Presented below is selected information related to Martin Burke Inc. at year-end. All these accounts have debit balances. (a1) Identify which items should be classified as an intangible asset. Reported as Cable television franchises Music copyrights Research and development costs Goodwill Cash Discount on notes payable Accounts receivable Property, plant, and equipment Internet domain name Film contract rights Customer lists Prepaid expenses Covenants not to compete Brand names Notes receivable Investments in affiliated companies Organization costs Land

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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Question

Presented below is selected information related to Martin Burke Inc. at year-end. All these accounts have debit balances.

(a1) Identify which items should be classified as an intangible asset.

		Reported as
Cable television franchises
Music copyrights
Research and development costs
Goodwill
Cash
Discount on notes payable
Accounts receivable
Property, plant, and equipment
Internet domain name
Film contract rights
Customer lists
Prepaid expenses
Covenants not to compete
Brand names
Notes receivable
Investments in affiliated companies
Organization costs
Land