Question

17 In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $5 million, patent: $3 million, trademark considered to have an indefinite useful life, and $5 million, goodwill Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items? (Enter your answers in dollars, not in millions (l.e. 5 should be entered as 5,000,000).) points (8 900 Amortization expense

Answer 1

Teade mark - $ 3 million Good will ? $ 5 million dince, these both commor be amortised Qa they are Amparsed or revalued. So, Only Parent will be amortized over 5 years ie Amortised $5 million ' Expense 5 years $ I million

19. Bank Balance Add: Deposits outstanding Less: Checks outstanding Reconciled Bank Balance 500 2200 2450 250

Dole Aprill April 20 Beg. Inventory Purchased 460 units @ 2.33 450 unit @ $2.61 كاملم h Toralf 9 10 umil Leadi 640 units frocling Imxecmeyy 270 umit Unit cost RO @ 2.61 Endling Tovemborg $ 705 0 (value) o

Cash may not include:-

• Accounts Receivable

Account receivable are short term lines of credit that a business owner gives to its customers.