Peck Tech purchased a trademark on 1 July 2017 for $240 000. Economic benefits were expected for 8 years, but the trademark's legal life was 15 years. Also, during 2017/18, Peck's incurred research and development costs of $150,000. The carrying amount of the trademarks on 30 June 2018, is: a. $300,000 b. $210,000 c. $262,500 d. $360,000
Q: Experts answer
A: Accounting Treatment for Intangible Assets1. Definition of Intangible AssetsIntangible assets are…
Q: Accounting
A: Step 1: Define DebtThe debt is a regular interest-bearing instrument with a varying period of…
Q: Standard Manufacturers produces steel doors for the furniture industry in a four-stage process…
A: Part (c) - Work in Process Inventory T-AccountHere's the breakdown:Beginning Balance:No beginning…
Q: General Accounting Question please answer
A: Step 1: Define Price-Earnings RatioIn the domain of Finance, there are various financial ratios…
Q: Select the accurate answer to this accounting MCQ
A: Explanation of Diluted EPS: Diluted Earnings Per Share is a financial metric that measures a…
Q: Why is it wrong?
A: Hello student! The balance you entered was most likely the balance of Accounts Receivable. The…
Q: choose correct option and give short explanation
A: The correct answer is:b. cash received equals sales minus the fee assessed by the card processing…
Q: Hello tutor please need answer this accounting question
A: Step 1: Define AssetAn asset is a type of wealth or capital possessed or bought by a person or…
Q: Question
A: Explanation of Standard CostingStandard costing is a method used in accounting where predetermined…
Q: Pam acquired its 80 percent-owned controlling interest in Sam on January 2021 Sam purchased $150,000…
A: In this scenario, Sam (the subsidiary) has purchased Pam's (the parent company) bonds at a price…
Q: Coastal's balance sheet for a recent year revealed the following information Current assets…
A: The formula for computing the working capital is:Working Capital = Current Assets - Current…
Q: 11 For Part B: 1 Record the sale of the equipment with the receivable denominated in Spanish…
A: Part b: Determine if the Dollar Strengthened or WeakenedOctober 1 to December 31, 20X6:October 1…
Q: What is Hannah's debt to equity ratio? On these accounting question
A: Step 1: Define Debt to Equity RatioThere are various financial ratios used to measure the solvency…
Q: atlas gym began january with merchandise inventory of 70 crates of vitamins that cost a total of…
A: Breakdown of Sales TransactionsJanuary 13 Sale: 130 Crates SoldUsing FIFO: We take the cost of the…
Q: Need help with this accounting question not use ai
A: Step 1: Define Cost-Volume-Profit AnalysisIt is an analysis to determine how variable costs and…
Q: P8.5 (LO 2) Writing (Lower-of-Cost-or-Market) Fiedler Co. follows the practice of valuing its…
A: Explanations in answering the questiona)Determine the Lower-of-Cost-or-Market (LCM).Here are the…
Q: just fill blank space No need explanation
A: Definition of Gross Margin Gross Margin refers to the amount remaining after subtracting the Cost of…
Q: I need doo fast typing clear urjent no chatgpt used i will give 5 upvotes full explanations pls
A: Step by Step Procedure to completely Tackle these kinds of questions. Step 1: Identify the objective…
Q: Culver Pharoah Book Value Book Value Fair Value Cash Receivables Inventories $226,890 $117,490…
A: Step 1: Determine the Fair Value of Pharoah's AssetsPharoah Company's assets should be recorded at…
Q: Please check all details and give ans
A: Step 1: Calculate Total Variable Cost per Unit The total variable cost per unit includes:Variable…
Q: The quick ratio (acid test) excludes which current asset? a) Inventory b) Accounts receivable c)…
A: Explanation of Quick Ratio (Acid Test): The quick ratio is a stringent measure of a company's…
Q: Financial Accounting
A: Step 1: Define Allocation of Indirect CostsIndirect Costs could also be common costs in which it is…
Q: how do you find long term capital loss carryover given the information below: WAR (We Are Rich)…
A: Finding long term capital loss carryover To find the long-term capital loss carryover, let's…
Q: Assume Heartwood Cabinets uses ABC costing to apply overhead to its products. The cost accountants…
A: Step 3 (Continued): Calculate Manufacturing Overhead for Each Type of Pine CabinetUsing the…
Q: What is Jordan's ROE on these general accounting question?
A: Step 1: Define DuPont FormulaThe DuPont formula is a practice to determine the firm's return on…
Q: Answer
A: Explanation of Risk Adjustment: Risk adjustment is a critical component in insurance contracts that…
Q: General Accounting
A: Step 1: Define Price to earnings ratioPrice to earnings ratio or P/E Ratio is a ratio that gives an…
Q: Please give me explanation of this financial accounting problem
A: Explanation of Earnings Per Share (EPS)1. Definition of EPSEarnings Per Share (EPS) is a key…
Q: Use the scenario loaded under additional resources to answer the following question. With reference…
A: ExplanationStep 1: Understanding Other Components of EquityIn a consolidated statement of financial…
Q: Determined primarily by?
