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Question 1: Discuss the appropriate accounting treatment for the following intangible assets. No entries required
a) A publishing company commenced the internal development of a new magazine in 2018. The cost to develop the publishing title was $500,000 and is recorded on the balance sheet as an asset. On 30 June 2021 the publishing company believes the publishing title can be sold for $4 million.
b) A company purchased the book publishing rights for the works of the famous author Teddy Bear in 2017 for $1,000,000. The rights provided the company with the ability to publish an unlimited number of books forever. On 30 June 2021 due to a decline in book reading, the firm estimates the likely fair value of the publishing rights is $50,000.
c) In 2021 a pharmaceutical company acquired the results of research conducted into possible cures for Covid 19 from the Knowledge University for $2,000,000. The pharmaceutical company intends to progress the most promising parts of the purchased research in 2022 with additional tests and trials.
Make all necessary entries in the capital projects fund general journal and the general activities journal at the government-wide level.
HIGHER NATIONAL DIPLOMA IN ACCOUNTANCY-EXECUTORSHIP, TRUSTEESHIP AND BANKRUPCY LAW-ACC 313-Distinguish between Insolvency and Bankruptcy.
How Ben Sarpong should treat the Life membership fee in the financial Statements of Ben Quayson's Social Club for 2017 and 2018 years
Consider you need to conduct a business forecast. Describe your forecast process according to the steps listed in the attached file
Compute the amount of cash provided by or used for operating activities by the indirect method.
Why risk management is important for organizations? The Risk assessment and control is one of the most important things at your workplace
Rankin Ltd manufactures the machinery. Prepare the journal entries for the years ending 30 June 2016 and 30 June 2017 in the books of Bear Island Ltd.
What transaction principles are used in the transactions? Next You are asked to journal the transactions carried out by the Zamzam Syariah Bank
Discuss Is this a share-based payment transaction? Should Cabramurra Ltd recognise the acquisition cost as an asset or an expense? Explain.
Discuss any five market ratios with their importance that Marry Kom should look into before undertaking any investment decision
This year, Sooner Company reports current E&P of negative $450,000. Its accumulated E&P at the beginning of the year was $344,000. Sooner distributed $688,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer’s tax basis in his S..
finding thenbsp net cash flow provided used by investing activities.cash flow computations from the following selected
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