Brick Oven Corporation made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation $ 8,400 Purchase of a patent Legal and other fees for transfer of the patent 34,000 2,200 74,000 Advertising Total $ 118,600 Required: Record the $118,600 in cash expenditures. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet <

Brick Oven Corporation made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation $ 8,400 Purchase of a patent Legal and other fees for transfer of the patent 34,000 2,200 74,000 Advertising Total $ 118,600 Required: Record the $118,600 in cash expenditures. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet <

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Please answer, round off final answers to two decimal places
As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets Debit Credit Balance Jan. 4 Research and development costs 940,000 940,000 Jan. 5 Legal costs to obtain patent 75,000 1,015,000 Jan. 31 Payment of 7 months' rent on property leased by Bryan 91,000 1,106,000 Feb. 11 Premium on common stock 250,000 856,000 March 31 Unamortized bond discount on bonds due March 31, 2040 84,000 940,000 April 30 Promotional expenses related to start-up of business 207,000 1,147,000 June 30 Operating losses for first 6 months 241,000 1,388,000 Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10…
As the recently appointed auditor for Blossom Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Blossom mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023, are as follows: INTANGIBLE L ) ) Research costs Legal costs to obtain patent Payment of seven months' rent on property leased by Blossom (February to August) Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criteria) Start-up costs for first six months of operations Show Transcribed Text Account Titles and Explanation (To correct intangible asset account) Show Transcribed Text ASSETS (To correct intangible asset account) (To record amortization expense) (To record amortization expense) Debit Debit 1,056,500 47,000 50,400 158,000 216,000 328,000 Credit Prepare the…
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The following needs to entered in the copied spreadshet. 2. The following transactions occurred during the year. Record these transactions.HHL took out a long-term loan for $3 million.HHL purchased $1 million in inventory with cash.HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value.$540,865,000 (net of allowances and charity care) was billed for patient services. The hospital estimates that 5% of these bills will be bad debt.$875,000 of inventory was used.Donations of $400,000 were received in cash.HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. One-half of the premium is for next year, and the other is for the following year.HHL pays $12,560,000 in accounts payable.HHL workers earned $259 million in wages for the year. The hospital paid out $282 million in cash. It also paid out $60 million in benefits, all in cash.The equipment purchased in transaction c was paid for in…
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1. What is the correct inital cost of the replacement equipment acquired on October 31? 2. What is the gain on sale of the office equipment on September 1?
B As the recently appointed auditor for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Research costs Legal costs to obtain patent Payment of seven months rent on property leased by Pha Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Account Titles and Explanation Research and Development Expense Intangibila Asses-Pate Rent pens Prisl Advertising Expense Income Summary Operating Expens Notes Parable Interest Expe (To correct intangible asset account) Prepare the journal entry or entries needed to correct this account Allocat…
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Compute for the net income (loss) for the month ended April 30, 2021.
On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?
On October 1, 2022, the Integrity Main Office established a sales agency in Ortigas.· The main office sent samples of its merchandise amounting to P8,400 and working fund amounting to P72,000 to be maintained on the imprest basis. The samples sent were intended to last until June 1, 2023.· During the first two months of operations, the agency transmitted to the home office sale of goods costing P291,600, but the home office was not able to fill-up 25% of the said transmitted sales order.· Collections from customers amounted to P73,941, net of 2% sales discount.· Payments made by the agency during October and November were as follows: annual rent of P57,600, advertising expense worth P5,600 and utilities amounting to P7,200.· It purchased an equipment worth P9,000 which will be depreciated at 20% per annum.· The gross profit on sales agency order is 20% of sales Net income of the agency for the two months ended November 30, 2022 is: a. P26,866 b.…