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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 a) Prepare journal entries to record the transactions above. b) Prepare journal entries to record the 2016 amortization expense. c) Prepare the intangible assets section of the balance sheet at December 31, 2016.
question qtip corp. owns stock in maxey corp. the investment shows a 10 percent interest and qtip is unable to exercise
Rachael shock, assistant accountant for Bunbury Instruments Ltd, was finalising the balance sheet of the company as at 30 june 2013 with the accountant of the business, Olle Twist.
Prepare the journal entries for the rework, assuming the following: The rework is related to a specific job, The rework is common to all jobs and The rework is considered to be abnormal.
Construct an Excel or other spreadsheet to demonstrate how the solution to part 1 would change if the following information changes:the actual labour rates were $27.00, $22.90 and $17.00 for labour classes 3,2 and 1 respectively.
What accounting standards are used - what auditing standards are used by the external auditors
Suppose you pay $9,800 for a Treasury bill maturing in two months. What is the annual percentage rate of return for this investment?
What would be the minimum expected return from a new capital investment project to satisfy the suppliers of the capital? Assume the applicable tax rate is 40%, interest on debt is 7%, flotation cost per share of preferred stock is $0.75, and flotatio..
In 20X1 the partnership sustained a $33,000 loss before interest and salaries to partners. By what amount should Fox's capital account change? $7,000 increase.
The Schrödinger Science Store operates a retail store in a local shopping mall. The results of operations for the fourth quarter of the past year are as follows: Sales and cost of sales are expected to increase by 15 percent in each of the next two q..
The per-unit standards for direct materials are 2 gallons at $4 per gallon. Last month, 5,600 gallons of direct materials that actually cost $21,200 were used to produce 3,000 units of product. The direct materials quantity variance for last month wa..
A health professional in Chicago wanted to determine if people in Chicago had similar feelings toward their health. - Compute the test value.
Carolina Mills purchased $270000 in supplies this year. The supplies account increased by $10000 during the year to an ending balance of $66000. What was supplies expense for Carolina Mills during the year?
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