Short Co. incurred research and development costs in 2021 as follows: Materials used in research and...
Short Co. incurred research and development costs in 2021 as follows:
Materials used in research and development projects $ 950,000
Equipment acquired that will have alternate future uses in future research
and development projects 3,000,000
Depreciation for 2021 on above equipment 500,000
Personnel costs of persons involved in research and development projects 750,000
Consulting fees paid to outsiders for research and development projects 300,000
Indirect costs reasonably allocable to research and development projects 225,000
$5,725,000
The amount of research and development costs charged to Short's 2021 income statement should be
Homework Answers
The amount of research and development costs charged to Short's 2021 income statement should be $2,725,000
($5,725,000 - 3,000,000)
Explanation: Equipment acquired that will have alternative future uses in future research and development projects will not be expensed in the year of purchase, it will be depreciated over the useful life.
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Short Co. incurred research and development costs in 2021 as
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Materials used in research and...
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Please explain the solutions
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In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
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Please explain the solutions
7:41 PM Thu Nov 28 42% eugen.wileyplus.com Kieso, Intermediate Accounting, 12CE Volume 1 Help System Announcements NEXT Exercise 12-8 Oakville Corp. incurred the following costs during 2020 in connection with its research and development phase activities: Cost of equipment acquired for use in research and development projects over the next 5 years (straight-line depreciation used) Materials consumed in research projects Materials consumed in the development of a product committed for manufacturing in the first quarter 2021...
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