

A: Noncurrent assets: Noncurrent assets are the assets of the long-term investment made by the company…

Q: On January 1, 2021, the statement of financial position of X Incorporated shows total assets of 30…

A: As per the standard of Non-current assets held for sale and discontinued operation, depreciation of…

Q: Pearl Company accounts for noncurrent assets using the cost model. On October 30, 2012, the entity…

A: As per accounting standard PFRS 5, when an non current asset is classified as held for sale, thne…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: Generally the fixed assets are valued at cost plus cost of…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: The revaluation model enables a business to maintain non-current assets at their revalued value.…

Q: Assume that by December 31, 2020, the segment had not yet been sold but was considered held for…

A: Operations that do not remain as a part of the business in the future.

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Noncurrent assets are long-term investments which will not be fully recognized until the following…

Q: The ABC Company accounts for non-current assets using the cost model. On July 20, 2021, ABC Company…

A: As per PFRS 5, Non-current assets are held for sale and discontinued operations, On classifying a…

Q: Omar Company owns a property which was revalued to $ 625,000 on 31 December 2018 with a revaluation…

A: From the info given in the question it seems that the company…

Q: Lala Company accounts for noncurrent assets using the cost model. On October 1, 2019, Lala…

A: Impairment Loss:-When the carrying amount of an asset is in excess of its recoverable amount then…

Q: Abba Company accounted for noncurrent assets using the revaluation model. On June 30, 2021, the…

A: Normally as per standard accounting practices , the fixed…

Q: At that date, the carrying amount of the land was P5,000,000 and the balance in the revaluation…

A: Impairment loss is the difference in the recoverable amount and carrying of the asset. Recoverable…

Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity…

A: Non current assets are the assets which held by the form for a longer term investment horizon and…

Q: Happy Inc. accounted for noncurrent assets using the revaluation surplus model. On October 1, 2021,…

A: Non-current assets: Non-current assets are that part of total assets which are composed of mainly,…

Q: Rooky acquired Bamboo on December 31,2020 for P500,000. Bamboo's Liabilities and Capital at that…

A: Goodwill:- It is an intangible asset which one shows in the Balance sheet of the company. These…

Q: Carmela Company acquired a financial instrument for P4,000,000 on March 31, 2020. The financial…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Happy Inc. accounted for noncurrent assets using the revaluation surplus model. On October 1, 2021,…

A: The assets and liabilities are presented in the balance sheet of the company which shows the…

Q: bba Company accounted for noncurrent assets using the revakuation model. On June 30,2021, the entity…

A: Solution Concept When the fair value exceeds the carrying amount The asset is revalued and the…

Q: On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a…

A: As per provisons of PFRS on the assets held for sale, when the asset fulfils the conditions for held…

Q: n July 16, 2020, Agony Company classified a noncurrent asset as held for sale in accordance with…

A: As per IFRS 5, Non Current Assets Held for Sale and Discontinued Operations, at the time of…

Q: On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a…

A: Introduction: Non-current assets are those that are not expected to be used within a year. If a…

Q: On December 31, 2021, the fair value was estimated at On June 30, 2021, the fair value was estimated…

A: The carrying amount is the original cost of an asset as represented in a company's books or balance…

Q: STRAIGHT Company accounts for non-current assets using the revaluation model. On October 1, 2022,…

A: Revaluation Surplus: A revaluation excess is a kind of equity account in which any increases in the…

Q: On 1, 2020, Midland Company purchased a machine for P1,400,000. This machine has - year useful…

A: Income tax:  It is the amount a person is liable to pay on the earned amount in an accounting year.…

Q: Lure Corporation is using the cost model for noncurrent assets. On October 1, 2020, the entity…

A: If non-current assets are classified as held for sale, then on such change in classification,…

Q: P Ltd has two non-current assets: land and machinery at 30 June 2020. The carrying amount of land is…

A: The value of assets of an entity is liable to change due to internal or external factors. The…

Q: Jerely, Inc. had the following noncurrent asset account balance at December 31, 2019: Patent…

A: Intangible Assets Intangible Assets are the assets that do not have any physical existence, that…

Q: "YESORYES Corp.'s comparative balance sheet at December 31, 2020 and 2019 reported accumulated…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: The Verba Company accounts for non-current assets using the revaluation model. On 30 June 2020,…

A: Impairment loss:- It is recognized whenever the market value of an asset is below the carrying…

Q: Surreal Company accounted for non-current assets using the revaluation model. On October 1, 2021,…

A: When the selling price is the asset is more than its Carrying amount or fair value , then it leads…

Q: 1. Coral Company accounts for noncurrent assets using the cost model. On July 31, 2011, Coral…

A: Asset is defined as any resource or item that assists in attracting income to the owner. Each asset…

Q: Abba Company accounted for noncurrent assets using the revaluation model. On June 30, 2021, the…

A:

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.