User Account

All Pages

If an item is not to be included in intangible assets

Assignment Help Accounting Basics
Reference no: EM131114518

Classification Issues-Intangible Asset Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.

(a) On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.

(b) If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.

Reference no: EM131114518

Questions Cloud

Accounting for trade name in early january 2009 : Compute the 2010 amortization and the 12/31/10 book value, assuming that at the beginning of 2010, Reymont determines that the trade name will provide no future benefits beyond December 31, 2013.
Recording and amortization of intangibles power glide : Recording and Amortization of Intangibles Power glide Company, organized in 2009, has set up a single account for all intangible assets.
Correct intangible asset account as the recently appointed : Correct Intangible Asset Account As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2010, are prepared.
Palmiero purchased a patent from vania corporation : Palmiero purchased the license for distribution of a popular consumer product on January 1, 2010, for $150,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of
If an item is not to be included in intangible assets : On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.
Cable television franchises film contract rights music : Classification Issues-Intangibles Presented below is selected account information related to Matt Perry Inc. as of December 21, 2010. All these accounts have debit balances.
Investment in a subsidiary company : Classification Issues-Intangibles) Presented below and on the next page is a list of items that could be included in the intangible assets section of the balance sheet.
Karen austin corporation has capitalized software costs : Karen Austin anticipates earning $980,000 in additional future revenues from this product, which is estimated to have an economic life of 4 years. Compute the amount of software cost amortization for the first year.
Briefly discuss the various types of international banking : Briefly discuss the various types of international banking offices.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the amount of depreciation

Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $ 43,000 on October 1. The equipment has an estimated residual value of $ 3,000 and an estimated useful life of five years ..

  Cash dividends of 60000 were paid in cashinvestments with a

the comparative balance sheet of nance company for the current year and the preceding year ended december 31 appears

  Renting prime store space

Lisa's Boutique is renting prime store space at the Regional mall and just signed a five-year lease effective January 1, with the following terms:

  Find average price per share for which common stock issued

Thestockholders' equity section of Kay Corporation at the end of thecurrent year showed. Calculate the average price per share for which the common stock was issued.

  Corey and addison are engaged and plan to get married corey

corey and addison are engaged and plan to get married. corey is a full-time student and earns 8000 from a part-time

  A state highway department is planning the construction of

a state highway department is planning the construction of a 50 mile four lane toll road. it estimates that the

  Gaillard computes its overhead rates using practical volume

at the beginning of the year gaillard company had the following standard cost sheet for one of its chemical products

  The groovy movie chains has invested in a snack bar for its

the groovy movie chains has invested in a snack bar for its store where individual pizzas would be prepared and sold.

  Diana lost her job when her employer moved the plant to

indicate whether the amounts received are included in or excluded from the gross income of the individuals in the

  What would be your inventory procedures

You can bullet point your procedure for count and value-answer does not have to be a very long answer but well thought out.

  What will be the journal entry to record the formation

B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the TC Partnership. At the same time Chen will invest a building which is worth $90,000 to the partnership. What will be the journal entry to record the formation of t..

  Illustrate the differences between the financial and

you have been asked to discuss the role of the financial accountants and managerial accountants functions in

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