Reference no: EM132317024
Question
Sunland Company, organized in 2020, has the following transactions related to intangible assets.
1/2/20Purchased patent (6-year life)$540,000
4/1/20Goodwill purchased (indefinite life)360,000
7/1/2014-year franchise; expiration date 7/1/2031532,000
9/1/20Research and development costs 158,000
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization
Calculate ending balances as at 12/31/20.
Patents$
Goodwill$
Franchises$
Research and Development Expense
|
Cost accounting system varied from job order costing
: During week four you studied process costing and saw how this cost accounting system varied from job order costing that you learned about in week three
|
|
What are their most salient aspects
: What are these six steps and what are their most salient aspects? How do these steps assist us when evaluating criminal justice data?
|
|
Determine the total manufacturing costs incurred
: Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $290,000: 25% relates to sales.
|
|
The difference between tax payable method and tax effect
: Briefly explain the difference between tax payable method and tax effect accounting method and state why the tax effect method is adopted.
|
|
Prepare the necessary entries to record these intangibles
: Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020.
|
|
Compute annual depreciation expense for the first year
: Larkspur, Inc. acquires a delivery truck at a cost of $58,000. The truck is expected to have a salvage value of $11,000 at the end of its 4-year useful life.
|
|
Compute annual depreciation for the first and second years
: Windsor, Inc. acquires a delivery truck at a cost of $56,000. The truck is expected to have a salvage value of $6,000 at the end of its 5-year useful life.
|
|
Calculate depletion cost per unit
: Blossom Company purchased for $7.3184 million a mine that is estimated to have 45.74 million tons of ore and no salvage value.
|
|
Compute the depreciation expense under straight-line
: Sheridan Company purchased a new machine on October 1, 2020, at a cost of $119,000. The company estimated that the machine will have a salvage value.
|