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.
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.