User Account

All Pages

Calculate total amount for pharoah to report as intangible

Assignment Help Financial Accounting
Reference no: EM132806810

Pharoah Electric Inc. has the following amounts included in its general ledger at December 31, 2020:

Organization costs $34,500

Purchased trademarks 18,000

Development phase activities (meet all six development phase criteria) 29,900

Deposits with advertising agency for ads to promote goodwill of company 8,400

Excess of cost over fair value of identifiable net assets of acquired subsidiary 81,300

Cost of equipment acquired for research and development projects; the equipment has an alternative future use 124,400

Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years 74,500

Payment for a favourable lease; lease term of 10 years 16,000

Problem 1: Based on the information provided, calculate the total amount for Pharoah to report as intangible assets on its statement of financial position at December 31, 2020. Assume Pharoah uses IFRS to prepare its financial statements.

Reference no: EM132806810

Questions Cloud

State largest healthcare organizations : Assume that you are a Quality Officer who is responsible for one of the state's largest healthcare organizations.
How you would leverage the model in your work environment : Determine how you would leverage this model in your work environment (or a past or future work environment). Determine which phase is the most important.
What are the advantages of translating the french division : What are the advantages and disadvantages of translating the French Division information from euro to dollars
Determine the equivalent discount rate : Your bank is offering you an account that will pay 23% interest in total for a? two-year deposit. Determine the equivalent discount rate for the following perio
Calculate total amount for pharoah to report as intangible : Calculate the total amount for Pharoah to report as intangible assets on its statement of financial position at December 31, 2020.
Identify the types of data as quantitative or qualitative : Review the data, and identify the types of data as quantitative or qualitative. Describe what the data indicate, and include the following.
What is the present value of this cash flow stream : Management is forecasting cash flows of $350,000 for the first 3 years ramping up to $700,000, What is the present value of this cash flow stream
Vinyl records make comeback : Why do you think vinyl records are appealing to customers? Do you think the sales growth will continue to be strong for vinyl sales? Why or why not?
What journal entry for monthly expense under straight-line : $2,421 with an estimated life of 6 years and a salvage or residual value of $228, the journal entry for monthly expense under straight-line depreciation is

Reviews

Write a Review

Financial Accounting Questions & Answers

  Standard cost per or nursing hour for current cost system

For the OR service line, use the information above and the cost per OR nursing hour under the current cost system to calculate the $ flexible budget variance (Hint: Use your answer to Requirement 3 as the standard cost per OR nursing hour for the cur..

  Defer revenue until the customer pays for the merchandise

Mendes Company sells merchandise to customers. Mendes should normally recognize: a. expenses in the period the merchandise is sold and defer revenue until the customer pays for the merchandise.

  Financial statements vs. the financial reporting framework

Explain the Financial statements vs. the financial reporting framework

  Questionusing the information below and on the next two

questionusing the information below and on the next two pages prepare the following as at 30th june 2014part a

  Give the journal entry for issuing year

Give the journal entry for issuing 8% $100,000 10 year bond issued at 110. Debits and Credits and the amount to record the issue.

  Find out the net present value for each machine

Find out the net present value for each machine and decide which machine should be purchased if the required rate of return is 10 percent. Ignore taxes

  What is the portfolio beta for rick kish

The remainder is invested in a stock with a beta of 3.05. These are the only two investments in his portfolio. What is his portfolio's beta?

  Describe smiths ethical responsibilities

Describe Smith's ethical responsibilities, in particular state which management accounting standards may apply here - What should Smith do if Dune gives her

  Which one way for a company to increase the book value

Which One way for a company to increase its book value per share is to? buy back shares at market prices below their book value.

  Illustrate what should mary do

Arthur Jones is the partner in charge of the audit and plans to review the audit work in a few days. He is unaware of any potential delay. Illustrate what should Mary do?

  Prepare allocation of the purchase of night corporation

On January 1, 2016, Day Corporation purchased 30% of Night Corporation for $770,000 cash. On the date of the purchase, Night’s assets had a book value of $2,200,000 and liabilities with a book value of $400,000. Prepare the allocation of the purchase..

  How much total overhead would be budgeted

If the company prepared a budget for 10,000 machine hours, how much total overhead would be budgeted?

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