Show the intangible assets and goodwill should be presented

Assignment Help Financial Accounting
Reference no: EM132713019

Copyright, #1 $ 48,000 Less: Accumulated amortization 24,000 Copyright #1, net 24,000 Trademark 54,000 Goodwill 125,000 Total $203,000 Copyright #1 was acquired on January 1, 2012 and has a useful life of four years. The company amortizes any copyright using straight-line method. The trademark was acquired on January 1, 2010 and is expected to have an indefinite life. The company has a December 31 year-end. The following cash transactions may have affected intangible assets and goodwill during 2014: July 1: Developed a new software, incurring $210,000 in research and $50,000 in development costs. The development phase ended on July 1. The product is expected to have a useful life of 20 years with double-declining-balance method of amortization. The software is unlikely to have any salvage value after its useful life. July 5: Paid $7,000 in legal costs to successfully defend the trademark against infringement by another company. Sep 1: Paid $60,000 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Oct 1: Acquired another copyright (Copyright #2) for $180,000. The new copyright has a useful life of three years. Dec 31: Determined the recoverable amount of the trademark and goodwill to be $65,000 and $90,000, respectively. There was no indication that any other assets were impaired.

Problem 1: Show the intangible assets and goodwill should be presented on the statement of financial position as at december 31 2014

Reference no: EM132713019

Questions Cloud

What is the annual depreciation tax? shield : MACRS depreciation? schedules, and its marginal corporate tax rate is expected to remain? constant, which schedule should it? choose? Why?
Prepare the appropriate journal entry to record income taxes : Prepare the appropriate journal entry to record Arnold's income taxes for 2022. Pretax accounting income was $190 million for the year ended December 31, 2022
Formation of desert areas : How does topography contribute to the formation of desert areas? For example, what role do the sierra nevada mountains have in keeping nevada desert?
Quantitative vs qualitative : Quantitative data can be measured and documented with numbers. Additionally, quantitative data can be represented as quantities.
Show the intangible assets and goodwill should be presented : Copyright, Show the intangible assets and goodwill should be presented on the statement of financial position as at december 31 2014
What is the expected rate of return : If a common stock is worth $80 and the dividend growth rate is 5% with a dividend expected to pay $2.00 in a year's time, what is the expected rate of return
Radius of circular motion : A 50.0 gram ball is held 1.2m above the ground. If the ball is dropped what is its kinetic energy when it has fallen to 0.80m above the ground?
Would you predict more earthquakes in areas : Why would geologists need seismic data from three stations in order to calculate the epicenter of anearthquake? Why would they not be able to only use two
Record the transactions in the appropriate special journals : Bright's Patio Shop sells garden and patio furniture. Record the transactions in the appropriate special journals. Total each journal at May 31.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Define and explain the strategic planning process

Define and explain The strategic planning process. Analyze security, privacy, ethical, and legal issues related to the digital information world and marketing.

  How calculate the weighted average number of shares

How Calculate the weighted average number of shares outstanding for 2020. Use a table to show your calculations. Clearly indicate your final answer.

  Lease is appropriately accounted for as a capital lease

On December 31, 2014, Harris Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $1,050,000 (including $50,000 annual executory costs) and are due on December 31 of each year. The lease is appropriat..

  What was the original cost of the asset

A company sold equipment for $48,000. Total accumulated depreciation at the time of the sale was $19,000 and a loss of $9,000 was recognized on the sale. What was the original cost of the asset?

  Should the 5-alarm chili line be discontinued

Quinton Corporation produces and sells two types of chili: 1-Alarm and 5-Alarm. Operating performance for the most recent quarter is.

  What was the balance of payments on financial account

In the economy of Scottopia in 2014, exports equaled $400 billion of goods and $300 billion of services, imports equaled $500 billion of goods and $350 billion.

  Question 1 nbspboise marine sells jet skis and other

question 1. nbspboise marine sells jet skis and other powered recreational equipment. customers are committed to pay 13

  Define detoxified and capable of generating revenues

Bruce Company owns a plot of land on which buried toxic wastes have been discovered. Since it will require several years and a considerable sum of money before the property is fully detoxified and capable of generating revenues,

  Calculation the amount of gain or loss on sale of the fixed

calculation the amount of gain or loss on sale of the fixed assets.merton company purchased a building at a cost of

  What the annual cash payment on the bonds is

On January 2, 2017,The face rate is 8%, and the market rate is 6%. What The annual cash payment (paid in semiannual payments) on the bonds is

  On 1st december 2012 simmons company sold land to keller

on 1st december 2012 simmons company sold land to keller company. the two companies entered into an installment sales

  What would the spending variance be for the total

$125,000 for 11,000 lounge chairs produced, what would the spending (flexible budget) variance be for the total manufacturing overhead?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd