User Account

All Pages

Nieland industries had one patent recorded on its books

Assignment Help Accounting Basics
Reference no: EM131114509

1. Nieland Industries had one patent recorded on its books as of January 1, 2010. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2010, Nieland incurred research and development costs of $96,000 and brought a patent infringement suit against a competitor. On December 1, 2010, Nieland received the good news that its patent was valid and that its competitor could not use the process Nieland had patented. The company incurred $85,000 to defend this patent. At what amount should patent(s) be reported on the December 31, 2010, balance sheet, assuming monthly amortization of patents? 

Reference no: EM131114509

Questions Cloud

Briefly discuss some of the service that international banks : Briefly discuss some of the service that international banks provide their customers and the marketplace.
Show how the potential translation loss can be hedged : Assume that an over-the-counter put option on the euro with a strike price of € 1.1393/$ 1:00 (or $0.8777/€1.00) can be purchased for $0.0088 per euro. Show how the potential translation loss can be ''hedged'' with an option contract.
Sinise industries acquired two copyrights during 2010 : Sinise Industries acquired two copyrights during 2010. One copyright related to a textbook that was developed internally at a cost of $9,900.
Centralia and its affiliates carry inventory and fixed asset : Assume that FASB 8 is still in effect instead of FASB 52. Construct a consolidated balance sheet for Centralia Corporation and its affiliates after a depreciation of the euro from €1.1000/$1.00 to €1.1786/$1.00 that is the counterpart to Exhibit 10.7..
Nieland industries had one patent recorded on its books : At what amount should patent(s) be reported on the December 31, 2010, balance sheet, assuming monthly amortization of patents?
Centralia and its affiliates carry inventory and fixed asset : Assume that FASB 8 is still in effect instead of FASB 52. Construct a translation exposure report for Centralia Corporation and its affiliates that is the counterpart to Exhibit 10.6 in the text. Centralia and its affiliates carry inventory and fixed..
Discuss and critique the common methods for controlling : Discuss which exposure might be viewed as the most important to effectively manage; if a conflict between controlling both arises. Also, discuss and critique the common methods for controlling translation exposure.
Costs incurred internally to create goodwill : Indicate whether the following items are capitalized or expensed in the current year.
Describe the remeasurement and translation process : Describe the remeasurement and translation process under FASB 52 of a wholly owned affiliate that keeps its books in the local currency of the country in which it operates, which is different than its functional currency.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assignment-capstone research project

Assume you are the partner in an accounting firm hired to perform the audit on a fortune 1000 company. Assume also that the initial public offering (IPO) of the company was approximately five (5) years ago and the company is concerned that, in les..

  Income data represent data

A marketing agency is interested in the buying habits of those who shop online versus those who shop in person. In your discussion post, address each of the following and explain your reasoning as to why you picked the specific scale:

  Problem regarding the deferred tax calculations

Clemente has identified two items that are treated differently in the financial records and in the tax records. The first one is interest income on municipal bonds, which is recognized on the financial reports to the extent of $5,000 each year but..

  Examples of market failures

Give at least three examples of market failures, and how efficiency can be restored. Describe two distinct forms of "government failure" according to the textbook.

  Foxburo company expects to pay

1.Foxburo Company expects to pay a $ 2.34 per share cash dividend this year on its common stock.

  Create a horizontal and vertical analysis

Create a horizontal and vertical analysis for the balance sheet and the income statement.

  Wilson wonderss bonds have 12 years remaining to maturity

wilson wonderss bonds have 12 years remaining to maturity. interest is paid annually the bonds have a 1000 par value

  What is the purpose of tax planning

What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior? - Answer in 150-200 words.

  For the month of january 2014 compute the following

the beal manufacturing companys job-costing system has two-direct cost categories direct materials and direct

  Determine the sales price by calculating the present value

bob and lisa must replace their old car as soon as possible. they have found a new one that meets their needs and have

  Pros to raising taxes-cons to raising taxes

Benefits of raising taxes1. More revenue2. Health benefits

  History of accounting regulations

Find an article in a professional/peer reviewed journal using the library (do not use just a Google search) that discusses the history of accounting regulations.

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