Here is selected financial statement data regarding a company's intangible assets. Balance Sheet:Dec. 31, 2018Dec. 31,...

Question

Question

Here is selected financial statement data regarding a company's intangible assets. Balance Sheet:Dec. 31, 2018Dec. 31,...

Here is selected financial statement data regarding a company's intangible assets.

Balance Sheet:Dec. 31, 2018Dec. 31, 2017Intangible assets, net$ 296,000$ 225,000Income Statement:2018Amortization expense$ 10,000Loss on sale of intangible assets9,000

During the year, the company sold intangible assets for $36,000 cash.

In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of intangible assets" for $

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Calculation of Intangible Assets purchased:

Increase in Intangible assets in balance sheet = 71,000

Add: Amortization Expense = $10,000

Add: Book Value of Intangible Assets Sold = 36,000+9,000 = $45,000

Purchase of Intangible assets = $126,000

Hence,

In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of intangible assets" for $ 126,000

Add a comment

Answer 2

Similar Homework Help Questions

Here is selected financial statement data regarding a company's intangible assets. Balance Sheet: Dec 31, 2018...

Here is selected financial statement data regarding a company's intangible assets. Balance Sheet: Dec 31, 2018 Dec 31, 2017 Intangible assets, net $ 567,000 $ 888,000 Income Statement: Amortization expense Loss on sale of intangible assets 2018 $ 255,000 22,000 During the year, the company sold intangible assets for $200,000 cash. In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of intangible assets" for $ Input number as is, without negative signs,...
Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property,...

Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 800,000 142,000 Dec 31, 2017 $ 559,00 86,01 2018 Income Statement: Depreciation expense Loss on sale of property, plant, and equipment $ 90,000 19,000 During the year, PPE with a book value of $48,000 were sold. In the statement of cash flows, the investing activities section should show a cash disbursement for "purchases of property,...
Here is selected financial statement data regarding a company's balance sheet. Liabilities and Stockholders' EquityDec. 31,...

Here is selected financial statement data regarding a company's balance sheet. Liabilities and Stockholders' EquityDec. 31, 2018Dec. 31, 2017Liabilities:Bonds payable$ 15,300,000$ 20,300,000Total liabilities$ 15,300,000$ 20,300,000Stockholders' equity:Preferred stock $ 16,600,000$ 11,600,000Common stock600,000600,000Paid-in capital in excess of par value840,000840,000Retained earnings913,000799,000Total stockholders' equity$ 18,953,000$ 13,839,000 In the statement of cash flows, the significant non-cash activities section should show a significant non-cash activity for $

Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property,...

Here is selected financial statement data regarding a company's property, plant, and equipment. Balance Sheet: Property, plant, and equipment Accumulated depreciation Dec 31, 2018 $ 144,000 48,000 Dec 31, 2017 $ 60,000 13,000 Income Statement: Depreciation expense Gain on sale of property, plant, and equipment 2018 $ 42,000 3,000 Acquisitions of PPE were $110,000 during the year. In the statement of cash flows, the investing activities section should show a cash receipt from "sales of property, plant, and equipment" for...
Here is selected financial statement data regarding a company's long-term investments. Balance Sheet: Investments, long-term Dec...

Here is selected financial statement data regarding a company's long-term investments. Balance Sheet: Investments, long-term Dec 31, 2018 $ 9,400,000 Dec 31, 2017 $ 9,700,000 2018 Income Statement: Loss on sale of long-term investments 109,000 During the year, the company purchased $1,053,000 of long-term investments. In the statement of cash flows, the investing activities section should show a cash receipt for "sale of long-term investments" for $
Here is selected financial statement data regarding a company's balance sheet. Dec. 31, 2018 Dec. 31,...

Here is selected financial statement data regarding a company's balance sheet. Dec. 31, 2018 Dec. 31, 2017 Assets Investments, long-term $ 14,000,000 $ 10,000,000 Liabilities and Stockholders' Equity Bonds payable $ 10,000,000 $ 4,000,000 ... Common stock 800,000 800,000 Paid-in capital in excess of par value 120,000 120,000 Retained earnings 1,800,000 1,470,000 Total stockholders' equity 2,720,000 2,390,000 During the year, the company sold investments with an original cost of $2,000,000 for $2,400,000. In the statement of cash flows, the significant...

Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets an...

Requlred Informatlon Lansing Company's 2017 Income statement and selected balance sheet data (for current assets and current liablties) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Ye교r Ended December 31, 2017 gale revenue 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 9,100 Rent expense 3,900 Insurance expense Interest expense 3,700 2,900 Utilities expense 6,100 Net income LANSING COMPANY Belected Balance Sheet Accounts At December 31 2017 2016 $ 5,700 6,000 Account...
Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and...

Required information Lansing Company's 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 136,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 55,000 18,500 31,000 10,300 5,100 4,900 4,100 7,300 Net income LANSING COMPANY Selected Balance Sheet Accounts 2017 At December 31 Accounts receivable Inventory Accounts...
- Flow from Operating Activities? Problem 8-5 Reconstruct Net Book Values Using Statement of L011 Cash...

- Flow from Operating Activities? Problem 8-5 Reconstruct Net Book Values Using Statement of L011 Cash Flows Centralia Stores Inc. had property, plant, and equipment, net of accumulated depreciation, of 64.459,000 and intangible assets, net of accumulated amortization, of $673,000 at December 31, 2016. The company's 2016 statement of cash flows, prepared using the indirect method, included the following items: The Cash Flows from Operating Activities section included three additions to net income: (1) Depreciation expense of $672,000 (2) Amortization...

Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current...

Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $118,200 Expenses Cost of goods sold 49,000 Depreciation expense 15,500 Salaries expense 25,000 Rent expense 9,700 Insurance expense 4,500 Interest expense 4,300 Utilities expense 3,500 Net income $ 6,700 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,300 Inventory 2,680 Accounts payable 5,100...

Here is selected financial statement data regarding a company's intangible assets. Balance Sheet:Dec. 31, 2018Dec. 31,...

Homework Answers

Add Answer to:
Here is selected financial statement data regarding a company's intangible assets. Balance Sheet:Dec. 31, 2018Dec. 31,...

Post as a guest

Earn Coins