Get correct answer 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.

To prepare the intangible assets section of the balance sheet for Summit Industries as of December…

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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Prepare a balance sheet for Alaskan Peach Corporation as of December 31, 2022, based on the following information: $193,000; patents and copyrights = $847,000; accounts payable = $296,000; accounts receivable = $ cash $189,000; accumulated 253,000; tangible net fixed assets = $5,100,000; inventory = $538,000; notes payable retained earnings = $4,586, 000; long-term debt = $1,250,000. = =
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…
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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.
Gawain's balance sheet for at 31/12/X1 is shown below Buildings Equipment Inventory Cash & Receivables £'000 £'000 450 2,100 £1NV Shares Reserves 1800 975 1,075 150 10% Loan Stock Payables 600 400 3,775 Equity & Liabilities 3,775 Assets Assume that new plant could have been purchased on 01/01/X1 as follows: a) Buy new plant (fair value £600,000, life 6 years) from a 2:9 rights issue made at a premium of 50p per share. b) Instead, lease this plant over 6 years with interest at 20% together with annual repayments of £180,000. Prepare amended balance sheets at 31/12/X1 for each option a) and b) above. c) Contrast Finance Leases with Operating Leases
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…
Blue Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $14,600, Goodwill $54,400, Franchise Fees Receivable $3,900, Franchises $44,800, Patents $30,890, and Trademarks $12,010. Prepare the intangible assets section of the balance sheet.
Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20 Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100 Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20 Dr. Depreciation Expense $100 Cr. PPE $100
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…
Ireland Airways recently reported the following items at fair value in recent annual report (in millions). Account Amount Source of Input Cash and Cash equivalents $11,837 Identical Asset /Active Market Commercial Paper 135 Similar Asset/Active Market Other Available for Sale Securities 228 Identical Asset/Active Market Option contracts 109 Significant unobservable inputs Time Deposits 550 Identical Asset/Inactive Market Certificates of Deposit 125 Similar Asset/Inactive Market What is the total dollar amount of level 1 assets? What is the total dollar amount of level 2 assets? What is the total dollar amount of level 3 assets?
The trial balance of Manhawk Ltd as at 30 June 2010 disclosed: Cash at bank $ 13,000 Accounts receivable 67,200 Inventory (at cost) 52,100 Land & buildings (at director's valuations) 1,400,000 Fixtures & fittings (at cost) 212,000 Investments (at market value) 85,000 Goodwill (at cost) 50,000 Patents (at cost) 15,000 Deferred tax asset 9,000 Allowance for doubtful debts $ 3,100 Accounts payable 51,500 Accrued expenses 2,500 Accumulated depreciation - buildings 90,000 Accumulated depreciation - fixtures & fittings 82,500 Accumulated impairment - goodwill 20,000 Taxation payable 42,000 Deferred tax liability 5,200 Unsecured notes 250,000 Mortgage 500,000 Provision for long service leave 25,000 General reserve 100,000 Asset revaluation reserve 85,000…

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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.