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Which statements is true concerning intangible assets

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Problem 1: Forman, Inc. earned $600,000 profit during 2017. On which financial statement(s) will you find the dollar amount of the profit earned by the company?

a. Income statement only

b. Statement of retained earnings only

c. Balance sheet and income statement

d. Income statement and statement of retained earnings

Problem 2: Which of the following statements is true concerning intangible assets?

a. Intangible assets are listed in the Stockholders' Equity section of the balance sheet.

b. Intangible assets have no economic substance.

c. Intangible assets lack physical existence.

d. Intangible assets appear in the Current Assets section of the balance sheet.

Reference no: EM132774630

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