IAS 38Stacy Company reported the following data at year-end:FranchiseP1,000,000Computer softwareDeferred charges1,500,000100,000Patent2,500,000500,000700,000Customer list purchasedCopyrightDeposit with advertising agency to promote goodwill400,000Bond sinking fund1,300,000Goodwill4,000,000Trademark900,000Research and development cost2,000,0004. What total amount should be reported as intangible assets?a. 11,100,000b. 11,500,000c. 10,600,000d. 13,100,000

Opetion d. 13,100,000 is correct That Type of assets which can't be touch. That is called an…

Answered: 4. What total amount should be reported…

Business

Accounting

4. What total amount should be reported as intangible assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Name some intangible assets.

A: An Assets is something carrying economic benefits that are owned and controlled by an entity.…

Q: critically explain any four main disclousures relating to IAS 38 intangible assets by providing…

A: Intangible assets are the one which have the useful life and are amortized over a period of life.…

Q: What is an intangible asset? Provide some examples.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: Explain the Costs of Defending Intangible Rights.

A: Intangible assets are the assets that cannot be seen physically, but its' presence in business have…

Q: how the value of the property is established through an appraisal?

A: Appraisal of a property is done to understand the highest probable price for a property and to…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

Q: Analyze how different types intangible assets are accounted for.

A: An asset is intangible when it cannot be seen, which means the asset that does not have any physical…

Q: Which one of the following is an intangible asset?

A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…

Q: Q4. Critically evaluate the approach adopted under IAS 38 in accounting for intangible assets. Your…

A: Definition of Intangible assets intangible asset is an identifiable , non monetary , without…

Q: Where can authoritative IFRS guidance related to intangible assets be found?

A: International financial reporting standards (IFRS): The international financial reporting standards…

Q: Describe the accounting for various types of intangible assets.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: Compare and contrast amortization of intangible assets with depreciation and depletion.

Q: what are the different types of intangible assets and give examples of each

A: Intangible assets: These are the long-term assets that are not physical in nature, but possess…

Q: what is the definition of Intangible Assets and Goodwill and what are some of the types of…

A: The assets can be classified as fixed assets, current assets and intangible assets.

Q: What are permanently restricted net assets?

A: The permanently restricted net assets are held by the non-profit organizations.

Q: what is the attributes of determining the far value of intangible assets.

A: A non-physical asset is referred to as an intangible asset. Intangible assets contain goodwill, name…

Q: What are the functional divisions of the treasure and how are they different?

A: Treasury: It is a finance function which is important to success and financial health of every…

Q: What are intangibles

A: Intangibles: As word refers as we can't touch or see it which means no physical existence .…

Q: determining the value of the assets?

A: Criteria could be considered:- 1.Which information asset would be the most expensive to project?…

Q: Discuss the accounting for various types of intangible assets.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: Which of the following would be correctly classified as an intangible asset? Select one: O a. Brand…

A: Intangible assets are those which does not have any physical existence but have economic value. The…

Q: What are the two main characteristics of intangibleassets?

Q: w to determine what depreciation should be used

A: Solution Concept Depreciation Depreciation refers to the expense that is recorded…

Q: Are Inventories depreciable property? Why?

A: Depreciable property means an asset which is eligible to book depreciation for accounting and tax…

Q: ntangible assets can only be measured using the revaluation model if the acquiring entity:

A: The Answer:

Q: List 3 common intangible assets. How is the life determined that is to be used to compute…

A: Three common intangible assets are : 1. Goodwill: It is the premium amount that is valued based on…

Q: Distinguish between property, plant, and equipment and intangible assets.

A: Definition: Property, plant, and equipment: Property, plant, and equipment are the tangible assets…

Q: Describe the method of the asset's depreciation?

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset…

Q: What is Indefinite life intangible assets?

A: Definition: Intangible assets: These are the long-term assets that are not physical in nature, but…

Q: What are the four components of information required in order to calculate depreciation?

A: Depreciation is a charge on fixed assets to account for the normal wear and tear due to usage over…

Q: Describe the Costs of Defending Intangible Rights.

A: Introduction Intangible assets are the assets that cannot be seen physically, but its' presence in…

Question

IAS 38
Stacy Company reported the following data at year-end:
Franchise
P1,000,000
Computer software
Deferred charges
1,500,000
100,000
Patent
2,500,000
500,000
700,000
Customer list purchased
Copyright
Deposit with advertising agency to promote goodwill
400,000
Bond sinking fund
1,300,000
Goodwill
4,000,000
Trademark
900,000
Research and development cost
2,000,000
4. What total amount should be reported as intangible assets?
a. 11,100,000
b. 11,500,000
c. 10,600,000
d. 13,100,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Correct answer :-

VIEW

Incorrect Option:-

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The Intangible assets are fair valued on two methods the Cost and the Income or Present Value (PV) methods. What is the Concluded Value?
Describe the accounting for intangible assets, such as patents, copyrights, and goodwill.
What are the reason for seeking an acquisition of intangible assets?
What are the characteristics of an intangible asset?
What are the intangible assets? Give some examples?
In order to determine usefulness of intangibles, investigation and the examination of income data related to the asset will be of assistance. True or False?
Property plant and equipment are considered what type of asset?
What is Depreciation calculation?
What is the basic principle for valuing property, plant, and equipment and intangible assets acquired in exchange for other nonmonetary assets?
. What is depreciation, and how is it computed