Describe the impact of asset impairment of property, plants, and equipment or goodwill to financial statements for entities across three different industries

An impairment asset is an asset that has the market value less than the value listed on a company’s balance sheet as described by Whalen, Baginski, and Bradshaw (2018). For instance, property a home can be put on a market for a certain price, but the bank might value it at another. The plants asset of impairment can be in produce. The companies each price their products at a certain price but can be changed at end price. Equipment can also be impaired for instance at Wal-Mart or The Home Depot. They have a set value of their generic products versus other known products that are sold their. Trading companies can be an impaired asset when selling businesses. For stance when Albertsons bought Safeway or Gas stations buying other gas stations. It is the amount priced versus what it is actually sold for.

Online purchasing seems to be one of the rising benefits of revenue recognition. Walmart revenue increased with strong online performance in food, beverage, and general merchandise (Bomey, 2019). The online sales rose 37% and posted $123.9 billion of sales (Bomey, 2019). With the pandemic in place most individuals do not want to go to stores which enhances and makes it easier to shop online. JCPenney reported $12.63 billion in 2016, $12.87 billion in 2018, and $11.78 billion in 2020 in their revenue annual statement (J.C., 2020). Most JCPenney stores are closing which has had an impact on their revenue. Albterson’s sales growth grew 2.1% in 2019 (Market Insider, 2020). Most of these increases and decreases of the companies are coming from the necessities that individuals have. For instance, clothing can wait, but home grocery needs increased significantly and with just having to pickup helped grocery stores stay in tact and producing.