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Question 1: At our recent board meeting several directors raised concerns about an intangible asset relating to the brand name 'Ezi Kleen' which has been successfully developed by the business over the past years. The directors want to recognize $900,000 for this asset as at 30 June 2020, being a 'directors' valuation'. We also spent about $100,000 for branding research. Could you please provide advice on the correct presentation of such intangible assets?
Question 2: At our recent board meeting, several directors raised concerns about spending too many man hours on accounting for future tax consequences. Their biggest argument was that as long as the tax man is happy and we are not cheating on our tax returns, then we are simply wasting money in accounting for temporary differences and deferred tax assets (DTAs) and deferred tax liabilities (DTLs) . Do you have any problems if we do not account for the DTAs and DTLs and just account for the current tax liability?
Mau Corporation stock currently sells for $58.32 per share. The market requires a return of 11.5 percent on the firm's stock. If the company maintains a constant 5 percent growth rate in dividends, what were the most recent dividends, what was the mo..
Financial statements for Askew Industries for 2013 are shown below:
Prepare the journal entries for 2017 and 2018 taking into account the above. preparing to close its financial statements for the year 2017
Assess whether there are any changes or modifications necessary to make Rule 102 integrity and Objectivity, and Rule 203 Accounting Principles more effective. If not, justify your reasons. If so, briefly propose a solution to address the limitations.
Record the adjusting entries. Prepare an income statement with earnings per share assuming there are 3,000 shares. Prepare a classified balance sheet for the year. For the income statement and balance sheet, include the effects of the preceding fi..
a. On July 1, 2013, Lamis Company paid $1,200 for six months of insurance coverage.
What is Whispering's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered
James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs.
Kevin bought 265 shares of Intel stock on January 1, 2015 for $76 per share with a brokerage fee of $165. Then, Kevin sells all 265 shares for $88 per share on December 12, 2015. The brokerage fee on the sale was $215. What is the amount of the gain/..
Which inventory method produces the lowest income tax during a period of inflation?
Revenues and other operating costs are expected to be constant over the project's 3-year life. What is the project's Year 1 cash flow?
His employees can be found on many of the major intersections hawking his wares out of the backs of station wagons and pickup trucks. What is best way for this business to ensure that sales data entry is efficient and accurate?
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