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The intangible assets section of Sappelt Company at December 31, 2015, is presented below. The patent was acquired in January 2015 and has a useful life of 10 years. The franchise was acquired in January 2012 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2016. Jan. 2 Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.–June Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company’s products. The commercials will air in September and October. Oct. 1 Acquired a franchise for $140,000. The franchise has a useful life of 50 years. Instructions a) Prepare journal entries to record the transactions above. b) Prepare journal entries to record the 2016 amortization expense. c) Prepare the intangible assets section of the balance sheet at December 31, 2016.
If yes, assume that net income for the fifth year and the sixth year is the same andexplain how the net income for the sixth is affected (compared to that for the fifth year)?
Aerobars Inc. uses a job-order costing in which any under applied or over applied overhead is closed out to cost of goods sold at the end of the month. The company's cost of goods manufactured for March was $167,000; Determine the cost of goods sold ..
Gilde Industries is a division of a major corporation. Last year the division had total sales of $23,867,200, net operating income of $3,078,869, and average operating assets of $8,524,000. The company's minimum required rate of return is 15%. What i..
Compute the following items for the statement of cash flows: Beginning and ending Plant Assets, Net, are $99,000 and $92,000, respectively. Depreciation for the period was $11,000, and purchases of new plant assets were $23,000. Plant assets were sol..
What dollar amount of sales would be necessary to achieve a profit of $150,000? how many units would be necessary to achieve the $150,000 profit? using the $150,000 profit, calculate/determine the margin of safety.
B. Snyder income statement for the year ended July 31, 2010 Complete income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
Which of the following would be currently taxable as ordinary income to the service partner if received in exchange for services performed for the partnership?
Green's Alterations Shop began business as a corporation in 2015. Several transactions which occured early in 2015 are described below. Record each transaction in proper journal form.
Michelle, a single individual, reports 2015 adjusted gross income of $280,000 and has the following itemized deductions before applicable limitations. What are Michelle’s itemized deductions for regular tax purposes? What are Michelle’s itemized dedu..
Kobe Company has a factory machine with a book value of $90,0000 and a remaining useful life of 5 years. It can be sold fro $30,000. A new machine is available at a cost of $300,000. This machine will have a 5 year useful life with no salvage value. ..
The following events took place at a manufacturing company for the current year: (1) Purchased $100,000 in direct materials. (2) Incurred labor costs as follows: Transferred 85% of the materials to the manufacturing assembly line. (5) Completed 70% o..
Sell-or-Process Further Decision DePaulis Furniture Manufacturers makes unfinished furniture for sale to customers from its own stores. Recently, the company has been considering taking production one step further and finishing some of the furniture ..
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