Crene corporation has the following accounts included Crane Corporation has the following accounts included in itsDecember 31, 2014, trial balance:Equity Investments (trading) $21,000GoodwillPrepaid InsurancePatentsFranchises$150,000$12,000$220,000$130,000Prepare the intangible assets section of the balance sheet.

Step 1: Define Intangible AssetsIntangible assets form part of the long-term fixed assets other than…

Answered: Crane Corporation has the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Crane Corporation has the following accounts included in its December 31, 2017, trial balance: Equity Investments (trading) $21,000, Goodwill $150,000, Prepaid Insurance $12,000, Patents $220,000, and Franchises $130,000. Prepare the intangible assets section of the balance sheet.
The following accounts are extracted from the books of X Inc. on December 31, 2020: Account Receivable Se0.000 Aocounts Payable e 75,000 Accumulated Dpreciation: Land Improvement 160.000 Allowance for Doubtful Accounts 26,000 Aeerued Liahilities 204.000 Bonds Payable 373,000 Hond Sinking Fund 220,000 Cash 140,000 lavestment in Stock 132.000 Common Stock 414,000 Goodwill laventory 322,000 Land 260,000 Land held for spelation 88,000 Land Improvement 700,000 Mortgage Payable 176,000 Premium on Bonds Payable 36,000 Promium on Common Stock 276,000 Prepaid Insuranee (24 months) 40,000 Retained Eamings 440,000 Supplies 16,000 Trading Securities, originally purchased at S70,000, are raded at a fair Valae of S88,000 Treasury Stock Uncamed Service Revenue ?? Based on the data above, current assets were: * $582,000 $600,000 $626,000 None of the above
Maguindanao Computer, Inc., reports the following statement of financial position amounts as of December 31, 2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 2. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for…
Maguindanao Computer, Inc., reports the following statement of financial position amounts as of June 30,2020 Current asset P 2,440,500 Noncurrent assets 6,285,500 Current liabilities 1,386,000 Noncurrent liabilities 900,000 Owner’s equity 6,440,000 A review of account balances reveals the following data a. An analysis of current assets discloses the following: Cash P 422,500 Investment securities-trading 600,000 Trade accounts receivable 568,000 Inventories, including advertising supplies of P20,000 850,000 2,440,500 b. Noncurrent assets include the following: Property, plant and equipment: Depreciated book value (cost P 6,560,000) 5,490,000 Deposit with a supplier for merchandise…
Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…
Presented below is the balance sheet for HHD, Inc., at December 31, 2021. Current assets Investments Property, plant, and equipment Intangible assets Total asseta Current liabilities Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 612,000 509,000 2,084,000 206,000 $3,411,000 $412,000 1,019,000 1,980,000 $3,411,000. The captions shown in the summarized statement above include the following: a. Current assets: cash, $153,000; accounts receivable (net). $203,000; inventory, $228,000; and prepaid insurance, $28,000. b. Investments; investment in equity securities, short term, $93,000, and long term, $163,000; and restricted cash, long term, $253,000. c. Property, plant, and equipment buildings, $1,530,000 less accumulated depreciation, $603,000; equipment, $530,000 less accumulated depreciation, $203,000; and land, $830,000. d. Intangible assets net of amortization: patent, $113,000; and copyright, $93,000. e. Current liabilities: accounts payable,…
Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position?
Orange Company’s ledger revealed the following account balances as of December 31, 2020: Unamortized discount on bonds payable P120,000; Organization costs P100,000; Losses in early years of company P450,000; Trademarks P750,000 Patents P150,000; Amount set up by BOD as goodwill P300,000. How much should be presented as intangible assets shown In the statement of financial position? * P1,300,000 P1,000,000 P900,000 P0 answer not given
Splish Brothers Limited had the following statement of financial position for the current year, 2023: Current assets Investments Property, plant, and equipment Intangible assets Other assets SPLISH BROTHERS LIMITED Statement of Financial Position December 31, 2023 1. 2. $125,020 80,840 199,280 30,080 35,720 $470,940 Current liabilities Long-term liabilities Shareholders' equity $91,180 159,800 219,960 The following additional information is available and provides information regarding errors in classification which need to be corrected: to $470,940 Current Assets include the following: bank account with an overdraft balance of $14,100; inventory with a FIFO cost of $81,780 and a net realizable value of $79,900; accounts receivable of $62,040 less allowance for expected credit losses of $2,820. Investments include the following: a mortgage receivable from parent company $56,400, due in 2028; FV-NI investments held for trading with a cost of $9,400 and a fair value of $11,280; FV-OCI…
A selection of account balance from blue corp. are listed below. All balances are as of December 31,2017, except where noted:Accounts payable $7500Accounts receivable, 1/1/17 $5,250Accumulated depreciation $21500 building 65000Cash 12200Common stock 50000Delivery truck 9500Depreciation expenses 10750Dividends 3650Marketable equity securities 2400Account receivable 12/31/17 7125Inventory, 1/1/17 3050Supplies 5200Salaris 10400Salaris expenses 10400Net sales 61365Rent expenses 7850Retained earnings 1/1/17 25010Equipment 15700Prepaid expenses 2000Cost of goods sold 16350Notes payable (due 2019) 4400Inventory 12/31/17 4750 1) Determine the gross profit ratio?2) Determine the account receivable turnover?3) Determine the inventory turnover?4)Determine the debt to equity ratio as of December 31,2017?
The following was reported by Church Financial in its December 31, 2024, financial statements: Investments at FVTPL, December 31, 2023 Investments at FVTPL, December 31, 2024. Investment income or (loss) Additional information: 1. 2. 3. $13,400 18,300 (600) The investments at FVTPL are investments in equity securities held for trading purposes. Investment income or loss consists of: holding gain on the FVTPL investments of $3,100, and loss on sale of the FVTPL investments of $3,700. The carrying amount of the FVTPL investment sold was $4,900.
What is the gross fixed asset What is the net fixed asset What is the total asset What is the notes payable What is the total of liabilities and stock holders equity

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Crane Corporation has the following accounts included in its December 31, 2014, trial balance: Equity Investments (trading) $21,000 Goodwill Prepaid Insurance Patents Franchises $150,000 $12,000 $220,000 $130,000 Prepare the intangible assets section of the balance sheet.