A: The functional currency is the currency of the primary economic environment in which a company…
Q: Hello Tutor please provide solution of this one
A: Step 1: Recall the formula for Average Collection PeriodAverage Collection Period=(Net SalesAverage…
Q: The economic order quantity (EOQ) is used to: a) Maximize inventory levels b) Determine credit terms…
A: The correct answer is:d) Minimize total inventory costsThe Economic Order Quantity (EOQ) is a…
Q: Hi expert give answer
A: determine the amount and type of gain Frank recognizes upon selling the equipment, we need to…
Q: Helppp
A: Accounting Treatment for Defined Benefit Plans1. Recognition of Pension Obligation:Defined benefit…
Q: The corporation performs adjusting entries monthly. Closing entries are performed annually on…
A: Prepaid Rent: Recognize one month of rent expense for the three-month advance paid on December…
Q: A product cost is composed of the following:
A: Step 1: Define Product cost in accountingAs per the accounting terms of GAAP and IFRS, the financial…
Q: Need answer
A: Step 1: Define High-Low MethodHigh-Low Method is a method used in separating the variable and fixed…
Q: Answer this Accounting problem
A: Explanation of Cost Allocation: Cost allocation is the process of assigning indirect costs to…
Q: calculate sales margin for this account
A: Step 1: Identify the formula for Sales MarginStep 2: Obtain the values for Operating Income and…
Q: Tutor help me with this Question
A: 2. Steps to Mitigate the ImpactTo counteract the effects of an economic downturn on sales, the…
Q: Give true answer these general accounting question do fast
A: Step 1: Define Price-earnings ratioPrice-earnings ratio evaluates the relationship between the value…
Q: Tutor help needed
A: Step 1: Gross Margin Definition Gross Margin is a key financial metric that represents the…
Q: finacial account questions
A: Step 1: Definition of Total SalesThe formula for total sales is: Total Sales=Units…
Q: The consolidation method of accounting
A: Explanation of Ownership Less than 20%:When ownership is less than 20%, it generally indicates the…
Q: solve the issue
A: a. Wholesaler's purchase price = $250Retailer's purchase price = Wholesaler's purchase price +…
Q: Prepare the Statement of Financial Position as at 29 February 2024. INFORMATION The trial balance,…
A: Explained Above
Q: Please prepare this assignment in an Micorsosft Excel Document. Please see the questions:…
A: Adjusting journal entries are made at the end of an accounting period to record any unrecognized…
Q: Help Answer Question 3A - 3C (Help indicate each solution with 3A-3C)
A: How Each Question was Worked on: Question 3a: Trial BalanceTo prepare the trial balance as of 1…
Q: Final answer
A: a) Equal to the notional amountIncorrect: The underlying quantity of the asset being purchased or…
Q: Concord Company uses the gross profit method to estimate inventory for monthly reporting purposes.…
A: Net Purchases is calculated by subtracting the Purchase Discounts from the Gross Purchases and…
Can you solve these general accounting problem?
Step by step
Solved in 2 steps
- For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.Reported in the ledger of Mama Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000. The newly purchased patent is expected to be used for five years. On July 1, 2018, Mama spent P 50,000 to defend its new patent against an infringement suit. What is the carrying value of the patents on December 31, 2018?Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of P120,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life of eight years. On January 1, 2018, Mayumi purchased a competing patent for a total cost of P75,000. The newly purchased patent is expected to be used for five years. On July 1, 2018, Mayumi spent P 50,000 to defend its new patent against an infringement suit. What is the carrying value of the patents on December 31, 2018?
- During 2022, Brownie Company incurred research and development cost of P272,000 relating to the patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only. On December 31, 2022, what amount should be reported as patent, net of accumulated amortization?Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $41,616 3/1/21 17 years Patent B $15,480 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 2. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.On September 1, 2015, Johnas, Inc. acquired a patent for $600,000. The patent has 16 years remaining in its legal life. However, Johnas, Inc. expects the patent's technology to have a useful life of 8 years. Prepare the journal entries to record the acquisition of the patent and the amortization expense for 2015. Date Account Debit Credit
- Mark Inc. incurred P816,000 of research and development costs in its laboratory to develop a patent which was granted on January 2, 2022. Additional costs of P152,000 were incurred in 'the registration of the patent. The estimated economic life of the patent a eight years.What amount should Mark charge to patent amortization expense for the year ended December 31, 2022? The answer must be 19,000N1. AccountBA
- During 2018, Matsumura Ltd. spent ¥170,000 in research costs. As a result, a new productcalled the New Age Piano was patented. The patent was obtained on October 1, 2018, and hada legal life of 20 years and a useful life of 10 years. Legal costs of ¥24,000 related to the patentwere incurred as of October 1, 2018. (Amounts are in thousands.)Required:1. Prepare all journal entries required in 2018 and 2019 as a result of the transactionsabove.2. On June 1, 2020, Matsumura spent ¥12,400 to successfully prosecute a patentinfringement suit. As a result, the estimate of useful life was extended to 12 years from June 1,2020. Prepare all journal entries required in 2020 and 2021.3. In 2022, Matsumura determined that a competitor's product would make the New AgePiano obsolete and the patent worthless by December 31, 2023. Prepare all journal entriesrequired in 2022 and 2023.Ivanhoe Company incurred research and development costs of $ 90000 and legal fees of $ 30000 to develop a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Ivanhoe record as Patent Amortization Expense in the first year? O $0. O $ 3000. O $ 6000. O $ 12000.Banco Company acquired a new machine on a delayed payment basis on August 1, 2018. A down payment of P100,000 was made, with four monthly instalments of P250,000 to commence on September 1, 2018. The machine's cash equivalent price was P 950 000. The entity spent and paid P 30 000 in installation fees. What is the sum to be capitalised as the machine's cost?