Report | Accounting homework help


Assume that you are Tracy Roberts and you are preparing two reports to Morgan Mickelson or Household Goods, Inc. You should answer the following questions. In one report, you assume that Morgan Mickelson is a CPA and will understand citations to the Accounting Standards Codification (ASC). In this first report, you should use appropriate citations to ASC. The second report covers similar information but the assumption is that Morgan Mickelson is not a CPA and will not understand citations to ASC. You must convey the same information but in language that any businessperson would understand. 

1. What is the procedure for testing goodwill for impairment according to ASC standards? 

2. Using ASC guidelines determine the goodwill valuation for ZD Corporation. Provide numbers to support your revaluation if necessary and explain your process. 

3. Using ASC guidelines determine the goodwill valuation for Hope Industries. Provide numbers to support your revaluation if necessary and explain your process

4. How do the above answers effect Household Goods segment information and overall financial statements? 

5. What disclosures need to be provided in Household Goods financial reports concerning goodwill according to ASC? 

Assume that Household Goods will be an early adopter of the ASU 2017-04, scheduled to be adopted by publicly traded firms for fiscal years starting after Dec. 15, 2019. Also, assume that ZD and Hope are considered separate reporting units and Household Goods has not elected the Accounting alternative. 

Hint: The carrying value of other asset and liability accounts must be determined before goodwill impairment is considered. You should decide what the carrying value of inventory, Property, plant and equipment, and bonds should be. After that, then you consider the valuation of goodwill. 

The answers should be conveyed in a report, not just answering the questions, 1, 2, 3 etc. 

You should be thorough in your answers, but as concise as possible. Each report should be around 2-3 pages. In the first report, you should use appropriate citations to ASC, but not to any other documents as other documents are not authoritative accounting guidance. 

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