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: account answer need
A: The question asks about the underlying conditions that create demand for reliable information. Each…
Q: ram.1
A: The problem involves the determination of the present and future value of annuity. Present value…
Q: Give answer in detailed of below General Accounting Question
A: Explanation of Accounting Estimate: An accounting estimate is a reasonable approximation of a…
Q: None
A: In process costing systems, like the one used by Stone Incorporated, the weighted average method is…
Q: Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The…
A: Hello student! Budgeted Sales Revenue is the expected amount of sales for a period (quarterly,…
Q: Required information [The following information applies to the questions displayed below.] Rose…
A: When the company purchases shares, it debits (increases) the 'Short-term Investments' account and…
Q: Answer this Accounting problem
A: Explanation of Cost Allocation: Cost allocation is the process of assigning indirect costs to…
Q: Your Answer
A: Detailed explanation: o solve this question, we need to calculate the expected X-ray cost for…
Q: Sub: Accounting
A: Explanation of Financial Guarantee Contract: A financial guarantee contract is an agreement that…
Q: Need answer the accounting question Don't use Ai
A: Step 1: Define CVP AnalysisIn management accounting, the CVP analysis or the Cost-Volume-Profit…
Q: Hello Tutor wanna Answer
A: Step 1: What is the Activity-Based Costing Process: Activity-based costing (ABC) is a costing method…
Q: b.1
A: Not Yet Due:Total Amount = $41,833Percentage Uncollectible = 3%Estimated Uncollectible Amount ;=…
Q: Discuss the accounting treatment for business combinations.
A: Accounting Treatment for Business Combinations DefinitionA business combination refers to a…
Q: 65
A: Explanation of Cost of Goods Manufactured (COGM):COGM refers to the total production costs incurred…
Q: How many
A: Explanation of Return on Investment (ROI):Return on Investment (ROI) is a financial metric used to…
Q: Need answer the accounting question
A: Step 1: Define Variable CostThe total cost consists of the variable cost and the fixed cost where…
Q: PPE
A: Explanation of Revaluation Model: The revaluation model is an accounting method that allows…
Q: Fifo method
A: Explanation of FIFO Method:FIFO stands for "First-In, First-Out," an inventory valuation method used…
Q: Discuss the accounting treatment for foreign currency transactions. How do changes in exchange rates…
A: Explanation of Foreign Currency Translation: Foreign currency translation is the process of…
Q: short account answer wanted
A: 1. Key Reasons for Purchasing Mutual Fund SharesMutual funds provide a practical and less risky…
Q: Need all clarification
A: Accounting Treatment for Goodwill and Impairment1. Goodwill Accounting TreatmentDefinition of…
Q: Steven, the owner of a local poster shop, comes to you for help. "We've only been breaking even the…
A: The problem involves the determination of the after-tax operating income under different scenarios.…
Q: Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2024. The lease…
A: The first step is to calculate the present value of the lease payments. This is done by multiplying…
Q: Q3-Prepare the Statement of Comprehensive Income of Omega Limited for the year ended 29 February…
A: Here are the explanations and calculations that led to the preparation of the Statement of…
Q: General Accounting Question need help
A: Step 1: Define Assets Turnover RatioIn the parlance of finance and accounting, the financial ratios…
Q: Financial Accounting
A: Step 1: Identify variable and fixed costs from the provided data.Step 2: Calculate variable cost per…
Q: find correct options
A: Ans:
Q: Sheridan Consumer Products Company Income Statement Net sales $66,230 Cost of products sold 23,660…
A: Step 1: Step 2: Step 3: Step 4: WorkingsAnswerCurrent Ratio = Current Asset / Current…
Q: What is the net income?
A: Explanation of Sales Revenue: Sales revenue represents the total amount of money earned from…
Q: Need help with this accounting question do fast and step by step calculation with explanation Don't…
A: Step 1: Inventory should be valued at cost or market value which is lower.Given that cost per unit…
Q: Provide answer this accounting question not use ai and chatgpt
A: Step 1: Define Lower of Cost or MarketLower of cost or market is a conservative way to do the…
Q: Solve these general accounting question
A: Step 1: Define Cost, Profit and RevenueThe cost of any product is the money spent in producing the…
Q: Financial Accounting
A: Explanation: The time taken by an entity to convert its resources into cash is known as cash…
Q: Jose Company sells a wide range of goods through two retail stores operated in adjoining cities.…
A: On a similar problem found, here's the format for describing the impact of each transaction on the…
Q: Prepare the Statement of Financial Position as at 29 February 2024. INFORMATION The trial balance,…
A: Explained Above
Q: General Accounting
A: Step 1: Define InventoryInventory is an asset that is frequently converted into sales. It leads to…
Q: Show full workings
A: Equivalent units are a measure of the work done during a period, expressed in fully completed units.…
Q: Question: 21-25 Cayman Inc., brought 30% Maya Company on January 1, 2013, for $450,000. The equity…
A: Step 1: Determine the gross profit rate in 2014.Gross profit rate = (Transfer price - Cost to…
Q: ??
