User Account

All Pages

Prepare the necessary entries to record these intangibles

Assignment Help Financial Accounting
Reference no: EM133066234

Problem - Keshawn Company, organized in 2017, has these transactions related to intangible assets in that year:

Jan. 2 Purchased a patent (5-year life) $330,000.

Apr. 1 Goodwill purchased (indefinite life) $360,000.

July 1 Acquired a 9-year franchise $450,000.

Sept. 1 Research and development costs $185,000.

Required -

(a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash.

(b) Make the entries as of December 31, 2017, recording any necessary amortization.

(c) Indicate what the balances should be on December 31, 2017.

Reference no: EM133066234

Questions Cloud

Political economic theory and political ideology : Discuss the difference between political economic theory and political ideology the impact of political parties and electoral politics
Evolution of object orientation in programming : Detail the evolution of object orientation in programming from the early conceptualizations up to current O-O concepts, structures, and capabilities.
Disable router firewall : To find out how to disable router firewall, you must know the steps that you are supposed to follow. First of all, you should log in to your router settings;
Define software reliability : Define Software Reliability. Explain why there are fundamental ideas of software engineering that apply to all types of software systems.
Prepare the necessary entries to record these intangibles : Apr. 1 Goodwill purchased (indefinite life) $360,000. Prepare the necessary entries to record these intangibles. All costs incurred were for cash
Responsible for securing the data : Consider yourself responsible for securing the data of your workplace. You must already be aware that this is not as simple as backing up to another hard drive.
Difference between confidence level and confidence interval : Can we use a binomial distribution to model this process? Explain the difference between "confidence level" and "confidence interval".
Descriptive statistics and inferential statistics : Explain the difference between "confidence level" and "confidence interval". Explain the difference between descriptive statistics and inferential statistic
What are the factors of software quality : What is Software Development Life Cycle (SDLC)? What is Software Engineering? What are the factors of Software Quality?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How agl have been engaging with issues of sustainability

How AGL have been engaging with issues of sustainability over the last few years. How have they done well, and how have they done poorly?

  Find the future value of the account on day 600

Find the future value of the account on day 600, immediately after the deposit of 130 is made. Round your answer to the nearest whole number.

  Which investment should be considered

You are offered two jobs. One initially pays $100,000 annually, and your salary will grow annually at 11.5%. The other pays pays $97,000 annually, but your salary will grow at 12%. After ten years, which job pays the higher salary? A firm has the fol..

  How much cash received for services provided during december

Service Revenue was $4,600 for the month of December. How much cash was received for services provided during December?

  Our textbook discusses three general categories

Our textbook discusses three general categories of cash flow activities: Operating, Investing, and Financing. Briefly explain each of these three categories

  Why installment will be due from property owners

four months prior to year-end, 6 percent special assessment bonds totaling $500,000 were issued to fund a streetlight improvement project in a local subdivision. the bonds are secondarily backed by the village. the first $25,000 installment will be..

  Margin of safety in dollars and as percentage of sales

Mississippi Company produces and sells one product. Its sales and expenses for last month were: Compute Mississippi Company’s margin of safety in dollars and as a percentage of sales.

  Which the acid-test ratio is also known as the

Which Management's Report on Internal Control Over Financial Reporting? Which The acid-test ratio is also known as the? Which The current ratio is calculated as

  Variable and fixed cost per unit amounted

A review of Parrish Corporation's accounting records found that at a volume of 118,000 units, the variable and fixed cost per unit amounted to $8 and $3, respectively. On the basis of this information, what amount of total cost would Parrish anticipa..

  State each years net income as a percentage of revenues

State each year's net income as a percentage of revenues. (Round your answers to 2 decimal places (i.e .1234 should be entered as 12.34).)

  Discuss your findings from your ratio calculations

Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis.

  Make the motor vehicle account and accumulated provision

Make the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first two years of the motor vehicle

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