QUESTION 5 Jim's Company purchased goodwill from Yang for $144 000. Yang had developed the goodwill...
QUESTION 5
Jim's Company purchased goodwill from Yang for $144 000. Yang had developed the goodwill over six years. How much would Jim amortise the goodwill for its first year?
- Cannot be determined
- Goodwill is not amortised
- 24,000
- $8 640
QUESTION 6
Resources that are used in operations for more than one year with no physical substance are called?
- Current assets
- Intangible assets
- Non-current assets
- Property, Plant & Equipment
Homework Answers
5.b.goodwill is not amortized.
goodwill is not amortized but is tested for impairment every year.
6.b.intangible assets.
Intangible assets are those which do not have physical existence and are used for operations for more than one year.
current assets are those which will be converted into cash within one year or operating cycle.
Non- current assets are held for the purpose of revenue generation.
Add Answer to:
QUESTION 5
Jim's Company purchased goodwill from Yang for $144 000. Yang
had developed the goodwill...
*Be sure to include GOODWILL and NON-CONTROLLING INTEREST.* Pharma Company (Pharma) is a pharmaceutical company operating...
*Be sure to include GOODWILL and NON-CONTROLLING INTEREST.*
Pharma Company (Pharma) is a pharmaceutical company operating in Winnipeg. It is developing a new drug for treating multiple sclerosis (MS). On January 1, Year 3, Benefit Ltd. (Benefit) signed an agreement to guarantee the debt of Pharma and guarantee a specified rate of return to the common shareholders. In return, Benefit will obtain the residual profits of Pharma. After extensive analysis, it has been determined that Pharma is a controlled special-purpose...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
MULTIPLE CHOICE QUESTIONS Resel Cliom Question 6 of 20 3.0 Points JFK Traders deposited R120 000...
MULTIPLE CHOICE QUESTIONS
Resel Cliom Question 6 of 20 3.0 Points JFK Traders deposited R120 000 into a fixed deposit account with Tyra Bank on 1 May 2020, at an interest rate of 12% per annum. 10% of the fixed deposit amount can be withdrawn at any time with a 24 hour notice to the bank. How will the fixed deposit amount be disclosed in the statement of financial position as at 30 June 2020? A. Non-current assets: Fixed Deposit...
please help me find the followings. question #2) a,b, c,d from this balance sheet. please only for year 2018 pl...
please help me find the followings.
question #2) a,b, c,d from this balance sheet.
please only for year 2018
please also explain how you solved it.
thank you very much.
What is the largest expense and its amount? a. Study the company's 2018 balance sheet and answer the following questions: a. What classes of stock(shares) did the company issued? b. Which item carries a larger balance-the Common Stock account or Paid-In Capital in Excess of Par (also labeled Additional Paid-In...
This is chapter 9 from Accounting 2301. The company purchased equipment on October 1, 2011 for $38,000 and paid an addi...
This is chapter 9 from Accounting 2301.
The company purchased equipment on October 1, 2011 for $38,000
and paid an additional $2,000 to have it properly installed.
Residual value is $5,000 and the estimated life is 10 years.
1. Calculate the depreciation expense for the year ended December
31, 2011 using straight line depreciation.
A. 875
B. 1,035
C. 3,500
D. 2,000
2. Record the expense in #1 with a journal entry.
A. Accumulated Depreciation 875; Depreciation Expense 875.
B....
This is sufficent information to answer the question. solve for 2018 1. From the company's most...
This is sufficent information to answer the question.
solve for 2018
1. From the company's most recent financial statements, find the company's a. total revenue b. total cost of revenue C. average cash (two-year average) d. average accounts receivable (two-year average) e. average inventory (two-year average) f. average accounts payable (two-year average) 2. Calculate the company's net operating working capital 3. Determine the company's daily dollar volume of sales 4. Determine the company's daily cost of goods sold 5a. Calculate...
can you give the answer and its explanation 5. Amortizing the discounts on bond payable: Reduces...
can you give the answer and its explanation
5. Amortizing the discounts on bond payable: Reduces the annual cash payment for interest. Is necessary only if the bonds were issued at more than face value. Reduces the carrying value of the bond liability. Increases the recorded amount of the interest expense. B. C. D. Tanjong Company bought a factory machine at a cost of RM 18,000 on July 1, 2017. During its useful life, the machine is expected to be...
I spoke with the teacher - they said the "see notes" isnt needed Columbia Sportswear Company...
I spoke with the teacher - they said the "see notes" isnt
needed
Columbia Sportswear Company is a leader in outdoor sportswear. The following are Columbia's financial statements as presented in its 2016 annual report. The complete annual report, including notes to the financial statements, is available at the company's website. COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2016 2015 2014 Net sales .................. $ 2,377,045 $ 2,326,180 $ 2.100,590...
Marin Inc.’s CFO has just left the office of the company president after a meeting about the draft SFP at April 30, 2020, and income statement for the year then ended. (Both are reproduced below.) “Our liquidity position looks healthy,” the president had
Marin Inc.’s CFO has just left the office of the company president after a meeting about the draft SFP at April 30, 2020, and income statement for the year then ended. (Both are reproduced below.) “Our liquidity position looks healthy,” the president had remarked. “Look at the current and acid-test ratios, and the amount of working capital we have. And between the goodwill write off and depreciation, we have almost $23 million of non-cash expenses. I don’t understand why you’ve been...
Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
*Be sure to include GOODWILL and NON-CONTROLLING INTEREST.*
Pharma Company (Pharma) is a pharmaceutical company operating in Winnipeg. It is developing a new drug for treating multiple sclerosis (MS). On January 1, Year 3, Benefit Ltd. (Benefit) signed an agreement to guarantee the debt of Pharma and guarantee a specified rate of return to the common shareholders. In return, Benefit will obtain the residual profits of Pharma. After extensive analysis, it has been determined that Pharma is a controlled special-purpose...
NA Question 9 (1 point) In 2017. Antle Inc. had acquired Demski Co. and recorded goodwill of $245 million as a result. The net assets (including goodwill) from Antle's acquisition of Demski Co. had a 2018 year-end book value of $580 million. Antle assessed the fair value of Demski at this date to be $700 million, while the fair value of all of Demski's identifiable tangible and intangible assets (excluding goodwill) was $550 million. The amount of the impairment loss...
MULTIPLE CHOICE QUESTIONS
Resel Cliom Question 6 of 20 3.0 Points JFK Traders deposited R120 000 into a fixed deposit account with Tyra Bank on 1 May 2020, at an interest rate of 12% per annum. 10% of the fixed deposit amount can be withdrawn at any time with a 24 hour notice to the bank. How will the fixed deposit amount be disclosed in the statement of financial position as at 30 June 2020? A. Non-current assets: Fixed Deposit...
please help me find the followings.
question #2) a,b, c,d from this balance sheet.
please only for year 2018
please also explain how you solved it.
thank you very much.
What is the largest expense and its amount? a. Study the company's 2018 balance sheet and answer the following questions: a. What classes of stock(shares) did the company issued? b. Which item carries a larger balance-the Common Stock account or Paid-In Capital in Excess of Par (also labeled Additional Paid-In...
This is chapter 9 from Accounting 2301.
The company purchased equipment on October 1, 2011 for $38,000
and paid an additional $2,000 to have it properly installed.
Residual value is $5,000 and the estimated life is 10 years.
1. Calculate the depreciation expense for the year ended December
31, 2011 using straight line depreciation.
A. 875
B. 1,035
C. 3,500
D. 2,000
2. Record the expense in #1 with a journal entry.
A. Accumulated Depreciation 875; Depreciation Expense 875.
B....
This is sufficent information to answer the question.
solve for 2018
1. From the company's most recent financial statements, find the company's a. total revenue b. total cost of revenue C. average cash (two-year average) d. average accounts receivable (two-year average) e. average inventory (two-year average) f. average accounts payable (two-year average) 2. Calculate the company's net operating working capital 3. Determine the company's daily dollar volume of sales 4. Determine the company's daily cost of goods sold 5a. Calculate...
can you give the answer and its explanation
5. Amortizing the discounts on bond payable: Reduces the annual cash payment for interest. Is necessary only if the bonds were issued at more than face value. Reduces the carrying value of the bond liability. Increases the recorded amount of the interest expense. B. C. D. Tanjong Company bought a factory machine at a cost of RM 18,000 on July 1, 2017. During its useful life, the machine is expected to be...
I spoke with the teacher - they said the "see notes" isnt
needed
Columbia Sportswear Company is a leader in outdoor sportswear. The following are Columbia's financial statements as presented in its 2016 annual report. The complete annual report, including notes to the financial statements, is available at the company's website. COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2016 2015 2014 Net sales .................. $ 2,377,045 $ 2,326,180 $ 2.100,590...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Most questions answered within 3 hours.
-
In an aqueous mixture of aluminum, lead, and iron salts, which
of these will be reduced...
asked 42 seconds from now -
It is hypothesized that when homing pigeons are disoriented in a
certain manner, they will exhibit...
asked 13 minutes ago -
Copyright protection legislation provides protection for
original works
Select one:
a. until the author is 70...
asked 5 minutes ago -
The boards of 2 major telecommunications companies
recently agreed to a $16 billion merger that would...
asked 4 minutes ago -
What types of evidence are used to reconstruct the history of
ocean chemistry, including changes in...
asked 20 minutes ago -
Describe the steps in Project Planning and Scheduling
WBS
Network Diagram
Developing the Schedule
Preparing the...
asked 14 minutes ago -
Assume you are now 21 years old and
will start working as soon as you graduate...
asked 28 minutes ago -
In c++
What does operator overloading allow us to do
?
Why must the << and...
asked 28 minutes ago -
First, a constant force will NOT cause an object to accelerate
faster and faster; it will...
asked 32 minutes ago -
A 4.75 kg crate is suspended from the end of a short vertical
rope of negligible...
asked 42 minutes ago -
develop an automated invoice generator that helps a shop owner
to design their invoice. Problem 1...
asked 50 minutes ago -
2. Binomial Distribution Suppose I have an unfair coin, it lands
on heads 75% of the...
asked 1 hour ago