Issues with Codification and Research Measurement
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Issues with Codification and Research Measurement
Making Use of Codification
Measurement of Research
Issues
Now it’s your turn to try 7.7.
1. Describe the purpose of the credit loss allowance. Is there a direct reduction in the reported?
what is the value of a company’s receivables?
2. Should the allowance be calculated on a per-asset basis or on a pooled basis? Explain.
3. What are some of the methods an entity can use to calculate its credit allowance?
losses?
4. For how long (time horizon) should an asset’s expected losses be considered?
You are now going to try 7.8.
1. How often should a company’s credit loss allowance be recalculated?
2. Explain how to make a journal entry to increase an existing allowance account.
balance, and cite the paragraph that backs up your claim.
3. What is a write-off of a financial asset, and how does it differ from other types of financial asset write-offs?
what is the accounting for a change in the allowance account?
Consider the following scenario. Assume a company keeps track of its accounts receivable aging.
and historical data showing that 7 percent of its receivables are 1-30 days past due on average
The amount owed will not be collected. The company believes the economy has improved in comparison to previous years.
It is estimated that this information will reduce the expected loss rate by 5%.
4. Using the ASC 326-20 excerpts as a guide, discuss whether a reduction to the
It’s possible that the company’s expected loss percentage is accurate.
Exercise
Respond to the following questions using the Codification as a guide. For each response, cite your sources.
3. When should an investor recognize equity in an investment using the “equity method” of accounting?
Is it better to calculate income in the period when the investee reports earnings or when the investee declares a dividend?
4. Is there measurement guidance on employer obligations (in Sections 30 or 35 of the applicable topic)?
for employee absences that are compensated (such as vacation accruals)? If not, consider where else a researcher could go.
are you looking for such measurement advice in this topic?
12. What is the maximum amount of interest that can be capitalized as part of Topic 835-20 (Capitalization of Interest)?
for certain qualifying assets, the initial investment in an asset? What factors should a company consider when determining its value? “the use of capitalization
esteem “in order to capitalize interest?
13. a. In terms of income tax accounting, what is a valuation allowance?
b. What ASC 740-10 guidance requires entities to consider applying a valuation allowance to?
What are deferred tax assets?
c. What are some factors to consider when deciding whether or not a valuation allowance is required?
Study of a Case
Go ahead and eat some cheese. Simmons and Frankie’s Homemade Cheese Shop (“Frankie’s”) have signed an advertising agreement.
Billboard advertising rights (“Owner”) for billboards along Route 33 in Hampton. Frankie’s is the place to be.
to choose and place advertising copy on billboard panels numbered IO and 12 (panel numbers correspond to designated locations on the billboard)
billboard locations) for a period of three years, from January 1, 20X I, to December 31, 20X3. In exchange for these rights,
Frankie’s has agreed to pay $10,000 in the first year, $12,000 in the second year, and $13,000 in the third year. Assume you’ll need Frankie’s.
Each contract year’s annual fee is due on January 1st. What are the consequences if Frankie’s incremental borrowing rate is 5%?
the entries Frankie should make at the start of the contract, then at the end of the first, second, and third years?
RUBRIC
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