A: Step 1: Identify components of conversion costs (Direct Labor and Manufacturing Overhead).Step 2:…
Q: Financial Accounting
A: Step 1: Define Return on EquityThe return on equity ratio is a financial ratio that gives an…
Q: Financial Accounting
A: Step 1: Define Dividend Per ShareThe dividend per share calculation involves dividing the total…
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…
Q: Hai
A: Explanation: Under First In, First Out (FIFO) method, it is assumed that the inventory that is…
Q: What is P/E ratio on these general accounting question?
A: Step 1: Define Price-Earnings RatioThe Price-earnings ratio is used to determine whether a share is…
Q: ! Required information Use the following information for the Problems below: The following data…
A: Step 1:Division A: Sales Revenue = Income / Sales margin = $420,000 / 30%…
Q: In accounting for extractive activities, exploration costs are a) Always capitalized b) Always…
A: Explanation of Exploration Costs: Exploration costs are expenses incurred while searching for and…
Q: Can you please help with this accounting question?
A: Step 1: Define High-Low MethodThe High-Low Method is one of the most used methods in determining or…
Q: Honey Bun Limited is a food processing company listed on the Jamaica Stock Exchange (JSE). Honey Bun…
A: Detailed explanation: 1. Customer Relations Improvement1.1 Improve Communication ChannelsDetails:…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt.
A: Step 1: The following medical expenses are potentially deductible:a. Dentist: $1,500b. Doctors:…
Q: COST ACCOUNTING
A: a. Compute Jose's Planned Selling Price Jose's planned selling price is based on a 30% markup on his…
Need help with this accounting question
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.Can you solve these general accounting problem?what are the answers for 66 to 70?
- 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
- Crystal Company summarized the following transactions pertaining to its patent. 2012 Spent P250, 000 for the research and development of the patent 2013 Jan. 1 Paid P60, 000 to apply for and obtain right to the patent. The useful life of the patent is 10 years. 2014 Jan. 1 Purchased for P600, 000 a new patent that is expected to prolong the life of the original patent by 6 years. 2015 Dec. 31 A competitor obtained rights to a patent which rendered the entity’s patent obsolete Required: Prepare all entries relating to the patent from 2012 to 2015. rules of answering the problemAramex Company purchased a patent from Datco Company for $220,000 on July 1, 2012. Expenditures of $68,000 for successful litigation in defense of the patent were paid on July 1, 2015. Aramex Company estimates that the useful life of the patent will be 20 years from the date of acquisition. Instructions : Prepare a computation of the carrying value of the patent at December 31, 2015.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 3/1/21 17 years $41,616 $15,480 Patent B 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. 2. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 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.
- 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.On 1 November 2018, Graceville Ltd purchased an item of property, plant and equipment for $50 000. The terms of the purchase were as follows: $50 000 could be paid within 30 days, or $65 000 in one year’s time. The management of Graceville opted to pay $65 000 in one year’s time. Delivery and handling costs of $4 000 were incurred, as well as engineering fees of $1 200 to ensure that the asset was correctly installed. The asset began operations on 6 January 2019. During January, holding costs of $5 000 were incurred because the asset was operating at less than full capacity. In addition, $900 costs comprising labour and small parts were incurred in day-to-day servicing of the asset. Management of Graceville Ltd uses the revaluation model to account for the asset. Required Prepare any necessary general journal entry(ies) to initially record and measure the asset in accordance with the requirements of AASB 116 ‘Property, Plant and Equipment’.Equipment with a cost of R500 000 is purchased and R200 000 is paid immediately on 1 January 2016. The balance will only be paid on 31 December 2016, which exceeds normal credit terms. An after-tax discount rate is 9% per annum. Assume a tax rate of 28%. Calculate the cost of the asset at initial recognition.