Assignment 1 E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. Instructions (a) Indicate which items on the list above would generally be reported as intangible assets in the balance sheet. 13. Goodwill acquired in the purchase of a business. 15. Cost of purchasing a patent from an inventor 16. Legal costs incurred in securing a patent. 17. Unrecovered costs of a successful legal suit
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Acct 551 Final Exam(Possible Questions Answers Copy and paste the below URL into your browser http://www.homeworkwarehouse.com/downloads/acct-551-final-exampossible-questions-answers/ Acct 551 Final Exam(Possible Questions Answers 1. (TCO C) Redstone Company spent $190‚000 developing a new process‚ $45‚000 in legal fees to obtain a patent‚ and $91‚000 to market the process that was patented. How should these costs be accounted for in the year they are incurred? 2. (TCO D) Total payroll of
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Melissa Bedwell D01608625 Final Course Project Disclaimer: The following notes are based on a fictitious company and the numbers have no bearing on any real data. Note 1: Significant Accounting Polices The financial statements of ABC Company have been prepared in agreement with current accounting rules and regulations‚ and are compliant under GAAP. ABC Company is a parent company‚ and all reporting rules and regulations have been adhered to in the reporting of ABC Company’s subsidiaries. ABC
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During the course you will be required to develop a Course Project having to do with writing notes for a fictitious annual report. You will hand in the project at the end of Week 8.In order to assist you in writing the notes‚ you may use the notes for Proctor & Gamble‚ as shown on pages 246–277‚ or you may use those shown as examples in Chapter 24. Although you may use these as an example‚ you are not to use their actual notes‚ or the notes from any other company‚ because this would be considered
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E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. 2. Timberland. 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. 4. Lease prepayment (6 months’ rent paid in advance). 5. Cost of equipment obtained. 6. Cost of searching for applications of new research findings. 7. Costs incurred in the formation
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1. (TCO C) Which of the following should not be reported in the income statement? (Points : 5) Goodwill amortization Trade name amortization expense Patent impairment losses All of the above Question 2. 2. (TCO C) Which of the following costs incurred with developing computer software for internal use should be capitalized? (Points : 5) Evaluation of alternatives Coding Training Maintenance Question 3. 3. (TCO C) Mini Corp.
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E16-1 Solution. 1. Cash ($10‚000‚000x0.99) 9‚900‚000 Discount on bond payable 100‚000 Bond payable 10‚000‚000 Unamortized bond issue cost 70‚000 Cash 70‚000 2. Cash (10‚000‚000x0.98) 9‚800‚000 Discount on bond payable 600‚000 Bond payable 10‚000‚000 Paid in capital -stock warrants 400‚000 3. Debt conversion expense 75‚000 Bond payable 10‚000‚000 Discount on bond payable
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Chapter 12 Homework Questions Q1. What are the two main characteristics of intangible assets? The two main characteristics of intangible assets are: (a) they lack physical substance. (b) they are not a financial instrument. Q4. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? When intangibles are created internally‚ it is often difficult to determine the validity of any future service potential. To permit
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Chapter 1. 5. What does the statement “costs can be assets or expenses” mean? 6. Why are the salaries of production workers accumulated in an inventory account instead of being expensed on the income statement? 7. How do product costs affect the financial statements? How does the classification of product cost (as an asset vs. an expense) affect net income? ATC 1-1 | Business Applications Case | Financial versus managerial accounting | The following information was taken from the 2008
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• Consolidation journals are posted into the consolidation worksheet in “adjustment” columns as follows: Extract only Parent P Ltd. $’000 Subsidiary S Ltd. $’000 Adjustments DR Lecture 9 part b Consolidation: Wholly owned subsidiaries Prepared by Emma Holmes and Rick Newby Land Invt in S Ltd Receivables Cash 400 120 200 40 760 150 Share capital Retained earnings Creditors 500 160 100 760 100 20 50 170 Cons. Balances CR XX XX XX
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