what is the number in the blink? thank you!
Homework Answers
Copy rights related to text books which was generated internally will not be recognised in balance sheet because according to us GAAP internally generated intangible assets fair value cannot be measured accurately so not shown in balance sheet
Purchased goodwill purchased for 25000 will be shown in balance sheet at purchased price that is 25000 as it is indefniind life it will not be amortized and will be impaired when there is significant loss
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what is the number in the blink? thank you!
Question 2 Teal Mountain Industries acquired two...
Pina Colada Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that...
Pina Colada Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that was developed internally at a cost of $35,600. This textbook is estimated to have a useful life of 4 years from July 1, 2020, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2020, for $53,900. This textbook seems to have an indefinite useful life. How should these two copyrights...
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet....
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Teal Mountain Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old...
Teal Mountain Golf Inc. was formed on July 1, 2019, when Matt
Magilke purchased the Old Master Golf Company. Old Master provides
video golf instruction at kiosks in shopping malls. Magilke plans
to integrate the instructional business into his golf equipment and
accessory stores. Magilke paid $850,000 cash for Old Master. At the
time, Old Master’s balance sheet reported assets of $630,000 and
liabilities of $190,000 (thus owners’ equity was $440,000). The
fair value of Old Master’s assets is estimated...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December ...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1,...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2017, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company...
can someone help me with this? Problem 9-5A (Part Level Submission) The intangible assets section of...
can someone help me with
this?
Problem 9-5A (Part Level Submission) The intangible assets section of Grouper Corporation's balance sheet at December 31, 2017, is presented here. Patents ($75,700 cost less $7,570 amortization) Copyrights ($52,000 cost less $36,400 amortization)15,600 Total $68,130 $83,730 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected...
This question has two parts. Thank you. Exercise 12-10 Skysong Industries has the following patents on...
This question has two parts. Thank you.
Exercise 12-10 Skysong Industries has the following patents on its December 31, 2016, balance sheet. Patent Item Patent A Patent B Patent C Initial Cost $44,268 $17,040 $22,560 Date Acquired 3/1/13 7/1/14 9/1/15 Useful Life at Date Acquired 17 years 10 years 4 years The following events occurred during the year ended December 31, 2017. 1. Research and development costs of $247,000 were incurred during the year. 2. Patent D was purchased on...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
Please follow this format when answering this question. Kreiser Company had three intangible assets at the...
Please follow this format when answering this question.
Kreiser Company had three intangible assets at the end of 2014 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2014, for a cash cost of $5,625. When purchased, the patent had an estimated life of 15 years. b. A trademark was registered with the federal government for $21,000. Management estimated that the trademark could be worth as much as $200,000 because it has an...
my question is how do i calulate the inventorry Problem 1 anuary 1, 2013, Carpenter acquired...
my
question is how do i calulate the inventorry
Problem 1 anuary 1, 2013, Carpenter acquired 40 percent ownership in Cudd for $1,140,000. This acquisition arpenter the ability to exercise significant influence over the investee. The book value of the ured shares was $800,000. Any excess cost over the book value was assigned to a Dunding WING undervalued on its balance sheet. The building has a remaining useful life of 10 years. For the year chued December 31, 2013, Cudd...
Pina Colada Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that was developed internally at a cost of $35,600. This textbook is estimated to have a useful life of 4 years from July 1, 2020, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2020, for $53,900. This textbook seems to have an indefinite useful life. How should these two copyrights...
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Teal Mountain Golf Inc. was formed on July 1, 2019, when Matt
Magilke purchased the Old Master Golf Company. Old Master provides
video golf instruction at kiosks in shopping malls. Magilke plans
to integrate the instructional business into his golf equipment and
accessory stores. Magilke paid $850,000 cash for Old Master. At the
time, Old Master’s balance sheet reported assets of $630,000 and
liabilities of $190,000 (thus owners’ equity was $440,000). The
fair value of Old Master’s assets is estimated...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
Brief Exercise 12-9 Metlock Industries had one patent recorded on its books as of January 1, 2017. This patent had a book value of $441,600 and a remaining useful life of 8 years. During 2017, Metlock incurred research and development costs of $95,000 and brought a patent infringement suit against a competitor. On December 1, 2017, Metlock received the good news that its patent was valid and that its competitor could not use the process Metlock had patented. The company...
can someone help me with
this?
Problem 9-5A (Part Level Submission) The intangible assets section of Grouper Corporation's balance sheet at December 31, 2017, is presented here. Patents ($75,700 cost less $7,570 amortization) Copyrights ($52,000 cost less $36,400 amortization)15,600 Total $68,130 $83,730 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected...
This question has two parts. Thank you.
Exercise 12-10 Skysong Industries has the following patents on its December 31, 2016, balance sheet. Patent Item Patent A Patent B Patent C Initial Cost $44,268 $17,040 $22,560 Date Acquired 3/1/13 7/1/14 9/1/15 Useful Life at Date Acquired 17 years 10 years 4 years The following events occurred during the year ended December 31, 2017. 1. Research and development costs of $247,000 were incurred during the year. 2. Patent D was purchased on...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
Please follow this format when answering this question.
Kreiser Company had three intangible assets at the end of 2014 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2014, for a cash cost of $5,625. When purchased, the patent had an estimated life of 15 years. b. A trademark was registered with the federal government for $21,000. Management estimated that the trademark could be worth as much as $200,000 because it has an...
my
question is how do i calulate the inventorry
Problem 1 anuary 1, 2013, Carpenter acquired 40 percent ownership in Cudd for $1,140,000. This acquisition arpenter the ability to exercise significant influence over the investee. The book value of the ured shares was $800,000. Any excess cost over the book value was assigned to a Dunding WING undervalued on its balance sheet. The building has a remaining useful life of 10 years. For the year chued December 31, 2013, Cudd...
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