The general ledger of Summit Corporation as of December 31, 2024, includes the following accounts: Patents $50,000 . Prepaid rent $15,000 • Unamortized bond discount $25,000 ⚫ Goodwill $180,000 ⚫ Trade names $40,000 What should be reported as total intangible assets on Summit's balance sheet? a) $310,000 b) $270,000 c) $295,000 d) $285,000
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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.vv. Subject FinanceSamoa 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 questionsInformation 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…Presented below are data taken from the records of Sheffield Company. December 31,2020 December 31,2019 Cash $15,100 $7,900 Current assets other than cash 85,800 59,800 Long-term investments 10,100 53,000 Plant assets 335,200 214,500 $446,200 $335,200 Accumulated depreciation $20,200 $40,200 Current liabilities 39,600 22,000 Bonds payable 75,800 –0– Common stock 252,800 252,800 Retained earnings 57,800 20,200 $446,200 $335,200 Additional information: 1. Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the…
- Presented below are data taken from the records of Sheffield Company. December 31,2020 December 31,2019 Cash $15,100 $7,900 Current assets other than cash 85,800 59,800 Long-term investments 10,100 53,000 Plant assets 335,200 214,500 $446,200 $335,200 Accumulated depreciation $20,200 $40,200 Current liabilities 39,600 22,000 Bonds payable 75,800 –0– Common stock 252,800 252,800 Retained earnings 57,800 20,200 $446,200 $335,200 Additional information: 1. Held-to-maturity debt securities carried at a cost of $42,900 on December 31, 2019, were sold in 2020 for $33,600. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $49,600 and were 80% depreciated were sold during 2020 for $7,900. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the…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…At December 31, 2023, Sandhill Corp's general ledger includes the following account balances: Copyrights $52500 Deposits with advertising agency (will be used to promote goodwill) 43000 Discount on bonds payable 74000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 589500 Trademarks 106000 In the preparation of Sandhill's balance sheet as of December 31, 2023, what should be reported as total intangible assets? O $158500 O $748000 $791000 O $822000

