Factors considered in determining an intangible asset's useful life include all of the following except A....
Factors considered in determining an intangible asset's useful life include all of the following except
| A. |
the amortization method used. |
|
| B. |
any provisions for renewal or extension of the asset's legal life. |
|
| C. |
the expected use of the asset. |
|
| D. |
any legal or contractual provisions that may limit the useful life. |
Homework Answers
Option 'A' is correct answer
The Amortization method used.
The, expected use of the Asset, any provisions for renewal or extension of the asset's legal life, any legal or contractual provisions that may limit the useful life factors to be considered in determining the Intangible asset's useful life. but use of amortization method does not influence the Intangible Asset's useful life.
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Factors considered in determining an intangible asset's useful
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Intangible assets that have an indefinite useful life: Multiple Choice Are those with no foreseeable limit on the peri...
Intangible assets that have an indefinite useful life: Multiple Choice Are those with no foreseeable limit on the period of time over which the asset is expected to contribute to the cash flows of the entity. Are those with no legal, contractual, or economic factors that are expected to limit their useful life to a company. Are those whose acquisition costs are not amortized over their useful life. All of these answer choices are correct.
11 Chapter 11 & 12 HelpSave & Exit Intangible assets that have an indefinite useful life:...
11 Chapter 11 & 12 HelpSave & Exit Intangible assets that have an indefinite useful life: Multiple Choice 00:34:05 0 ) Are those with no foreseeable on the period of time over which the asset is expected to contribute to the cash flows of the entity 0 ) All of these answer choices are correct. 0 ) Are those whose acquisition costs are not amortized over their useful life. 0 Are those with no legal contractual or economic factors that...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and...
SportsWorld purchased a machine for $190,000. The machine has a useful life of 8 years and a residual value of $10,000. SportsWorld estimates that the machine could produce 750,000 units of product over its useful life. In the first year, 95,000 units were produced. In the second year, production increased to 111,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded for the second year? Multiple Choice $49,440 $22,800 $26,640 $36,000 Factor(s) that might...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
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5.To measure depreciation, all of the following must be known except: A.the current market value of...
5.To measure depreciation, all of the following must be known except: A.the current market value of the asset B.the asset's useful life in terms of years, hours, or units C.the cost of the asset D.the estimated residual value of the asset 6.A fully amortized asset is an asset: A.that has reached the end of its estimated useful life B.whose amortizable cost has reached its salvage value, and therefore is of no further use to the company C.that has reached the...
I want to know the answer for this... Application Problem 8-16A a-b Red Bear Ltd. purchased several intangible assets,...
I want to know the answer for this...
Application Problem 8-16A a-b Red Bear Ltd. purchased several intangible assets, as follows: Asset Asset Purchase Cost $79,000 62,700 Purchase Cost $157,000 280,000 Licence Customer list Patent Copyright The following information is also available: . • • • In addition to the costs listed above, there were legal fees of $10,800 associated with the licence acquisitions. The licences are valid in perpetuity, and sales of the products produced under the licences have...
hello, I need help with this thank you Problem #1 of 25 All of the following...
hello,
I need help with this
thank you
Problem #1 of 25 All of the following are factors used in determining depreciation expense with the straight-line method except O a. the asset's estimated residual value O b. the asset's initial cost. O c. the asset's expected useful life. O d. None of these choices are correct. 10 ss quiz t You must finish your in- Problem #2 of 25 In regard to discarding fixed assets, which of the following is...
AP8-16A (Intangibles and amortization) Red Bear Ltd. purchased several intangible assets, as follows: Asset Purchase Cost...
AP8-16A (Intangibles and amortization) Red Bear Ltd. purchased several intangible assets, as follows: Asset Purchase Cost Licence $ 80,000 Customer list 60,000 Patent $160,000 Copyright 250,000 The following information is also available: In addition to the costs listed above, there were legal fees of $12,000 associated with the licence acquisitions. The licences are valid in perpetuity, and sales of the products produced under the licences have been strong and are expected to continue at the same level for many decades....
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the...
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11 Chapter 11 & 12 HelpSave & Exit Intangible assets that have an indefinite useful life: Multiple Choice 00:34:05 0 ) Are those with no foreseeable on the period of time over which the asset is expected to contribute to the cash flows of the entity 0 ) All of these answer choices are correct. 0 ) Are those whose acquisition costs are not amortized over their useful life. 0 Are those with no legal contractual or economic factors that...
An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight – line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019,...
At the end of an asset's useful life, the balance in Accumulated Depreciation will: A. be a greater amount under straight - line depreciation than under double declining -balance depreciation B. be greater under units - of - production depreciation than under straight - line depreciation C. be the same amount under all the depreciation methods D. be a lesser amount under double -declining -balance depreciation than under units of - production depreciation Depreciation computed under double - declining balance...
I want to know the answer for this...
Application Problem 8-16A a-b Red Bear Ltd. purchased several intangible assets, as follows: Asset Asset Purchase Cost $79,000 62,700 Purchase Cost $157,000 280,000 Licence Customer list Patent Copyright The following information is also available: . • • • In addition to the costs listed above, there were legal fees of $10,800 associated with the licence acquisitions. The licences are valid in perpetuity, and sales of the products produced under the licences have...
hello,
I need help with this
thank you
Problem #1 of 25 All of the following are factors used in determining depreciation expense with the straight-line method except O a. the asset's estimated residual value O b. the asset's initial cost. O c. the asset's expected useful life. O d. None of these choices are correct. 10 ss quiz t You must finish your in- Problem #2 of 25 In regard to discarding fixed assets, which of the following is...
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22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
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