Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan 2 | Patent | 282450 | |
| Cash | 282450 | ||
| July 1 | Franchise | 547200 | |
| Cash | 547200 | ||
| Sept 1 | Research and development expense | 184500 | |
| Cash | 184500 |
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Exercise 9-15 (Part Level Submission) On January 1, 2022, Pharoah Company had a balance of $331,500...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan. 2 Purchased a patent (6-year life) $324,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $612,000 Sept. 1 Research and development costs $184,000. MacBook Air J KMake an entry as of December 31, 2022,...
Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $388,000 of goodwill on...
Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $388,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (5-year life) $284,550. Acquired a 9-year franchise; expiration date July 1, 2026, $626,400. Research and development costs $182,500. Prepare the necessary entries to record the...
Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on...
Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (6-year life) $362,250. Acquired a 9-year franchise; expiration date July 1, 2026, $554,400. Research and development costs $185,500. Prepare the necessary entries to record...
Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance...
Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan.2 Purchased a patent (5-year life) $280,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2031, $540,000. Sept. 1 Research and development costs $185,000. Instructions a....
On January 1, 2017, Blossam Company had a balance of $38.000 at goodwill on its balance...
On January 1, 2017, Blossam Company had a balance of $38.000 at goodwill on its balance sheet that resulted from the purchase of a small business in a priorynar. The goodwill had an indefinitelt. During 2017, the company had the following additional transact Jan. 2 Purchased a patent 15 year life $204.550. July 1 Acquired a 9-year franchise: expiration date July 12.026, $626.400. Sept. 1 Roscarch and development costs $182,500. no entry is required, select "No Entry for the Prepare...
On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the...
On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $313,950. July 1 Acquired a 9-year franchise; expiration date July 1, 2026, $583,200. Sept. 1 Research and development costs $176,500. (a) Prepare a tabular summary to record the...
On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance...
On January 1, 2017, Cullumber Company had a balance of $359,500
of goodwill on its balance sheet that resulted from the purchase of
a small business in a prior year. The goodwill had an indefinite
life. During 2017, the company had the following additional
transactions.
Jan.
2
Purchased a patent (7-year life) $313,950.
July
1
Acquired a 8-year franchise; expiration date July 1, 2,025,
$583,200.
Sept.
1
Research and development costs $176,500.
Make an entry as of December 31, 2017,...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr....
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prie year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Acquired a 9-year franchise: expiration date July 1, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior years. The goodwill had an indefinite. During 2017, the company had the following additional transactions. Jan 2 Purchased a patent (5-year life) $260.150. July 1 Acquired a 9-year franchises expiration date July 1, 2026, 5576.000, Sept. 1 Research and development costs $17.500 (a) Prepare a tabular summary to record the January...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan. 2 Purchased a patent (6-year life) $324,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $612,000 Sept. 1 Research and development costs $184,000. MacBook Air J KMake an entry as of December 31, 2022,...
Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $388,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (5-year life) $284,550. Acquired a 9-year franchise; expiration date July 1, 2026, $626,400. Research and development costs $182,500. Prepare the necessary entries to record the...
Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (6-year life) $362,250. Acquired a 9-year franchise; expiration date July 1, 2026, $554,400. Research and development costs $185,500. Prepare the necessary entries to record...
Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan.2 Purchased a patent (5-year life) $280,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2031, $540,000. Sept. 1 Research and development costs $185,000. Instructions a....
On January 1, 2017, Blossam Company had a balance of $38.000 at goodwill on its balance sheet that resulted from the purchase of a small business in a priorynar. The goodwill had an indefinitelt. During 2017, the company had the following additional transact Jan. 2 Purchased a patent 15 year life $204.550. July 1 Acquired a 9-year franchise: expiration date July 12.026, $626.400. Sept. 1 Roscarch and development costs $182,500. no entry is required, select "No Entry for the Prepare...
On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $313,950. July 1 Acquired a 9-year franchise; expiration date July 1, 2026, $583,200. Sept. 1 Research and development costs $176,500. (a) Prepare a tabular summary to record the...
On January 1, 2017, Cullumber Company had a balance of $359,500
of goodwill on its balance sheet that resulted from the purchase of
a small business in a prior year. The goodwill had an indefinite
life. During 2017, the company had the following additional
transactions.
Jan.
2
Purchased a patent (7-year life) $313,950.
July
1
Acquired a 8-year franchise; expiration date July 1, 2,025,
$583,200.
Sept.
1
Research and development costs $176,500.
Make an entry as of December 31, 2017,...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prie year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Acquired a 9-year franchise: expiration date July 1, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior years. The goodwill had an indefinite. During 2017, the company had the following additional transactions. Jan 2 Purchased a patent (5-year life) $260.150. July 1 Acquired a 9-year franchises expiration date July 1, 2026, 5576.000, Sept. 1 Research and development costs $17.500 (a) Prepare a tabular summary to record the January...
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