Homework Answers
| Bethany |
| R and D Exp. = $ 41500 |
| Amortisation period = 60 months |
| Monthly SLM amortisation = 41500 / 60 = $ 691.67 |
| Year 1 SLM Amortisation ( July to dec. ) = 691.67 * 6 months = $ 4150 |
| Year 2 SLM Amortisation ( Jan to dec. ) = 4150 * 2 = $ 8300 |
| Year 3 SLM Amortisation ( Jan. to July ) = 691.67 * 7 months = $ 4841 |
| Accumulated amortisation = 4150 + 8300 + 4841 = $ 17291 |
| Unamortised R and D expd. As of aug.,year 3 = 41500 - 17291 = $ 24209 |
| Part b |
| Unamortised R and D expd. As of aug.,year 3 = 41500 - 17291 = $ 24209 |
| Legal exp. = 23000 |
| Amortisable exp. For patent = 24209 + 23000 = $ 47209 |
| Amortisation period = 120 months ( 10 years * 12 ) |
| Monthly SLM amortisation = 47209/120 = $ 393.41 |
| Bethany's business months from august through dec.= 5 |
| Year 3 SLM amortisation = 393.41 * 5 =$ 1967 |
| Part c |
| R and D expd.= 41500 |
| Legal exp. = 23000 |
| Amortisable exp. For patent = 41500 + 23000 = $ 64500 |
| Amortisation period = 120 months ( 10 years * 12 ) |
| Monthly SLM amortisation = 64500/120 = $ 537.5 |
| Bethany's business months from august through dec.= 5 |
| Year 3 SLM amortisation = 537.5 * 5 =$ 2687.5 |
Add Answer to:
Required Information Problem 10-74 (LO 10-4) The following information applies to the questions displayed below.) Bethany...
Required information Problem 10-74 (LO 10-4) [The following information applies to the questions displayed below.] Bethany...
Required information Problem 10-74 (LO 10-4) [The following information applies to the questions displayed below.] Bethany incurred $38,000 in research and experimental costs for developing a specialized product during July of year 1. Bethany went through a lot of trouble and spent $22,000 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers...
Required information The following information applies to the questions displayed below in research and experimental costs...
Required information The following information applies to the questions displayed below in research and experimental costs for developing a specialized product during July of year 1 Bethany incurred $29,750 Bethany went thro 3. Bethany expects the patent to have a remaining useful life of 10 years. your final answers to nearest whole doller amount.) ugh a lot of trouble and spent $26,750 in legal fees to receive a patent for the product in August of year (Do not round intermediate...
Bethany incurred $34,000 in research experimental cost for developing a specialized product during July of Year...
Bethany incurred $34,000 in research experimental cost for developing a specialized product during July of Year 1. Bethany went through a lot of trouble and spent $13,000 in legal fees to receive a patent for the product in August of Year 3. Bethany expects the patent to have a remaining useful life of 10 years. Round your final answer to the nearest whole dollar. If Bethany chose to capitalize but not amortize the research and experimental expenses she incurred in...
Required information The following information applies to the questions displayed below.] Bethany incurred $29,750 in research...
Required information The following information applies to the questions displayed below.] Bethany incurred $29,750 in research and experimental costs for developing a specialized product during July of year 1 Bethany went through a lot of trouble and spent $26,750 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers to nearest whole dollar...
Required information [The following information applies to the questions displayed below.) After several profitable years running...
Required information [The following information applies to the questions displayed below.) After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $354,000. Ingrid allocated $59,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. How much amortization expense...
Required information [The following information applies to the questions displayed below.] Satellite Systems modified its model...
Required information [The following information applies to the questions displayed below.] Satellite Systems modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology $ 3,600,000 Engineering design work 1,120,000 Development of a prototype device 560,000 Testing and modification of the prototype 360,000 Legal fees for patent application 76,000 Legal fees for successful defense of the new patent 36,000 Total $ 5,752,000 During your year-end review of the...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. b....
Required information Problem 12-24 (LO 12-1) [The following information applies to the questions displayed below.] Jorgensen...
