Assignment Problem: Circuit printing has the following asset:
a. Cash, $18000
b. Account Receivable, $60000; provision for doubtful debts $11000
c. Office supplies, cost $900; Scrap value $150
d. Office machinery, cost $147000; accumulated depreciation, $30000; current sale value, $96000
e. Land, cost $60000; current sale value; $185000
Required:
Question 1: Calculate total assets for reporting on the balance sheet assuming that Circuit continues as a going concern.
Question 2: Assume that Circuit is going out of business by selling off (liquidating) its assets. Calculate the liquidation value of Circuit's assets.
Question 3: The general principles that determine the amounts to be reported in each of the above cases are as follows:
Reporting asset values: Continuing as a going concern; Comparability, Relevance, Reliability, or Understandability.
Reporting asset values: Going out of business (liquidating); Comparability, Relevance, Reliability, or Understandability.
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