Homework Answers
The different types of assets that may appear on the balance sheet are, copyright, trademarks, patent rights, software under development, and so on.
These intangible assets are either internally developed or else purchased from a third party, if later is the case the cost would be the value of the intangible asset. If former is the case the cost incurred completely for the purpose of asset will be the value of intangible asset.
The accounting treatment of internal use software and website development is not different from what is explained above.
And one more thing these intangible assets are amortised over their useful lives.
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4) Present a listing of the different types of intangible assets that may appear on the...
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May...
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2022 (in millions): other plant assets $984.0, land $230.0, patents and trademarks (at cost) $540.0, machinery and equipment $2.090.0, buildings $940.0.goodwill (at cost) $160.0, accumulated amortization $55.0 and accumulated depreciation $2.100. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Machinery and Equipment.) NIKE, INC. Partial Balance Sheet As of May...
E8-21 LO8-6 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets Springer Company...
E8-21 LO8-6 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets Springer Company had three intangible assets at the end of 2020 (end of the accounting year): a. A copyright purchased on January 1, 2020, for a cash cost of $14.500. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $65,000 from the purchase of the Hartford Company on July 1, 2019. c. A patent purchased on January 1, 2019, for...
In the following TBS, you are to complete various tasks related to accounting for intangible assets....
In the following TBS, you are to complete various tasks related to accounting for intangible assets. All information necessary to do your work is provided. Metro Co. lists several items in the spreadsheet below. In the second column indicate whether the item is an intangible asset and how it is classified by clicking on the related cell in that column and selecting from the options provided in the popup list. In the third column indicate the appropriate capitalization of related...
O Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2017 in m...
O Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2017 in millions other plant assets $900.0 and $200.0, patents and trademarks at cost) $550.0, machinery and equipment $2,040.0, buildings $900.0, goodwill fat cost) $160.0, accumulated amortization $55.0 and accumulated depreciation $2,310.0. Prepare a partial balance sheet for Nike for these items. (List Property. Plant and Equipment in order of Land Buildings and Equipment NIKE, INC. Partial Balance Sheet As of May...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year):...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and website development technology purchased on January 1, 2018, for $78,000. The technology is expected to have a four-year useful life to the company with no residual value. b. A patent purchased from lan Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman...
Information concerning Grouper Corporation’s intangible assets is as follows. 1. On January 1, 2020, Grouper signed...
Information concerning Grouper Corporation’s intangible assets is as follows. 1. On January 1, 2020, Grouper signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $72,500. Of this amount, $14,500 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $14,500 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and website development technology purchased on January 1, 2018, for $78,000. The technology is expected to have a four-year useful life to the company with no residual value. b. A patent purchased from lan Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman...
*Problem 9-05A a-c The intangible assets section of Riverbed Corporation’s balance sheet at December 31, 2022,...
*Problem 9-05A a-c
The intangible assets section
of Riverbed Corporation’s balance sheet at December 31, 2022, is
presented here.
Patents ($75,200 cost less $8,000 amortization)
$67,200
Copyrights ($39,500 cost less $24,500 amortization)
15,000
Total
$82,200
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid...
information concerning Martinez Corporation’s intangible assets is as follows 1.On January 1, 2020, Martinez signed an...
information concerning Martinez Corporation’s intangible assets
is as follows
1.On January 1, 2020, Martinez signed an agreement to operate as
a franchisee of Hsian Copy Service, Inc. for an initial franchise
fee of $77,500. Of this amount, $15,500 was paid when the agreement
was signed, and the balance is payable in 4 annual payments of
$15,500 each, beginning January 1, 2021. The agreement provides
that the down payment is not refundable and no future services are
required of the franchisor....
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...
Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2022 (in millions): other plant assets $984.0, land $230.0, patents and trademarks (at cost) $540.0, machinery and equipment $2.090.0, buildings $940.0.goodwill (at cost) $160.0, accumulated amortization $55.0 and accumulated depreciation $2.100. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Machinery and Equipment.) NIKE, INC. Partial Balance Sheet As of May...
E8-21 LO8-6 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets Springer Company had three intangible assets at the end of 2020 (end of the accounting year): a. A copyright purchased on January 1, 2020, for a cash cost of $14.500. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $65,000 from the purchase of the Hartford Company on July 1, 2019. c. A patent purchased on January 1, 2019, for...
In the following TBS, you are to complete various tasks related to accounting for intangible assets. All information necessary to do your work is provided. Metro Co. lists several items in the spreadsheet below. In the second column indicate whether the item is an intangible asset and how it is classified by clicking on the related cell in that column and selecting from the options provided in the popup list. In the third column indicate the appropriate capitalization of related...
O Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2017 in millions other plant assets $900.0 and $200.0, patents and trademarks at cost) $550.0, machinery and equipment $2,040.0, buildings $900.0, goodwill fat cost) $160.0, accumulated amortization $55.0 and accumulated depreciation $2,310.0. Prepare a partial balance sheet for Nike for these items. (List Property. Plant and Equipment in order of Land Buildings and Equipment NIKE, INC. Partial Balance Sheet As of May...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and website development technology purchased on January 1, 2018, for $78,000. The technology is expected to have a four-year useful life to the company with no residual value. b. A patent purchased from lan Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman...
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): a. Computer software and website development technology purchased on January 1, 2018, for $78,000. The technology is expected to have a four-year useful life to the company with no residual value. b. A patent purchased from lan Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman...
*Problem 9-05A a-c
The intangible assets section
of Riverbed Corporation’s balance sheet at December 31, 2022, is
presented here.
Patents ($75,200 cost less $8,000 amortization)
$67,200
Copyrights ($39,500 cost less $24,500 amortization)
15,000
Total
$82,200
The patent was acquired in January 2022 and has a useful life of 10
years. The copyright was acquired in January 2016 and also has a
useful life of 10 years. The following cash transactions may have
affected intangible assets during 2023.
Jan.
2
Paid...
information concerning Martinez Corporation’s intangible assets
is as follows
1.On January 1, 2020, Martinez signed an agreement to operate as
a franchisee of Hsian Copy Service, Inc. for an initial franchise
fee of $77,500. Of this amount, $15,500 was paid when the agreement
was signed, and the balance is payable in 4 annual payments of
$15,500 each, beginning January 1, 2021. The agreement provides
that the down payment is not refundable and no future services are
required of the franchisor....
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...
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