Please give me answer general accounting question The general ledger of Summit Corporation as of December31, 2024, includes the following accounts:Patents $50,000. Prepaid rent $15,000•Unamortized bond discount $25,000⚫ Goodwill $180,000⚫ Trade names $40,000What should be reported as total intangible assets onSummit's balance sheet?a) $310,000b) $270,000c) $295,000d) $285,000

Step 1: Define Intangible AssetsIntangible assets are non-physical assets that a company owns, which…

Answered: The general ledger of Summit…

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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Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
Patel Corporation Balance Sheet December 31, 2021 $ 630,000 189,000 275,000 1,875,000 Cash $ Accounts receivable ( net) Inventories Plant and equipment net of depreciation Patents Other intangible assets Total Assets $ 750,000 350,000 Accounts payable 1.950,000 Income taxes payable 2,439,000 Miscellaneous accrued payables Bonds payable (8% , due 2023) 1,963,000 Preferred slock ($100 par, 6% 261,000 cumulative nonparticipating) 75,000 Common stock (no par, 60,000 7,058.000 shares authorized, issued and outstanding) Retained earnings Treasury stock- - 1.500 shares of preferred Total Equities 1,125,000 2,439,000 (225,000) underline 5 7,058,000 Patel Corporation Income Statement Year ended December 31, 2021 Net sales $ Cose goods sold Gross profit Operating expenses (including bond interest expense) Income before income taxes Income tax Net income 9,000,000 6,000,000 3,000,000 1,500,000 1,500,000 450,000 1, 05 Additional information: There are no preferred dividends in arrears, the…
The general ledger of Megan Corporation as of December 31, 2018, includes the following accounts: Copyrights $ 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Megan's statement of financial position as of December 31, 2018, what should be reported as total intangible assets?
The general ledger of Sunland Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 56000 Deposits with advertising agency (will be used to promote goodwill) 33000 Discount on bonds payable 76000 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 540000 Trademarks 71000 In the preparation of Sunland's balance sheet as of December 31, 2021, what should be reported as total intangible assets? $644000. $611000. $667000. $700000.
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Samoa Limited is preparing its statement of financial position as of December 31, 2023. The following financial information is extracted from the ledger:- Land $340,000; Buildings $320,000; Accumulated depreciation - Buildings $90,000; Patents $180,000; Investment property $510,000; Ordinary share capital $870,000; Retained earnings $163,000; Revaluation reserve $66,000. Additional information is available:- a. Notes payable $560,000 issued on December 31, 2023. The notes will be paid in cash installments of $ 53,000 each on Dec. 31. The first installment (principal repayment $50,000, interest expense $3,000) will be paid on December 31, 2024. b. Prepaid rent of $ 45,000, covering January 1, 2024 to June 30, 2025. C. d. e. f. Unearned revenues $36,000 for services to be performed in 2024. Investment of $150,000 in the US treasury bills. The maturity date will be January 20, 2024. Investment in Gabon's shares is $240,000. The company plans to sell half of the shares by 2024. The…
The general ledger of...accounting questions
Information for Crane Company is given below: Crane Company Balance Sheet December 31, 2021 Assets Equities Cash $ 302000 Accounts payable $ 625000 Accounts receivable (net) 1955000 Income taxes payable 193000 Inventories 2436000 Miscellaneous accrued payables 227000 Plant and equipment, Bonds payable (8%, due 2023) 1900000 net of depreciation 1983000 Preferred stock ($100 par, 6% Patents 262000 cumulative nonparticipating) 700000 Other intangible assets 75000 Common stock (no par, 60,000 Total Assets $7013000 shares authorized, issued and outstanding) 1127000 Retained earnings 2464000 Treasury stock-1500 shares of preferred (223000) Total Equities $7013000 Crane…
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1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…
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