User Account

All Pages

Prepare journal entries to record the transactions above

Assignment Help Financial Accounting
Reference no: EM131803441

The intangible assets section of Sappelt Company at December 31, 2015, is presented below.

The patent was acquired in January 2015 and has a useful life of 10 years. The franchise was acquired in January 2012 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2016.

Jan. 2: Paid $27,000 legal costs to successfully defend the patent against infringement by another company.

Jan.-June: Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.

Sept. 1: Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October.

Oct. 1: Acquired a franchise for $140,000. The franchise has a useful life of 50 years.

Instructions

  • Prepare journal entries to record the transactions above.
  • Prepare journal entries to record the 2016 amortization expense.
  • Prepare the intangible assets section of the balance sheet at December 31, 2016.

Reference no: EM131803441

Questions Cloud

How to do patent with a ten year life in consolidation : How to do patent with a ten year life in consolidation? Does it get amortisation from the first date of acquisition?
Was it morally permissible for mary to get her copy : Recording companies make money by selling copies of recordings they made. They often make digital versions of a recording that can be downloaded.
How can critical thinking improve return on investment : What is critical thinking and how can it improve "Return on Investment" in a business setting. Critical thinking skills needed to be developed and why.
Create a solver model to assign the shipment of blood : Create a Solver model to assign the shipment of blood to the hospitals. What is the lowest cost for transporting blood to the four hospitals?
Prepare journal entries to record the transactions above : Prepare journal entries to record the transactions above. Prepare journal entries to record the 2016 amortization expense.
Discuss a perpetual inventory system on a fifo basis : Logan Company uses a perpetual inventory system on a FIFO basis. Assuming inventory on January 1 was 1,160 units at $7.70 each
What factors shape an organizations external competitivenes : What is external competitiveness? What factors shape an organization's external competitiveness? Why is external competitiveness so important?
Calculate the mse for four-week moving average : Compute the MSE for the four-week and five-week moving average forecasts. Round your intermediate calculations and final answers to two decimal places.
What amount of the total contract price : What amount of the total contract price would be recognized as revenue in Year 17?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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