Homework Answers
| Answer |
| 1.) Since there is no impairment loss in 2016, the ending carrying value of trade name in 2016 is $20,000 . |
| Ending carrying value in 2017 = Closing balance in 2016 + Legal fees incurred = $20000 + $8000 = $28000. |
| 2.) As per GAAP, businesses should amortise only those intangible assets with definite lives. As the company |
| can successfully renew its trademark after every 10 years in the US, it should not amortize its value in |
| company's records. |
| However, if the company is of opinion that it will no longer use its trademark, in such case it can |
|
easily identify the assets's life (i.e. useful life becomes identifiable) & should amortise its cost for the remainder useful life. |
Add Answer to:
TO I 2017.Kound all calculations to the nearest dollar.) Cost of a Trade Name On January...
Exercise 12-7 In early January 2016, Bramble Corporation applied for a trade name, incurring legal costs...
Exercise 12-7 In early January 2016, Bramble Corporation applied for a trade name, incurring legal costs of $16,080. In January 2017, Bramble incurred $7,880 of legal fees in a successful defense of its trade name Compute 2016 amortization, 12/31/16 book value, 2017 amortization, and 12/31/17 book value if the company amortizes the trade name over 10 years. (Round all answers to 0 decimal places, e.g. 8,564) 2016 amortization 12/31/16 book valuel 2017 amortization 12/31/17 book vaiue s Compute the 2017...
12-29 Exercises EXERCISES E12-1 Cost of a Patent Befort Company filed for a patent on a...
12-29 Exercises EXERCISES E12-1 Cost of a Patent Befort Company filed for a patent on a new type of machine. The application costs totaled LO 12.1 $12,000. R&D costs incurred to create the machine were $75,000. In the year in which the company filed for and 10 122 received the patent, it spent $20,000 in the successful defense of a patent infringement suit. LO 12.4 Required: 1. At what amount should the company capitalize the patent? 2. Next Level How...
Question 3 In early January 2019, Concord Corporation applied for a trade name, incurring legal costs...
Question 3 In early January 2019, Concord Corporation applied for a trade name, incurring legal costs of $15,600. In January 2020, Concord incurred $7,200 of legal fees in a successful defense of its trade name. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years. 2019 amortization 12/31/19 book value 2020 amortization 12/31/20 book value LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO VIDEO Compute...
Exercise 12-07 (Part Level Submission) In early January 2019, Swifty Corporation applied for a trade name,...
Exercise 12-07 (Part Level Submission) In early January 2019, Swifty Corporation applied for a trade name, incurring legal costs of $17,400. In January 2020, Swifty incurred $7,200 of legal fees in a successful defense of its trade name. (a) Your answer is correct Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years 2019 amortization 1740 12/31/19 book value 15660 2020 amortization 2540 12/31/20 book value 20320 Click...
Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the intangible assets it acquired as follows: Patent $100,000 Trade name 80,000 Goodwill 150,000 The patent...
Wember Company acquired a subsidiary company on December 31, 2012, and recorded the cost of the intangible assets it acquired as follows: Patent $100,000 Trade name 80,000 Goodwill 150,000 The patent is being amortized by the straight-line method over an expected life of 10 years with no residual value. Amortization has been recorded for the current year. The trade name was considered to have an indefinite life. Because of the success of the subsidiary in the past, Wember has not...
how do I calculate the amortization expense on each asset? LO 12.2 treba Costs of hiring...
how do I calculate the amortization expense on each
asset?
LO 12.2 treba Costs of hiring new employees 12,000 Attorney's fees in connection with the organization of the company 6,000 Improvements to leased offices prior to occupancy (10-year lease) 5,000 Costs of pre-opening advertising Required: 1. What amount should the company expense in 2019: In 2020 2. Next Level What is the justification of the accounting treatment of these costs? E12-11 Various Intangible Assets Barnum Company acquired several small companies...
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...
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...
What date was the 2017 annual report filed? December 31, 2016 January 31, 2018 February 22,...
What date was the 2017 annual report filed? December 31, 2016 January 31, 2018 February 22, 2018 December 31, 2017 Who is Columbia Sportswear Company’s auditor? KPMG Deloitte & Touche PricewaterhouseCoopers Ernst & Young Did Columbia Sportswear Company receive an “unqualified” opinion? No Yes Assets classified as Property, Plant and Equipment can be either acquired for use in operations, or acquired for resale. True False What is the December 31, 2017 balance (in thousands) of Land and Improvements for Columbia...
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...
Exercise 12-7 In early January 2016, Bramble Corporation applied for a trade name, incurring legal costs of $16,080. In January 2017, Bramble incurred $7,880 of legal fees in a successful defense of its trade name Compute 2016 amortization, 12/31/16 book value, 2017 amortization, and 12/31/17 book value if the company amortizes the trade name over 10 years. (Round all answers to 0 decimal places, e.g. 8,564) 2016 amortization 12/31/16 book valuel 2017 amortization 12/31/17 book vaiue s Compute the 2017...
12-29 Exercises EXERCISES E12-1 Cost of a Patent Befort Company filed for a patent on a new type of machine. The application costs totaled LO 12.1 $12,000. R&D costs incurred to create the machine were $75,000. In the year in which the company filed for and 10 122 received the patent, it spent $20,000 in the successful defense of a patent infringement suit. LO 12.4 Required: 1. At what amount should the company capitalize the patent? 2. Next Level How...
Question 3 In early January 2019, Concord Corporation applied for a trade name, incurring legal costs of $15,600. In January 2020, Concord incurred $7,200 of legal fees in a successful defense of its trade name. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years. 2019 amortization 12/31/19 book value 2020 amortization 12/31/20 book value LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO VIDEO Compute...
Exercise 12-07 (Part Level Submission) In early January 2019, Swifty Corporation applied for a trade name, incurring legal costs of $17,400. In January 2020, Swifty incurred $7,200 of legal fees in a successful defense of its trade name. (a) Your answer is correct Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years 2019 amortization 1740 12/31/19 book value 15660 2020 amortization 2540 12/31/20 book value 20320 Click...
how do I calculate the amortization expense on each
asset?
LO 12.2 treba Costs of hiring new employees 12,000 Attorney's fees in connection with the organization of the company 6,000 Improvements to leased offices prior to occupancy (10-year lease) 5,000 Costs of pre-opening advertising Required: 1. What amount should the company expense in 2019: In 2020 2. Next Level What is the justification of the accounting treatment of these costs? E12-11 Various Intangible Assets Barnum Company acquired several small companies...
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...
Most questions answered within 3 hours.
-
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 13 minutes ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 29 minutes ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 54 minutes ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 53 minutes ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 1 hour ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 1 hour ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 2 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 2 hours ago -
What's the streaming business's problem on the
horizon?
asked 3 hours ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 3 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 4 hours ago -
Within your current/past organization, identify a problem/issue
and format a design to address same. You may...
asked 3 hours ago