User Account

All Pages

What amount should be reported in balance sheet as patent

Assignment Help Financial Accounting
Reference no: EM132765531

Problem 1: Fisher Company purchased a patent on January 1, 2015 for P428,400. The patent was being amortized over its legal of 15 years expiring on January 1, 2030. On January 1, 2018, Fisher determined that the economic life of the patent would not last longer than 10 years from the date of acquisition. What amount should be reported in the balance sheet as patent, net of accumulated amortization on December 31, 2020?

Option 1: P314,160
Option 2: P302,400
Option 3: P244,800
Option 4: P195,840

Reference no: EM132765531

Questions Cloud

What is the carrying value of the franchise to be reported : If the franchise has definite life of 20 years, what is the carrying value of the franchise to be reported on the December 31, 2020balance sheet?
What do you think nursing is : What do you think nursing is? What has most influenced how you see nursing?
Compute for the impairment loss : A Company purchased a building on January 1, 2010 for a total of 10 Million. The building has been depreciated using SLM with 25-year useful life.
What is the most she should pay for the bond : If Anna strongly believes that inflation will rise by 1% during the next six months, what is the most she should pay for the bond, assuming annual interest
What amount should be reported in balance sheet as patent : Fisher Company purchased patent on January, What amount should be reported in the balance sheet as patent, net of accumulated amortization on December 31, 2020?
Waste management to maintain professional autonomy : In order for engineering in solid waste management to maintain professional autonomy, the public has to trust engineers.
Audience in business presentation : Describe how you would build rapport with your audience in a business presentation.
What amount should be reported as accumulated amortization : Trademark over the maximum period allowed. In Faye's December 31, 2020, balance sheet, what amount should be reported as accumulated amortization?
Source of biochemicals : 1) Compare and contrast plants as a source of biochemicals and as a source of food.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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