Homework Answers
| Option A is the answer | |||
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Amount Shane should capitalize for intangible assets in 2016 is $100,000. All the other expenses are to be expensed. Hence option A is the answer |
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The Shane Company began business in early 2016, when Shane paid an initial fee of $100,000...
13. The Avalanche Company was formed in early 2014. At the time of formation, Avalance spent...
13. The Avalanche Company was formed in early 2014. At the time of formation, Avalance spent the following amounts: Accounting fees Legal fees Stock certificate costs Initial franchise fee Initial lease payment Promotional fees $5,000 20,000 5,000 20,000 7,000 3,000 Avalanche intends to capitalize and amortize the intangibles over the maximum allowable period in accordance with generally accepted accounting principles. As their accountant, how much expense associated with organization costs would be allowed in 2014?
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with...
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $370,000 $210,000 290,000 2022 440,000 2023 525,000 355,000 Instructions Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a. 2021, assuming Shane Cooke's drawings were $50,000 for the year. b....
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and...
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and events took place: a) b) c) During January, Robin incurred organization costs of $26,000 (legal and accounting fees paid to set up and register the corporation). On February 31, Robin acquired a patent for $11,000. The remaining legal life at the time of acquisition was 12 years. Robin estimated, however, that the useful economic life was six years. Throughout the year, the firm incurred...
can you please answer the questions that were not correct, please. Problem 12-3 Information concerning Pina Corporation's intangible assets is as follows. 1. On January 1, 2017, Pina signed an agr...
can
you please answer the questions that were not correct, please.
Problem 12-3 Information concerning Pina Corporation's intangible assets is as follows. 1. On January 1, 2017, Pina signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. Of this amount, $10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $10,000 each, beginning January 1, 2018. The agreement provides that the...
Problem 12-3 (Part Level Submission) Information concerning Bridgeport Corporation’s intangible assets is as follows. 1. On...
Problem 12-3 (Part Level Submission) Information concerning Bridgeport Corporation’s intangible assets is as follows. 1. On January 1, 2017, Bridgeport signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. Of this amount, $10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $10,000 each, beginning January 1, 2018. The agreement provides that the down payment is not refundable and no future...
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed...
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's intangible assets is as follows. 1. On January 1, 2020, Ayayai signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
2 3 P12-3 (Accounting for Franchise, Patents, and Trademark) Information concerning Sandra, Corpora- tion's intangible assets...
2 3 P12-3 (Accounting for Franchise, Patents, and Trademark) Information concerning Sandra, Corpora- tion's intangible assets is as follows. 1. On January 1, 2015, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of R$75,000. Of this amount, R$15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of R$15,000 each, beginning January 1, 2016. The agreement provides that the down payment is...
Comprehensive Information concerning Pren-tech Corporation's intangible assets is as follows: a. On January 1, 2019, Pren-tech...
Comprehensive Information concerning Pren-tech Corporation's intangible assets is as follows: a. On January 1, 2019, Pren-tech signed an agreement to operate as a franchisee of Rapid Copy Service Inc. for an initial franchise fee of $101,000 of this amount, $25,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $19,000 each beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of...
13. The Avalanche Company was formed in early 2014. At the time of formation, Avalance spent the following amounts: Accounting fees Legal fees Stock certificate costs Initial franchise fee Initial lease payment Promotional fees $5,000 20,000 5,000 20,000 7,000 3,000 Avalanche intends to capitalize and amortize the intangibles over the maximum allowable period in accordance with generally accepted accounting principles. As their accountant, how much expense associated with organization costs would be allowed in 2014?
E1.7 (LO 4) AP Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated: December 31 Total Assets Total Liabilities 2021 $370,000 $210,000 290,000 2022 440,000 2023 525,000 355,000 Instructions Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: a. 2021, assuming Shane Cooke's drawings were $50,000 for the year. b....
Robin Corporation commenced operations at the beginning of 20x2. During 20x2 the following selected transactions and events took place: a) b) c) During January, Robin incurred organization costs of $26,000 (legal and accounting fees paid to set up and register the corporation). On February 31, Robin acquired a patent for $11,000. The remaining legal life at the time of acquisition was 12 years. Robin estimated, however, that the useful economic life was six years. Throughout the year, the firm incurred...
can
you please answer the questions that were not correct, please.
Problem 12-3 Information concerning Pina Corporation's intangible assets is as follows. 1. On January 1, 2017, Pina signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. Of this amount, $10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $10,000 each, beginning January 1, 2018. The agreement provides that the...
Information concerning Sheffield Corporation's intangible assets is as follows. 1. On January 1, 2020, Sheffield signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the...
Question 9 of 9 -/ 15 View Policies Current Attempt in Progress Information concerning Ayayai Corporation's intangible assets is as follows. 1. On January 1, 2020, Ayayai signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $100,000. Of this amount, $20,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $20,000 each, beginning January 1, 2021. The agreement provides that the down...
1. On January 1, 2020, Cao signed an agreement to operate as a franchisee of ATK Ltd. for an initial franchise fee of $150,000. of this amount, $30,000 was paid when the agreement was signed, and the balance is payable in 6 annual payments of$20,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 6 annual...
2 3 P12-3 (Accounting for Franchise, Patents, and Trademark) Information concerning Sandra, Corpora- tion's intangible assets is as follows. 1. On January 1, 2015, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of R$75,000. Of this amount, R$15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of R$15,000 each, beginning January 1, 2016. The agreement provides that the down payment is...
Comprehensive Information concerning Pren-tech Corporation's intangible assets is as follows: a. On January 1, 2019, Pren-tech signed an agreement to operate as a franchisee of Rapid Copy Service Inc. for an initial franchise fee of $101,000 of this amount, $25,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $19,000 each beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of...
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