Platteville Corporation has the following account balances at 12/31/10: Amortization expense: $10,000 Goodwill: $140,000 Patent, net of $30,000 Amortization: $70,000 What amount should Platteville report for intangible assets on the 12/31/10 balance sheet? a. $70,000 b. $210,000 c. $100,000 d. $220,000

Platteville Corporation has the following account balances at 12/31/10: Amortization expense: $10,000 Goodwill: $140,000 Patent, net of $30,000 Amortization: $70,000 What amount should Platteville report for intangible assets on the 12/31/10 balance sheet? a. $70,000 b. $210,000 c. $100,000 d. $220,000

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

See similar textbooks

Similar questions

Platteville Corporation has the following account balances at 12/31/20: Amortization expense P 10,000 Trademark 80,000 Research and Development costs 100,000 Patent, net of P30,000 amortization 70,000 What amount should Platteville report for intangible assets on the 12/31/20 statement of financial position? 100,000 150,000 250,000 260,000
The ending net book value of Property, Plant & Equipment (PP&E) in year 1 and year 2 are $500,000 and $430,000 respectively on Company A's balance sheet. The company's depreciation expense in year 2 is $90,000. What is Company A's net capital expenditure? O a. %33 O b. %20. O c. %67. Od. %77. Nexto (? H 10:0 РОСОРНONЕ 11/3 SHOT ON POCOPHONE F1
The following information is available for a Company's asset: Cost $5,350,000; Carrying amount (book value) $3,200,000; Undiscounted future cash flows 2,150,000, fair value or market value $2,600,000. Regarding this asset, the company would record a loss on impairment of OLO0.000 OBE00.000 OL 1000.000
Estimate the average total estimated useful life of depreciable property, plant, and equipment. Starbucks reports 580.6 million of depreciation and amortization in the statement of cash flows, of which 4.5 million relates to amortization of limited-life intangible assets. Does the estimate reconcile with stated accounting policy on useful lives for property, plant, and equipment? Explain.
Use this information to answer the following 6 questions. Madison Company acquired a depreciable asset at the beginning of Year 1 at a cost of $12 million. At December 31, Year 1, Madison gathered the following information related to this asset: Carrying value of the asset at 12/31/Y1 $10 million Fair value of the asset at 12/31/Y1 $7.5 million Sum of expected future cash flows at 12/31/Y1 $10 million Present value of expected future cash flows at 12/31/Y1 $8 million Remaining useful life at 12/31/Y1 5 years Determine the impact on Year 1 net income from depreciation and possible impairment under IFRS.
Ga
AN entity acquired plant and equipment for $1 million on 1st January 20X9. The asset is depreciated at 25% a year on straight-line method and tax legislation permits to depreciate the assets at 30% a year for tax purpose. Tax rate is 30%. Calculate any DTL that might arise on the plant and equipment at 31/12/X9. a. $90 000 b. $15 000 c. $75 000 d. $300 000
Based on the following information, how much capital expenditures did FIN3300F24 incur in 2023? FIN3300F24 Balance Sheet As of 12/31/23 As of 12/31/22 Cash $19,000 $54,000 A/R 96,000 75,000 Inventories 273,000 174,000 Total CA $388,000 $303,000 Gross FA 750,000 540,000 Less: accumulated depreciation 238,000 168,000 Net FA $512,000 $372,000 Total Assets $900,000 $675,000 Accounts payable $108,000 $51,000 Accruals 27,000 12,000 Notes payable 273,000 102,000 Total CL $408,000 $165,000 Long-term debt 137,700 172,500 Common stock 189,000 189,000 Retained earnings 165,300 148,500 Total L & E $900,000 $675,000 FIN3300F24 Income Statement 2023 Sales $960,000 Cost of goods sold 576,000 Gross profit $384,000 Operating expenses excluding depreciation $222,000 Depreciation 70,000…
Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $29,000 cash (estimated useful life, five years). b. On January 1, purchased the assets (not detailed) of another business for $153,000 cash, including $14,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost was $29,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as intangible assets called Leasehold Improvements.) d. Total expenditures for ordinary repairs and maintenance were $5,300 during the current year. e. On December 31 of the…
A purchased B, paying $850,000 cash. The books values and fair values of acquired assets and liabilities were: Book asset - Fair Value Current assets net: $130,000 - $125,000 Property, plant, equip: 600,000 - 750,000 Liabilities: 175,000 - 175000 A would record goodwill of: A. $0. B. $150,000 C. $345,000 D. $850,000
Inspector Gadget Ltd has a policy of writing off development expenditure to the Income Statement as was incurred. In preparing its financial statements for the year 20X7 it became aware that under IFRS rules qualifying expenditure should be treated as an intangible asset. Below is the qualifying expenditure for the company: Year ended 30 Sep 20X4 Year ended 30 Sep 20X5 Year ended 30 Sep 20X6 Year ended 30 Sep 20X7 $'000 300 240 800 400 All capitalized expenditure is deemed to having a four year life. Assume that amortization starts at the beginning of the accounting period following capitalization. Inspector Gadget Ltd has no development expenditure before that for the year ended 30 September 20X4. Required: b. Treating the above as the correction of an error in applying an accounting policy, calculate the amounts that should appear in the income statement and statement of financial position (including comparative figures) and statement of changes in equity of the company inb respect…
Amount