User Account

All Pages

Calculate the amount to be capitalised by trc ltd

Assignment Help Financial Accounting
Reference no: EM132993588

TRC Ltd was involved in a mining exploration business. It commenced a project to design an efficient gold and other precious mineral detecting equipment. It incurred the following expenditures during the financial year ended 30 June 2021:

Researcher's salary $60,000
Research consumables $30,000
Re-development of detecting equipment $50,000
Final adjustments to the detecting equipment $14,200

REQUIRED:

Problem 1: Calculate the amount to be capitalised by TRC Ltd as an intangible asset for the financial year ending 30 June 2021. Justify this accounting treatment in accordance with AASB 138 Intangible assets. Show your workings in detail.

Reference no: EM132993588

Questions Cloud

Provide a succinct overview of the planning : Provide a succinct overview of the planning, implementation and outcomes of your recently completed project. Your presentation must demonstrate your ability
Prepare a schedule of lease payments for boral ltd : Prepare a schedule of lease payments for Boral Ltd for the financial years ending 30 June 2020 and 30 June 2021, showing lease payments
Stakeholders during the life of the project : Develop skills in communicating and negotiating with a range of stakeholders during the life of the project
Describe the accounting treatment required : Describe the accounting treatment required and record the journal entry on 30 June 2021. XYZ Ltd purchased an item of land on 1 July 2020
Calculate the amount to be capitalised by trc ltd : Calculate the amount to be capitalised by TRC Ltd as an intangible asset for the financial year ending 30 June 2021. Justify this accounting treatment
Determine amount of investing net cash outflows royal ltd : Determine the amount of investing net cash outflows Royal Ltd would report in its statement of cash flows for the year ended 30 June 2019.
Calculate cash received from customers by ruby ltd for year : At 30 June 2018, Ruby Ltd had net accounts receivable of $180 000. Calculate cash received from customers by Ruby Ltd for the year ended 30 June 2019.
Calculate the net cash flows for each activity : Calculate the net cash flows for each activity if Delta Ltd reclassified interest paid and interest received as suggested by the manager.
What is the meaning of an unmodified audit opinion : What is the meaning of an unmodified audit opinion? What is adjusting events after reporting period and non-adjusting event after reporting period?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the current price of the share

Tre-Bien Ltd is a fast growing technology company. If your required rate of return on such shares is 21 percent, what is the current price of the share

  Affect country ability to pass comprehensive tax reform

How does the influence of special interest groups affect the country’s ability to pass comprehensive tax reform? If corporate tax reform involved lowering tax rates in exchange for reducing or eliminating certain deductions, what affect do you think ..

  Describe the employer contributions that are specific

You have just been advised, Describe the employer contributions that are specific to the province of Québec, their rates and thresholds where available.

  Create journal entries for each situation

Limon Company uses the chart of accounts shown below. Use the numbers preceding each title to create journal entries for each situation.

  Prepare entries to record the partial year depreciation

Prepare entries to record the partial year's depreciation on July 1, 2021, and to record the disposal under the separate assumptions

  Compute the amount of goodwill acquired by winans

On September1, 2010, The fair value of Aumont's assets is estimated to be Br. 800,000. Compute the amount of goodwill acquired by winans.

  How do identify the parties with an interest in information

Identify the parties with an interest in the information contained in the financial statements of a company so that information can reach purpose of company

  What the amount of cash paid to the supplier is

What the amount of cash paid to the supplier is? A company purchases merchandise inventory for $135,400 on credit terms of 2/10 net 30.

  Provide the journal entry for the company according to aasb

BlueWhale Ltd with its diverse, Provide the journal entries for the company according to AASB 136 Impairment of Assets as at 30 June 2020

  How would the company be affected

How would the company be affected if the check is written and the invoice ends up being erroneous? On the last day of the fiscal year.

  Are the changes to financial statements made only

Are the changes to financial statements made only for the quarter that's about to end and the future period ends, or on a retrospective basis changing

  What is the equation of the least-squares regression line

What is the equation of the least-squares regression line for predicting brain activity from social distress score? (Round your answers to four decimal places.)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd