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Early in 2016, Simons Co. began developing a new software package to be marketed. The project was completed in December 2016 at a cost of $17 million. Of this amount, $14 million was spent before technological feasibility was established. Simons expects a useful life of five years for the new product with total revenues of $20 million. During 2017, revenue of $6 million was recognized.
The company uses IFRS. Prepare a journal entry to record the 2016 development costs.
Calculate the required amortization for 2017.
Sales for Hanebury Corporation's just-ended year were $12 million. Sales were $6 million 5 years earlier. Suppose someone calculated the sales growth for Hanebury as follows: Sales doubled in 5 years.
LMN reported sales of $200,000 and an increase in accounts receivable of $30,000 during 2014. Under the direct method, what would be LMN's cash collected from customers during 2014?
Direct materials, direct labor, and factory overhead cost variance analysis Specialty Polymers, Inc., processes a base chemical into plastic. Determine (a) the price variance, quantity variance, and total direct materials cost variance; (b) the rate ..
Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000.
Elements of dashboard reporting. Also you may develop your own or find a healthcare balanced scoreboard and dashboard online.
What is the amount the employer should record as payroll taxes expense for the employee for the month of January?
mr. rosen is the manager of a division of jokkmok industries. he is one of numerous managers being considered for the
tiger computers inc. of singapore is taking the purchase of an automated etching machine for use in the production of
If you were worried about whether a certain field in a purchase order was input properly, would you be more concerned with input validity, input completeness or input accuracy? If you wanted to make sure that all purchase orders were accepted at the ..
Using the FIFO costing method, prepare a process cost report for the Mixing Department for January and explain how the analysis for the Cooking Department will differ from the analysis for the Mixing Department.
Write a memo to the company Chairperson identifying the internal Control weakness in this situation. State the steps to be taken to correct the weakness.
The forward contract is properly designated as a fair value hedge of the FC100,000 firm commitment. On June 12, when the company receieves the parts, the spot rate is .23. At what amount should Lawrence Company carry the parts inventory on its ..
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