User Account

All Pages

Calculate the amount to be reported as research

Assignment Help Accounting Basics
Reference no: EM132515275

Question - 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) $252,000.

Materials consumed in research projects 64,000.

Materials consumed in the development of a product committed for manufacturing in the first quarter 2021 33,800.

Consulting fees paid in the last quarter of 2020 to outsiders for research and development projects, including $4,400 for advice related to the $33,800 of materials used above 86,200.

Personnel costs of persons involved in research and development projects 110,600.

Indirect costs reasonably allocated to research and development projects 24,400.

General borrowing costs on the company's line of credit 12,000.

Training costs for a new customer service software program 22,000.

Required - Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes.

Reference no: EM132515275

Questions Cloud

What was the amount of the credit to depreciation expense : On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, What was the amount of the credit to depreciation expense
State appropriate hypotheses for testing : State appropriate hypotheses for testing whether hot chocolate sales have decreased.
Standard deviation of press life-hinton press : Hinton Press hypothesizes that the average life of its largest web press is 14,500 hours. They know that the standard deviation of press life is 2,100 hours.
Provide a report containing appropriate issue identification : Provide a report containing appropriate issue identification, analysis (financial and non-financial), and recommendations including an assessment
Calculate the amount to be reported as research : Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020
Estimate the true proportion of consumers : Estimate the true proportion of consumers satisfied with a certain new product within ±0.04 at the 90 percent confidence level
Find how might the steps in the accounting cycle vary : Find How might the steps in the accounting cycle vary or be applied differently for various types of organizations or from business to business?
What is the companys plant-wide overhead rate : The company uses machine hours as its overhead allocation base. what is the companys plant-wide overhead rate
How might the steps in the accounting cycle vary : How might the steps in the accounting cycle vary or be applied differently for various types of organizations or from business to business?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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