User Account

All Pages

Due to rapid employee turnover in the accounting department

Assignment Help Accounting Basics
Reference no: EM13579051

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were impro perly recorded by the Neitzke Corporation in 2012.

1. Neitzke developed a new manufacturing process, incurring research and development costs of $197,500. The company also purchased a patent for $59,400. In early January Neitzke capitalized $256,900 as the cost of the patents. Patent amortization expense of $12,845 was recorded based on a 20-year useful life.
2. On July 1, 2012, Neitzke purchased a small company and as a result acquired goodwill of $83,940. Neitzke recorded a half-year's amortization in 2012 based on a 40-year life.The goodwill has an indefinite life.

Prepare all journal entries necessary to correct any errors made during 2012. Assume the books have not yet been closed for 2012.

Reference no: EM13579051

Questions Cloud

If the number of misprints in his history chapter is : sam will read either one chapter of his probability book or one chapter of his history book. if the number of
On july 1 2012 a company loaned a key supplier 75000 a : on july 1 2012 a company loaned a key supplier 75000. a promissory note was signed and issued and due in 8 months from
Tigor enterprises has sales revenue of 340000 for 20xx its : tigor enterprises has sales revenue of 340000 for 20xx. its product sells for 12 and has a 20 percent contribution
On november 1 wti agreed to do a special six-month course : prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at
Due to rapid employee turnover in the accounting department : due to rapid employee turnover in the accounting department the following transactions involving intangible assets were
Barker co acquired 75 percent of the voting common stock of : barker co. acquired 75 percent of the voting common stock of smith corp. on january 1 2013. during the year barker made
Kopke company organized in 2012 has these transactions : kopke company organized in 2012 has these transactions related to intangible assets in that yearjan. 2purchased a
Angela purchased a car for 30000 by putting 20 down in cash : part a angela purchased a car for 30000 by putting 20 down in cash with the balance due as a note payable. journalize
It takes two hours of labor and 7 board feet of material to : 1. stephen needs to record journal entries for various inventory purchases on account and subsequent payments. record

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine inventory under fifo and lifo

Determine inventory under FIFO and LIFO and then compared the results.

  Future projections concerning interest rates

As the financial manager in developing forecast for the firm, where would you go to in order to start your forecast and refine it with more accurate future projections concerning interest rates, raw material prices, and the like to build your esti..

  Beginning finished goods inventory

Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?

  What is the desired ending inventory

The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?

  A large inventory of automobiles at an auto manufacturing co

1. A large inventory of automobiles at an auto manufacturing company ( what constitutes good evidence for net realizable value and classification). 2. Available for Sale Security Investment-( what constitutes net realizable value and classification)

  Consolidated sales and cost of goods sold

During the current year, Top sold merchandise to Bottom for $100,000. The subsidiary still possesses 40 percent of this inventory at the end of the current year. Top had established the transfer price based on its normal markup. What are consolida..

  Determine the break-even sales (units) for the following:

For the coming year, no changes are expected in revenues and costs, except that a new wage contract will increase variable costs by $6 per unit.

  Compute the income or loss before taxes recorded

Compute the income or loss before taxes recorded by Krawczyk for the years ended December 31, 2011, and 2012,as a result of the above transaction, assuming that the installments are collected as due under the contract.

  The company would like to maintain ending merchandise

brarin corporation is a small wholesaler of gourmet food products. data regarding the stores operations

  Problem of perpetual inventory system

When merchandise is returned under the perpetual inventory system, the buyer would credit:

  Did vallejos net income as a percent of sales

Did Vallejos net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Provide numerical support for your answer.

  How do ethics codes apply to project selection

How do ethics codes apply to project selection and capital budgeting? What are the potential risks to a company of unethical behaviors by employees? What are potential risks to the public and to stakeholders? Please explain how Saint Leo's core value..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd