Toni Skysong Inc. has the folowing amountS reported in its general ledger at the end or the current year. Organization costs Trademarks Discount on bonds payable $23,700 15,500 36,700 Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 11,700 76,700 86,700 82,400 (e On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end. rotal amount reported for intangible assets

Toni Skysong Inc. has the folowing amountS reported in its general ledger at the end or the current year. Organization costs Trademarks Discount on bonds payable $23,700 15,500 36,700 Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 11,700 76,700 86,700 82,400 (e On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end. rotal amount reported for intangible assets

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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Exchanging assets—two situations Partner Bank recently traded in office fixtures. Here are the facts: Requirements Record Partner Bank’s trade-in of old fixtures for new ones. Assume the exchange had commercial substance. Now let’s change one fact. Partner Bank feels compelled to do business with Elm Furniture, a bank customer, even though the bank can get the fixtures elsewhere at a better price. Partner Bank is aware that the new fixtures’ market value is only $126,000. Record the trade-in. Assume the exchange had commercial substance.
2. Paris paid Cherry $333,333 on 12/31/2020 for the exclusive right to market a particular product using the Cherry Co name and logo in promotional material. The franchise follows the rules of Going Concern. Paris also spent $600,000 on 12/31/2020 in developing a new manufacturing process. Its application for a patent is submitted. Paris believes it will be successful What is the Net Impact on Net Income for the year ended 2021?
Current Attempt in Progress Tamarisk SpA has the following amounts reported in its general ledger at December 31, 2022. Organization costs Trademarks Bonds payable Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of net identifiable assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years (all research phase) €22,800 13,700 35,800 10,800 75,800 Total amount reported for intangible assets 85,800 80,600 (a) On the basis of this information, compute the total amount to be reported by Tamarisk for intangible assets on its statement of financial position at December 31, 2022. As noted, the equipment has alternative future use.
Consider the following information from a company's records for 2020: Materials used in research and development projects $4,500 Equipment acquired that will have alternative future uses in future R&D projects for five years 1,500 Personnel costs of employees involved in R&D projects 5,500 Consulting fees paid to outsiders for R&D projects 2,800 Indirect costs reasonably allocable to R&D projects 250 Legal fees associated with registration of a patent resulting from a 2020 R&D project 2,500 Required: Compute the amount of R&D costs that should be classified as expenses In determining 2020 net income.
Please solve all (a,b,c,d,e) questions given below based on the images uploaded. As typical of a start-up business, PNW, LLC expects to generate a current year loss with regular deprecation. As such, PNW, LLC does not elect Section 179 depreciation and elects out of bonus depreciation. PNW, LLC qualifies for the half year convention. a. How much depreciation is reported by Philadelphia Region 3 on assets purchased from Magellanic Resources? b.How much depreciation is reported by Kansas City Region 7 on assets purchased from Magellanic Resources? c.What asset class life was used by Kansas City Region 7 on assets purchased from Magellanic Resources? d. Did Kansas City Region 7 under or over report depreciation on assets purchased from Magellanic Resources? e.What is the correct depreciation for Kansas City Region 7 on assets purchased from Magellanic Resources?
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Blossom Electric Inc. has the following amounts included in its general ledger at December 31, 2023: Organization costs Purchased trademarks Development phase activities (meet all six development phase criteria) Deposits with advertising agency for ads to promote goodwill of company Excess of cost over fair value of identifiable net assets of acquired subsidiary Cost of equipment acquired for research and development projects; the equipment has an alternative future use Costs of researching a secret formula for a product that is expected to be marketed for at least 20 years Payment for a favourable lease; lease term of 10 years $34,700 Total amount of intangible assets to be reported 18,500 31,500 7,700 81,100 125,300 75,900 14,900 (a) Based on the information provided, calculate the total amount for Blossom to report as intangible assets on its statement of financial position at December 31, 2023. Assume Blossom uses IFRS to prepare its financial statements.
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