Required information Problem 12-24 (LO 12-1) [The following information applies to the questions displayed below.] Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. • $62,800 for ken. • $47,100 for Jayne. $31,400 for Jill. • $15,700 for Justin. How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no answer blank....
Required information Problem 2-62 (LO 2-2, LO 2-3) [The following information applies to the questions displayed...
Required information Problem 2-62 (LO 2-2, LO 2-3) [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole...
19 Required information Part 3 of 3 [The following information applies to the questions displayed below...
19 Required information Part 3 of 3 [The following information applies to the questions displayed below Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $781 million. Her expenses included cost of goods sold of $38 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and...
Required information Problem 10-74 (LO 10-4) [The following information applies to the questions displayed below.] Bethany incurred $38,000 in research and experimental costs for developing a specialized product during July of year 1. Bethany went through a lot of trouble and spent $22,000 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers...
Required information The following information applies to the questions displayed below in research and experimental costs for developing a specialized product during July of year 1 Bethany incurred $29,750 Bethany went thro 3. Bethany expects the patent to have a remaining useful life of 10 years. your final answers to nearest whole doller amount.) ugh a lot of trouble and spent $26,750 in legal fees to receive a patent for the product in August of year (Do not round intermediate...
Required information The following information applies to the questions displayed below.] Bethany incurred $29,750 in research and experimental costs for developing a specialized product during July of year 1 Bethany went through a lot of trouble and spent $26,750 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers to nearest whole dollar...
Required information [The following information applies to the questions displayed below.) After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $354,000. Ingrid allocated $59,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. How much amortization expense...
Required information [The following information applies to the questions displayed below.] Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $78.1 million. Her expenses included cost of goods sold of $48.5 million, sales commissions paid of $6.4 million, $10.5 million of interest paid on the building mortgage, and $12.7 million of depreciation. b....
Required information Problem 12-24 (LO 12-1) [The following information applies to the questions displayed below.] Jorgensen High Tech Inc. is a calendar-year, accrual-method taxpayer. At the end of year 1, Jorgensen accrued and deducted the following bonuses for certain employees for financial accounting purposes. • $62,800 for ken. • $47,100 for Jayne. $31,400 for Jill. • $15,700 for Justin. How much of the accrued bonuses can Jorgensen deduct in year 1 under the following alternative scenarios? (Leave no answer blank....
Required information Problem 2-62 (LO 2-2, LO 2-3) [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole...
19 Required information Part 3 of 3 [The following information applies to the questions displayed below Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renee's proprietorship reported revenue of $85 million and incurred total expenses of $781 million. Her expenses included cost of goods sold of $38 million, sales commissions paid of $16.9 million, $10.5 million of interest paid on the building mortgage, and...
Most questions answered within 3 hours.
-
1 – Balance the following
Bi(OH)3 + SnO22- →
SnO32- +
Bi
asked 2 minutes ago -
Explain what we mean by "The electric field at the point marked
X is 10 N/C."...
asked 14 minutes ago -
What is the positive energy states in Dirac’s picture? It says
that it leaves an empty...
asked 12 minutes ago -
A mutual fund manager has a $20 million portfolio with a beta of
1.7. The risk-free...
asked 12 minutes ago -
Given the following contribution margin income statement
Sales (15000 units 35
$/units)
asked 12 minutes ago -
The heights in feet of some of the girls of SEU
are: 5.8, 6.1, 5.9, 5.4, 5.6,...
asked 44 minutes ago -
Caspian Sea Drinks is considering the purchase of a new water
filtration system produced by Rube...
asked 49 minutes ago -
Compare and contrast the
social media of Pepsi and Coke? which one is most effective and...
asked 49 minutes ago -
1.
Who initiates a lockout?
Group of answer choices
management
employees
unions
arbitrators
asked 50 minutes ago -
Many celebrities and public figures have Twitter accounts with
large numbers of followers. However, some of...
asked 1 hour ago -
In #13-16, use the following information. At the 0.01 level of
significance, test the claim that...
asked 1 hour ago -
Suppose you wanted to make a buffer with pH 3.00. What chemicals
would you grab off...
asked 1 hour ago