Please provide this question solution general accounting Summit Industries has the following accounts in its December 31,2023, trial balance:Trading Securities $45,000⚫ Trademarks $180,000• Prepaid Rent $15,000Copyright $260,000Research Costs $75,000⚫ License Agreements $140,000Prepare the intangible assets section of the balance sheet.

Step 1:The intangible assets are the assets that do not have any physical existence, but these…

Answered: Summit Industries has the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value Receivables $ 144,100 $ 144,100 Inventory 77,400 77,400 Copyrights 135,500 509,500 Patented technology 901,000 744,000 Total assets $ 1,258,000 $ 1,475,000 Current liabilities $ 235,000 $ 235,000 Long-term liabilities 686,000 671,300 Common stock 100,000 Retained earnings 237,000 Total liabilities and equities $ 1,258,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $133,500 to an investment banking firm. The following information was also available: Zambrano further agreed to pay an extra $87,600 to the former owners of Soriano only if they meet certain revenue goals during the…
On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value Receivables $ 188,400 $ 188,400 Inventory 76,600 76,600 Copyrights 146,000 522,000 Patented technology 864,000 646,000 Total assets $ 1,275,000 $ 1,433,000 Current liabilities $ 182,000 $ 182,000 Long-term liabilities 700,000 682,000 Common stock 100,000 Retained earnings 293,000 Total liabilities and equities $ 1,275,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $123,000 to an investment banking firm. The following information was also available: Zambrano further agreed to pay an extra $74,000 to the former owners of Soriano only if they meet certain revenue goals during the…
Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings, 175,000; Accumulated Depreciation: Buildings, 57,500; Investment in Held-to-Maturity Bonds, 12,000; Equipment, 95,000; and Accumulated Depreciation: Equipment, 25,000. Prepare the property, plant, and equipment section of Ozs year-end balance sheet.
On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value 151,000 80,000 587,000 652,000 1,470,000 Receivables 151,000 80,000 Inventory Copyrights Patented technology 168,000 855,000 $ 1, 254,000 Total assets 237,000 $ 694,000 100,000 223,000 Current liabilities 237,000 Long-term liabilities Common stock 681, 000 Retained earnings Total liabilities and equities $ 1,254,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $105,000 to an investment banking firm. The following information was also available: • Zambrano further agreed to pay an extra $82,400 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency at $41,200. Soriano has a…
On May 1, Soriano Company reported the following account balances along with their estimated fair values: Fair Value Carrying Amount $ 196,000 85,000 171,000 874,000 Receivables Inventory Copyrights Patented technology Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equities Items View transaction list $ 1,326,000 $216,000 742,000 100,000 268,000 $ 1,326,000 4 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $125,500 to an investment banking firm. The following information was also available: . Zambrano further agreed to pay an extra $78,200 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency at $39.100. • Soriano has a research and development…
BBB Company had the following assets at December 31, 2022: Cash (of which P25,000 is earmarked for the acquisition of equipment) - P490,000 Trading Securities (including P200,000 investment in FVTOCI) - P380, 000 Accounts Receivable, net (including P500,000 due from an officer on December 31, 2024) - P1, 250,000 Non-Trade Notes Receivable (due in equal semi-annual installments of P50, 000 every March 1 and September 1) - P300,000 Merchandise Inventory - P900, 000 Prepaid Expenses - P80,000 Plant and Equipment, net - P3,750,000 How much is the Total Current Assets at December 31, 2022? How much is the Total Non - Current Assets at December 31, 2022?
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Summit Industries has the following accounts in its December 31, 2023, trial balance: Trading Securities $45,000 ⚫ Trademarks $180,000 • Prepaid Rent $15,000 Copyright $260,000 Research Costs $75,000 ⚫ License Agreements $140,000 Prepare the intangible assets section of the balance sheet.