QUIZ 2: 1. Sponge Co. incurred research and development costs in 20x1 as follows: 975,00 Equipment acquired for use in various research and development projects 135,00 Depreciation on the above equipment 200,00 Materials used 500,00 Compensation costs of personnel 150,00 Outside consulting fees 250,00 Indirect costs appropriately allocated The total research and development costs charge in Sponge's 20x1 statement of profit or loss should be: 2. Sanitarium Co. has the following assets, stated at cost, as of December 31, 20x1: 600,00 Macintosh laptops EPSON printers FUJI 10,000 photocopying 250,00 XEROX machines Windows Operating Software 25,000 All of the listed assets above have an original estimated useful life of 5 years and that their remaining useful life on December 31, 20x1 is 4 years. Sanitarium uses the straight line method for its items of property, plant and equipment and intangible assets with finite useful life. How much would be shown as property, plant and equipment in Sanitarium's December 31, 20x1 statement of financial position?

QUIZ 2: 1. Sponge Co. incurred research and development costs in 20x1 as follows: 975,00 Equipment acquired for use in various research and development projects 135,00 Depreciation on the above equipment 200,00 Materials used 500,00 Compensation costs of personnel 150,00 Outside consulting fees 250,00 Indirect costs appropriately allocated The total research and development costs charge in Sponge's 20x1 statement of profit or loss should be: 2. Sanitarium Co. has the following assets, stated at cost, as of December 31, 20x1: 600,00 Macintosh laptops EPSON printers FUJI 10,000 photocopying 250,00 XEROX machines Windows Operating Software 25,000 All of the listed assets above have an original estimated useful life of 5 years and that their remaining useful life on December 31, 20x1 is 4 years. Sanitarium uses the straight line method for its items of property, plant and equipment and intangible assets with finite useful life. How much would be shown as property, plant and equipment in Sanitarium's December 31, 20x1 statement of financial position?

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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