Homework Answers
| Assets | = | Liabilities | + | Stockholder's Equity | |||||||||||
| Retained earnings | |||||||||||||||
| Cash | + | Patent | + | Franchise | + | Goodwill | = | + | Common stock | + | Revenue | - | Expense | ||
| (a)Bal | 359,500 | ||||||||||||||
| Jan 2 | (313,950) | 313,950 | |||||||||||||
| July 1 | (583,200) | 583,200 | |||||||||||||
| Sept 1 | (176,500) | (176,500) | |||||||||||||
| (b)Dec 31 | (44,850) | (32,400) | (77,250) | ||||||||||||
Calculation of amortization expense :-
Patent = 313,950/7 = $44,850
Franchise = 583,200/9 x 6/12 = $32,400
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On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the...
On January 1, 2017, Cullumber Company had a balance of $359,500 of goodwill on its balance...
On January 1, 2017, Cullumber Company had a balance of $359,500
of goodwill on its balance sheet that resulted from the purchase of
a small business in a prior year. The goodwill had an indefinite
life. During 2017, the company had the following additional
transactions.
Jan.
2
Purchased a patent (7-year life) $313,950.
July
1
Acquired a 8-year franchise; expiration date July 1, 2,025,
$583,200.
Sept.
1
Research and development costs $176,500.
Make an entry as of December 31, 2017,...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior years. The goodwill had an indefinite. During 2017, the company had the following additional transactions. Jan 2 Purchased a patent (5-year life) $260.150. July 1 Acquired a 9-year franchises expiration date July 1, 2026, 5576.000, Sept. 1 Research and development costs $17.500 (a) Prepare a tabular summary to record the January...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan. 2 Purchased a patent (6-year life) $324,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $612,000 Sept. 1 Research and development costs $184,000. MacBook Air J KMake an entry as of December 31, 2022,...
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Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on...
Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (6-year life) $362,250. Acquired a 9-year franchise; expiration date July 1, 2026, $554,400. Research and development costs $185,500. Prepare the necessary entries to record...
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Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance...
Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan.2 Purchased a patent (5-year life) $280,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2031, $540,000. Sept. 1 Research and development costs $185,000. Instructions a....
Exercise 9-15 (Part Level Submission) On January 1, 2022, Pharoah Company had a balance of $331,500...
Exercise 9-15 (Part Level Submission) On January 1, 2022, Pharoah Company had a balance of $331,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $282,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $547,200. Sept. 1 Research and development costs $184,500. (a) Prepare the...
O Ever r -12 ary 1, 2017, Pharoah Company had a balance of $395.500 of goodwill...
O Ever r -12 ary 1, 2017, Pharoah Company had a balance of $395.500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an Ouring 2017, the company had the following additional transactions 2 A Purchased a patent year lie) .351,750 d a 10 year tranchise expiration date July 1, 2027, 5104,800 Research and development costs $177,000 Sept 1 Prepare the necessary entries to record the transactions...
On January 1, 2017, Cullumber Company had a balance of $359,500
of goodwill on its balance sheet that resulted from the purchase of
a small business in a prior year. The goodwill had an indefinite
life. During 2017, the company had the following additional
transactions.
Jan.
2
Purchased a patent (7-year life) $313,950.
July
1
Acquired a 8-year franchise; expiration date July 1, 2,025,
$583,200.
Sept.
1
Research and development costs $176,500.
Make an entry as of December 31, 2017,...
On January 1, 2017, Sunland Company had a balance of $380,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior years. The goodwill had an indefinite. During 2017, the company had the following additional transactions. Jan 2 Purchased a patent (5-year life) $260.150. July 1 Acquired a 9-year franchises expiration date July 1, 2026, 5576.000, Sept. 1 Research and development costs $17.500 (a) Prepare a tabular summary to record the January...
On January 1, 2022, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan. 2 Purchased a patent (6-year life) $324,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $612,000 Sept. 1 Research and development costs $184,000. MacBook Air J KMake an entry as of December 31, 2022,...
View Policies Current Attempt in Progress On January 1, 2017, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prie year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Acquired a 9-year franchise: expiration date July 1, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and...
Exercise 9-12 On January 1, 2017, Cullumber Company had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (6-year life) $362,250. Acquired a 9-year franchise; expiration date July 1, 2026, $554,400. Research and development costs $185,500. Prepare the necessary entries to record...
On January 1, 2017, Blossam Company had a balance of $38.000 at goodwill on its balance sheet that resulted from the purchase of a small business in a priorynar. The goodwill had an indefinitelt. During 2017, the company had the following additional transact Jan. 2 Purchased a patent 15 year life $204.550. July 1 Acquired a 9-year franchise: expiration date July 12.026, $626.400. Sept. 1 Roscarch and development costs $182,500. no entry is required, select "No Entry for the Prepare...
Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $388,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (5-year life) $284,550. Acquired a 9-year franchise; expiration date July 1, 2026, $626,400. Research and development costs $182,500. Prepare the necessary entries to record the...
Prepare accounts calculate E9.15 (LO 4), AN On January 1, 2022, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions Jan.2 Purchased a patent (5-year life) $280,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2031, $540,000. Sept. 1 Research and development costs $185,000. Instructions a....
Exercise 9-15 (Part Level Submission) On January 1, 2022, Pharoah Company had a balance of $331,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $282,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030, $547,200. Sept. 1 Research and development costs $184,500. (a) Prepare the...
O Ever r -12 ary 1, 2017, Pharoah Company had a balance of $395.500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an Ouring 2017, the company had the following additional transactions 2 A Purchased a patent year lie) .351,750 d a 10 year tranchise expiration date July 1, 2027, 5104,800 Research and development costs $177,000 Sept 1 Prepare the necessary entries to record the transactions...
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