User Account

All Pages

How each of the intangible assets should be measured

Assignment Help Financial Accounting
Reference no: EM132672300

As of 30 June 2020, Rezar Ltd has the following intangible assets to report in the financial statements.

(i) The company has acquired patents on 1 July 2016 for $45,000. This patent allows the production of 300,000 units. During the year ended 30 June 2020, the company produced 36,000 units.

(ii) Externally acquired Goodwill as at 1 July 2019 was $85,000. Goodwill has been impaired by $10,000 during the current year.

(iii) On 1 October 2019, the company acquired a franchise for $27,000 for 5 years. There is great demand for this franchise in the current market, and it has a fair value of $23,000 as of 30 June 2020.

Required:

Problem 1: Explain how each of the above intangible assets should be measured in accordance with NZ IAS 38 as of 30 June 2020. Your answer should include the most appropriate model or models available to Rezar Ltd to measure above intangible assets, amortisation (if any), impairments (if any) and the closing balances as at 30 June 2020. Show all calculations. No journal entries required.

Reference no: EM132672300

Questions Cloud

Compare the concepts of cumulative advantage : Compare the concepts of Cumulative Advantage (Shapiro and Cooney) and Cumulative Disadvantage. Give one example of each from the article or from other course co
Drug abuse and terrorism : Discuss the advantages and disadvantages of using marijuana to treat medical illness. your state's current law on the use of medical marijuana.
Calculate deferred tax liability and tax expense as at july : On 1 July 2018, Demon Ltd purchased machinery,Calculate the deferred tax liability and tax expense as at 1 July 2020 in accordance with AASB 112 "Income Taxes".
Delineate three characteristics of delinquents : Delineate three characteristics of delinquents that you believe differentiate them from status offenders within the legal system.
How each of the intangible assets should be measured : The company has acquired patents on 1 July 2016, How each of the intangible assets should be measured in accordance with NZ IAS 38 as of 30 June 2020
Differences between adult criminal court and juvenile court : Determine three key differences between an adult criminal court and a juvenile court.
Discuss the statement in relation to inventory items : The 2018 New Zealand Conceptual Framework states, Discuss the statement in relation to inventory items that are in transit between the buyer and seller.
Measuring a person potential for academic achievement : Is intelligence testing a useful method of measuring a person's potential for academic achievement? Should colleges and universities base admissions more on SAT
What inventory management system is raymond traders : What inventory management system is Raymond Traders currently using? Outline one advantage and one disadvantage of the inventory management system.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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