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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i just want to know, what would the treatment be for these two adjustments, thank u (v) During the year the company began construction of a new facility. The costs incurred to date include the following: £'000 200 Site preparation Materials used 100 Labour costs 60 Overheads Total 100 460 Overheads comprise overheads of £80,000 related to the construction of the facility and overheads of £20,000 that are general to the business as a whole. (ix) During the year, the company undertook some research and development activities. The costs incurred, which have all been included in the Intangible assets account, comprise: (1) Research costs for a possible new product (2) Development costs for a new product to be released to the market next financial year (3) Promotional costs relating to (2) above £20,000 £40,000 £80,000
Transcribed Image Text:i just want to know, what would the treatment be for these two adjustments, thank u (v) During the year the company began construction of a new facility. The costs incurred to date include the following: £'000 200 Site preparation Materials used 100 Labour costs 60 Overheads Total 100 460 Overheads comprise overheads of £80,000 related to the construction of the facility and overheads of £20,000 that are general to the business as a whole. (ix) During the year, the company undertook some research and development activities. The costs incurred, which have all been included in the Intangible assets account, comprise: (1) Research costs for a possible new product (2) Development costs for a new product to be released to the market next financial year (3) Promotional costs relating to (2) above £20,000 £40,000 £80,000
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