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Question 2 solution
Blue Tree Inc.
Total amount by which capital lease should
be recognized in the balance sheet.
Present value
of lease
Question 3 solution
Goodwill impairment is a profit charge that organizations record on their wage explanations after
they distinguish that there is convincing proof that the advantage related with the goodwill can
never again exhibit budgetary outcomes that were normal from it at the season of its buy. Since
numerous organizations secure different firms and pay a value that surpasses the reasonable
estimation of identifiable resources and liabilities that the gained firm has, the distinction
between the price tag and the reasonable estimation of obtained resources is recorded as a
goodwill. In any case, if unexpected conditions emerge that reduction expected money streams
from obtained resources, their reasonable esteem can be lower than what was initially paid for
them, and an organization must book a goodwill impairment.
Change in Accounting Standards for Goodwill
Goodwill impairment turned into an issue amid the bookkeeping embarrassments of 2000-2001.
Numerous organizations falsely expanded their monetary records by detailing unreasonable
estimations of goodwill, which was permitted around then to be amortized over its evaluated
helpful life. While buyer showcases already ignored goodwill and comparable controls, the
bookkeeping embarrassments and change in rules constrained organizations to report goodwill at
practical levels.
Goodwill impairment happens when an organization chooses to pay more than book an incentive
for the procurement of a benefit, and afterward the estimation of that advantage decreases. The
contrast between the sum that the organization paid for the benefit and the book estimation of the
advantage is known as goodwill. The organization needs to change the book estimation of that
goodwill down in the event that it winds up weakened.
Representing Goodwill
An organization represents its goodwill on its accounting report as a benefit. It doesn’t, be that as
it may, amortize or deteriorate the goodwill as it would for an ordinary resource. Rather, an
organization needs to check its goodwill for impairment yearly.
Question 4 solution
Statement of cash flow
a) Cash flow from operating
Net income
Adjustments for:
Working capital changes:
(Increase) in Account Receivable
(Increase) in inventories
(Decrease) in Account Payable
(Increase) in income Tax Payable
Net cash from operating activities
b) Cash from investing activities
Purchase of equipment
Net cash used in investing activities
c) Cash flow from financing
Increase in long term debt
Payment of Dividends
d) Net cash used in financing activities
e) Net increase in cash and cash
Question 5 solution
Solution 6
1. Average Collection Period= 365/Receivables turnover ratio
Receivables turnover ratio = Sales Revenue/Accounts receivable
= 425000/35000
= 12.143 times
Average Collection period = 365/12.143
= 30.05 days or 30 days approx
2. Days inventory held = 365/Inventory turnover ratio
Inventory turnover ratio = Cost of goods sold/ Inventory
= 258000/40000
= 6.45 times
Days inventory held = 365/6.45
= 56.59 days or 57 days approx
3. Days Payable Outstanding = 365/Payables turnover ratio
Payables turnover ratio = Cost of Goods Sold/ Accounts Payable
= 258000/25000
= 10.32 times
Days Payable Outstanding = 365/10.32
= 35.37 days or 35 days approx
4. Net trade cycle = Average collection period+days inventory held-Days payable outstanding
= 30+57-35
= 52 days
Question 7
Question 8 (a) solution
The Statement requires a public business enterprise to report financial and also descriptive information
about the reportable operating segments. The operating segments are components of an enterprise of
which separate financial information is available which is regularly evaluated by the chief decision maker
in deciding allocation of resources and also for assessing performance. Usually, financial information is
required to be reported on the same basis that is used internally for evaluating the segment
performance and also to decide how to allocate the resources to the segments.
The Statement requires a public business enterprise to report a measure of the segment’s profit / loss,
some specific revenue and also expense items, and even the segment assets. It needs the reconciliations
of the total segment revenues, and also total segment profit / loss, plus total segment assets. The
Statement however,does not want the public enterprise to report such information that is not prepared
for the internal use if reporting it is impracticable.
The Statement also wants that a public business enterprise report detailed information about the
method that the operating segments were determined, products and also services provided by
operating segments, the differences between measurements utilized in reporting segment information
and the ones utilized in the enterprise’s general-purpose financial statements.
Question 8 (b) solution
An enterprise shall disclose the following:
a.General information.
b.Information about reported segment profit or loss, including certain revenues and expenses included in
reported segment profit or loss, segment assets, and the basis of measurement
c.Reconciliations of the totals of segment revenues, reported profit or loss, assets, and other significant
items to corresponding enterprise amounts .

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