E12.7 (LO 1, 2, 4) (Accounting for Trade Name) In early January 2019, Qutkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2020, Qutkast incurred $7,8oo of legal fees in a successful defense of its trade name. Instructions a. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amnortizes the trade name over 10 years. b. Compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, Qutkast determines that the trade name will provide no future benefits beyond December 31, 2023. c. Ignoring the response for part .b., compute the 2021 amortization and the 12/31/21 book value, assuming that at the beginning of 2021, based on new market research, Qutkast determines that the fair value of the trade name is $15,000. Estimated total future cash flows from the trade name is $16,000 on January 3, 2021.

E12.7 (LO 1, 2, 4) (Accounting for Trade Name) In early January 2019, Qutkast Corporation applied for a trade name, incurring legal costs of $16,000. In January 2020, Qutkast incurred $7,8oo of legal fees in a successful defense of its trade name. Instructions a. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amnortizes the trade name over 10 years. b. Compute the 2020 amortization and the 12/31/20 book value, assuming that at the beginning of 2020, Qutkast determines that the trade name will provide no future benefits beyond December 31, 2023. c. Ignoring the response for part .b., compute the 2021 amortization and the 12/31/21 book value, assuming that at the beginning of 2021, based on new market research, Qutkast determines that the fair value of the trade name is $15,000. Estimated total future cash flows from the trade name is $16,000 on January 3, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

23 Business Mathematics II 02 (BINM Group 2) An interest-bearing note for 90 days at 8% p.a. has a face value of $80,000. If the note is discounted 70 days from maturity at a rate of 10% p.a., calculate the amount of proceeds. a. $80,043.01 b. $81,043.01 O C. $70,043.01 Follow Us You are logged in as Gurpreet ASUS
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 G1 INPUT Month Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 B X WAC Beginning Balance $ 150,000 ✓ fx 8.600% CPR% PASS_THRU RATE D SMM% WAM Mortgage PMT Expected 360 Interest$ paid to Investors G ASS_THRU RAT Scheduled Principal PMT H 8.000% Estimated Principal Pre-PMT POOL$ Total Principal paid to Investors $ 150,000 Total Cash Flow to Investors Pool Fees PSA M 100
8:28 AM ll 48 = Chegg Time remaining: 00:09:39 Finance A company uses services with charges that total $10,000 per month. The earnings credit rate is 5%. The reserve requirement is 10%. Assuming a 30-day month average collected balances required to compensate the financial institution for the services. What is the collected balance required? Answer Skip Exit
11:18 AM Thu Mar 7 AA Cross Stitch Play on CrazyGames PRE-TEST Problem #5 of 18 Dashboard v2.cengagenow.com When $540 is written as $45, there is: O a. no transposition error. Ob. a combination of a transposition and slide error. c. no slide error. 1 2 3 Od. a matching error. 4 5 9 7 00 9 10 11 12 > You mu
12:52 S ㅁ expert.chegg.com/qna/au Chegg Hide student question Student question LTE Skip Exit + 32 5G Classify the following balance sheet items under fixed assets, working capital, shareholders' equity, or net debt: overdraft, retained earnings, brands, taxes payable, finished goods inventories, bonds. Time Left: 01:59:57 Submit ||| 8 Training
4G llll 4:33 XB/S 4GI 4 73 0.40 E ACCC - Disimpan 1, PREPARE THE TRIAL BALANCE ACCOUNTT TITLE Balance account payable 60,000 Account receivable 65000 Bank 40,000 Сapital 170,000 Cash 2,000 Comission paid 4300 Comission received 1,500 Discount Allowed 2300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35000 Freight inwards 1000 Freight outward 1400 General Expenses 2300 Insurance premium 3600 Interest received on investment 5,000 Land and building 80000 Loan from Mbb 67500 opening inventory 1 JAN 2019 26000 Patent 50000 Printing and stationery 700 Purchases 65000 Rates and taxes 3200 Rental paid 4000 Rental revenue 3,000 Return inwards 1500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12000 * CLOSING INVENTORY 31 DECEMBER 2019 7,000
Complete the following, using exact interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,000 Interest rate 8% Date borrowed March 08 Date repaid June 09 Exact time Interest Maturity value
Weeks total and daily average
6:48 PM Thu May 18 K 7 APPLICATION: 14.04b Homework Catrina's Budget Catrina recently graduated from college with a degree in political science. She started a job that pays her $48,000 per year. Her monthly net income is $2,800. She's moving into her own one-bedroom apartment. She has a car that she makes payments on and she pays for car insurance. She also adopted a cat, so she now has to pay for cat food and vet bills. Catrina has budgeted for the following monthly expenses based on what she expects to spend: Expense Type Rent Dashboard Assignment Details 19262 Economics & Personal Finance 2223-FYb-Sem2 Food Clothing College Loan Entertainment/restaurants Car and insurance payment Utilities Cell Phone Savings Renters' insurance Pet care Cable/Internet Using the information about Catrina's proposed monthly budget above, answer the following questions. 000 1. Is Catrina budget balanced? If not, what can Catrina do to balance her budget? 2. Is Catrina following the 50, 30 and 20…
A 1 Credit Card Balance 2 3 4 Prime Rate APR 5 6 7 8 9 10 11 12 14.75% 15.24% 16.33% 17.24% 17.99% 18.25% 19.77% 20.22% $ B 15,000.00 VBA Function to Calculate Monthly Interest Payment C
ent II - Chapter 5 Saved Help Save & E 13 1.46853 0.68095 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 15.6178 10.63496 16.0863 10.95400 17.0863 11.29607 18.5989 11.93794 17.5989 11.63496 19.1569 12.29607 20.1569 12.56110 20.7616 12.93794 Monica wants to sell her share of an investment to Barney for $140,000 in 4 years. If money is wOrth 6% compounded semiannually, what would Monica accept today? Multiple Choice 110,517 $ 109.263 ( Prev 7 of 15 Next>