User Account

All Pages

Calculate the required amortization for 2017

Assignment Help Accounting Basics
Reference no: EM131774807

On August 1, 2016, Reliable Software began developing a software program to allow individuals to customize their investment portfolios. Technological feasibility was established on January 31, 2017, and the program was available for release on March 31, 2017. Development costs were incurred as follows:

August 1 through December 31, 2016 $6,300,000 

January 1 through January 31, 2017 1,200,000
February 1 through March 31, 2017 1,600,000

Reliable expects a useful life of five years for the software and total revenues of $8,000,000 during that time. During 2017, revenue of $2,000,000 was recognized.

Required:

1. Prepare the journal entries to record the development costs in 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Calculate the required amortization for 2017.(Do not round intermediate calculations.)

Reference no: EM131774807

Questions Cloud

Calculate the break-even point : Sam can increase lunch volume by opening and staffing additional check-out lanes. Sam has three choices. Calculate the break-even point(s)
What is the purpose of a good financial statement analysis : What is the purpose of a good financial statement analysis report. What are the key components
Happy with samsung financial performance : Give in your opinion whether you are happy with Samsung's financial performance for the past three years of 2013, 2014,2015 after viewing the stock price.
Calculate the minimum efficient scale of production : Bowen is a manufacturer of golf carts in Minneapolis servicing Minnesota and several nearby states. Over the past several years, a number of other golf cart.
Calculate the required amortization for 2017 : Calculate the required amortization for 2017
List the cost estimation methods : List the cost estimation methods from the least precise to the most precise, with the least precise on top.
How many tours must rainbow sell every month : Rainbow Tours gives walking tours of Springfield. ow many tours must Rainbow sell every month to break even
Curtis corporation makes skis in two departments : Department A makes the frame and Department B adds the bindings and paints the skis. Monthly capacities and production levels are as follows:
What price and output will bruno choose to maximize profits : Bruno owns an Italian gelato shop. The demand for gelato is q = 1500 - 250p, and his costs are TC(q) = q + 0.006q2. q is the number of scoops of gelato.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a segment margin income statement for shoe shocks

Prepare a segment margin income statement for Shoe Shock's two distribution channels

  July 31 the balance of the unearned revenue account relates

july 31 the balance of the unearned revenue account relates to the contract between ps music and whbd described in the

  Prepare the journal entry to record the write-off credit

at the end of 2012 henderson co. has accounts receivable of 806490 and an allowance for doubtful accounts of 61580. on

  For supply item mt bluesky company has been ordering 150

for supply item mt bluesky company has been ordering 150 units based on the recommendation of the salesperson who calls

  The treasurer anticipates the following costs for the event

the treasurer anticipates the following costs for the event which will be held at the regency hotel room rental 300

  Calculate the postretirement benefit expense

The service cost is $3,500,000. The appropriate interest rate is 8%. Calculate the postretirement benefit expense for 2015

  Digdug corporation had outstanding checks totaling 5400 on

digdug corporation had outstanding checks totaling 5400 on its june bank reconciliation. in july digdug issued checks

  Quantity of tires sold to the revenue

For years, the Goodyear Tire & Rubber Company compensated its sales force by paying a salesperson a salary plus a bonus, based on the number of tires he or she sold. Eventually, Goodyear made two changes to this policy:

  Net asset balances not invested in capital assets

Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years not invested in capital assets?

  Recently adopted accounting standards

For the criticial accounting issue of "recently adopted accounting standards" describe the Nike's accounting treatment and note the significant estimates and judgement that management must make in applying appropriate accounting standards?

  Explain the kinds of information that must be maintained

Explain the kinds of information that must be maintained in fixed asset records during the asset continuance phase.

  Qualitative and quantitative performance elements

Your task is to analyse the historical (for the last five years) performance of a listed company and present your findings in the form of a report, which will cover both qualitative and quantitative performance elements in a logical cohesive forma..

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