Notting Hill Company incurred the following costs for R&D activities: $15,000 85,000 10,000 38,500 RE12-3 LO 12.2 Material used from inventory Equipment purchased (with cash) for R&D with no other use Depreciation on building housing multiple R&D activities Wages and salaries paid to R&D employees Prepare Notting Hill's journal entry(ies) to record its R&D. RE12-4 Hook Corp. incurred the following start-up costs, all paid in cash: LO 12.2 Legal fees $75,000 35,000 15,000 13,000 Prepare Hook's journal entry too record the start-up costs, all paid in cash. Accounting fees Promotional fees Staff training fees

Notting Hill Company incurred the following costs for R&D activities: $15,000 85,000 10,000 38,500 RE12-3 LO 12.2 Material used from inventory Equipment purchased (with cash) for R&D with no other use Depreciation on building housing multiple R&D activities Wages and salaries paid to R&D employees Prepare Notting Hill's journal entry(ies) to record its R&D. RE12-4 Hook Corp. incurred the following start-up costs, all paid in cash: LO 12.2 Legal fees $75,000 35,000 15,000 13,000 Prepare Hook's journal entry too record the start-up costs, all paid in cash. Accounting fees Promotional fees Staff training fees

Name: Notting Hill Company incurred the following costs for R&D activities$
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Notting Hill Company incurred the following costs for R&D activities$15,00085,00010,00038,500RE12-3LO 12.2Material used from inventoryEquipment purchased (with cash) for R&D with no other useDepreciation on building housing multiple R&D activitiesWa

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

mework Assignment i es C CON Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Exercise 8-4 Straight-line depreciation LO P1 Esc Straight-Line Depreciation Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $47,500. The machine's useful life is estimated at 10 years, or 405,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 34,500 units of product. Determine the machine's second-year depreciation and year end book value under the straight-line method. Choose Numerator: / Cost minus salvage $ Year 2 Depreciation Year end book value (Year 2) F1 F2 40,500/ Estimated useful life (years) $ ✔ F3 Choose Denominator: # Dashboard F4J 10 4,050 Prev. F5 % = = E Paraphrasing Tool .... Annual Depreciation Expense 1 Depreciation expense $ Saved S 2 3 F6 G A C logitech 4,050 of 9 F7 & Excelsior…
Hamlin Manufacturing co. has the following transactions:1) Raw Material purchased on cash $1450,000.2) Raw material purchased on account $20,000.3) Raw material requisitions & direct labor hours.4) FOH applied $9 per direct labor hour; direct labor cost $6 per direct labor hour.5) Depreciation of office premises $3,000 and for factory machinery$5,000.6) FOH Incurred $900 per job.7) Job# 1A, 2B, &4D were completed.8) Job #2B, 4D were sold on account $ 19, 000 & $25,000 respectively. Required: Prepare Journal Entries and T- Account of Work in Process (WIP) and Factory Overhead (FOH)
.
Impairment of a CGU (Cash Generating Unit) Potters Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2016 are as follows: Factory $210 000 Land 150 000 Equipment 120 000 Inventories 60 000 Potters Ltd calculated the value in use of the division to be $510 000. Required: Provide the necessary journal entries for the impairment loss.
4- A storage company constructed a small building to store its unused vehicles and other moveable assets. The costs incurred in constructing the building include the following: Contractor's costs Direct materials and labour Technical overheads General administrative overheads Interest costs in financing the construction RM 300,000 50,000 12,520 8,000 3,000 373,520 The company purchased RM 50,000 of materials for the construction: however due to technical inaccuracies in estimating the necessary number of materials for the construction, only RM 48,000 of materials were used. In addition, during the construction, several labours were affected with an infectious disease. The disease had disrupted the construction and cost the company a further RM 15,000. Determine the cost of the building for capitalization.
Survivor Company incurred the following cost for the year-ended December 31, 2021: Depreciation of delivery equipment Depreciation of administrative equipment Depreciation of production equipment Direct materials Direct labor Indirect labor Utilities, admin department Utilities, sales department Rent, finished goods warehouse Rent, raw materials warehouse Determine the total conversion cost. P11,953 P19,145 P15,646 P20,140 P25,644 P20,899 P30,974 P21,650 P15,830 P21,897
B. The following information is extracted from Jat Sdn Bhd’s records; Depreciation of buildings usd45,000 Store Rental usd30,000 Value of buildings 450,000 Jat has two (2) production departments, Department A and Department B. The following related information is also provided by Jat: Department A Department B Floor area (square meters) 8000 11000 Number of employees 56 53 You are required to calculate the apportionment of the overhead cost of depreciation of buildings based on floor area for: i) Department A ii) department B
Indirect materials used Depreciation on delivery equipment Dispatcher's salary Property taxes on office building CEO's salary Gas and oil for delivery trucks Delivery service (product) costs $ Period costs $6,940 LA 12,040 5,400 980 12,960 2,320 Drivers' salaries Advertising Delivery equipment repairs Office supplies Determine the total amount of (a) delivery service (product) costs and (b) period costs. Office utilities Repairs on office equipment $17,280 5,080 324 702 1,080 206
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine #5027 Component Single metal housing Motor Blade Date of purchase Jan. 12/21 Jan. 12/21 Jan. 12/21 Depreciation Method* SL DDB SL Cost $ 46,000 32,000 11,400 $ 89,400 Est. Residual Est. Life $ 7,000 15 yrs 10 yrs 5 yrs 2,000 1,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $11,600 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,500 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 18 years instead of 15 years and that the residual value should be increased to $9,200. Required: 1. Prepare the entry to record the purchase of the replacement…
Do journal entries 1-2 pleaee and thank you