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Early in 2016, Simons Co. began developing a new software package to be marketed. The project was completed in December 2016 at a cost of $17 million. Of this amount, $14 million was spent before technological feasibility was established. Simons expects a useful life of five years for the new product with total revenues of $20 million. During 2017, revenue of $6 million was recognized.
The company uses IFRS. Prepare a journal entry to record the 2016 development costs.
Calculate the required amortization for 2017.
Problem 1: You own a portfolio invested 10.68% in Stock A, 17.67% in Stock B, 25.93% in Stock C, and the remainder in Stock D. The betas of these four stocks are 0.51, 1.29, 0.55, and 1.05. What is the portfolio beta?
San Fransisco Bank loans Bill Williams some money. Bill signs a promissory note obligating him to pay the money back at 6% interest. The note is a standard form note prepared by the bank. The bank is the maker of this note.
Calculation of value of the ending inventory - The dollar value of the ending inventory using full costing will be?
Whitney Company has just completed its first year of operations. The company's accountant has prepared an absorption costing income statement for the year as seen below:
Examine the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties you id..
The denominator in the formula for return on investment calculation is
Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were completed in June?
Jackson Electronics Inc. manufactures a variety of microelectronic component parts and utilizes a process costing system. The following information was provided by the accounting department as of July 31, 2014:
A company manufacturers drinking glasses. One unit is a package of 8 glasses which sell for $20.00 They project sales for April will be 3,000 packages with sales increasing by 100 packages per month for May, June, and July. On April 1, they have 250 ..
Preparation of necessary entries for declaration and payment of dividend and Prepare the necessary entries for the declaration and payment of the stock dividend.
Mary is self-employed for 2010. Mary estimated her required annual estimated tax payment for 2010 to be $4000. Mary had a $500 overpayment of last year's taxes, which she will apply against her first quarterly estimated payment. How much should Ma..
Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $25,000. On July 31, 2014, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. For the 2014 tax year, Radiata..
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