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 7:41 PM Thu Nov 28 42% eugen.wileyplus.com Kieso, Intermediate Accounting, 12CE Volume...
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...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account Salaries and wages for : 5 Ints Lab research $ 500,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for Leb research Construction of preproduction...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for: Lab research $ 480,000 Design and construction of preproduction prototype 340,000 Quality control during commercial production 38,000 Materials and supplies consumed for: Lab research 78,000 Construction of preproduction...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account: Salaries and wages for: Lab research 370,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research 230,000 27,000 67,000 37,000 Construction of preproduction...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was complete...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: $ 460,000 320,000 36,000 Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction prototype...
Pharoah Company incurred the following costs during the current year in connection with its research and development activities. Cost of equipment acquired that will have alternative uses in future R&D projects over the next 5 years (uses straight-line depreciation) Materials consumed in R&D projects Consulting fees paid to outsiders for R&D projects Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects Materials purchased for future R&D projects $282,500 55,500 115,000 125,000 45,500 32,500 Compute...
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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...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account Salaries and wages for : 5 Ints Lab research $ 500,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for Leb research Construction of preproduction...
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In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: $ 460,000 320,000 36,000 Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction prototype...
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