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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.
Compute the company's total asset turnover ratio for three years reported. What does the trend suggest to you about American Eagle Outfitters?
Purchase-Related Transactions- Mayn Co., a women's clothing store, purchased $27,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Mayn Co. returned $4,300 of the merchandise, receiving a credit memo, and then paid the..
Albertville Inc. produces leather handbags. The production budget for the next four months is: July 5,000 units, August 7,000, September 7,500, October 8,000. Each handbag requires 0.5 square meters of leather. Albertville Inc.’s leather inventory po..
Determined total earnings, total deductions, and cash paid , determined each of the employers payroll taxes related to the earnings Ella Dodd for the week endd march 15.
if HCO Media’s fees are insufficient to cover its 50 percent share of the costs, Hillsborough absorbs the loss. Assuming that HCO Media qualifies as a VIE, should Hillsborough consolidate HCO Media LLC?
The firm x has a 45 day accounts payable period. The firm has expected sales of $1,800, $2,500, $2,600 and $2,800, respectively, by quarter for the next calendar year. The cost of goods sold for a quarter is equal to 55% of the next quarter sales. Wh..
Draw the diagram for this claw-back provision and what kind of option is it?
Candid, Inc., is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2014, the company incurred $800,000 on direct materials and $805,000 on conversion costs, for a total manufacturing cost of $1,605,000. What ..
LO.2, 5 Al is a medical doctor who conducts his practice as a sole proprietor. During 2014, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2013. At the end of 2014, Al had accounts rec..
overhead allocation computation the unit cost of product uses an abc system cost drivers machine hours materials
he used the car 80% of the time for business and 20% for personal use. jon used the satutory percentage method of cost recovery. calculate total deduction jon may take for 2011 with respect to the car.
Aspen Co. acquired 40% of the outstanding voting common shares of Vail Co. for $700,000 on January 1, 2014. On that date, Vail reported assets and liabilities with book values of $2.2 million and $700,000, respectively. Calculate the Equity in Vail’s..
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