State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

The December 31, 2021, balance sheet of Chen, Incorporated, showed long-term debt of $1,420,000, $144,000 in the common stock account, and $2,690,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2022 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2022. The firm’s net capital spending for 2022 was $1,000,000, and the firm reduced its net working capital investment by $129,000. What was the firm's 2022 operating cash flow, or OCF?

River is a salaried exempt worker who earns $73,630 per year for a 35-hour workweek. During a biweekly pay period, River worked 105 hours. What is the gross pay?

The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

Answer 2

Question

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Answer 6

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Answer 7

Chapter 12, Problem 1GI

To determine

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Answer 8

Expert Solution & Answer

Explanation of Solution

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Tangible assets are the assets which have physical existence, and they represent the ownership of the assets. Whereas, intangible assets are the assets which have no physical existence and it represent the ownership of the rights of the company which owns and uses them. These rights and privileges often arise from legal or contractual rights. Moreover regarding the future economic benefits, the intangible assets usually have a higher degree of uncertainty.

Bothe the intangible and tangible assets have the following characteristics in common:

Both the intangible and tangible assets are held for use in the ordinary course of business and are not held for investment.
Both the intangible and tangible assets have useful lives of more than 1 year.
In order to generate economic benefits, they also derive their value from their ability.
If the assets lives are fixed, then the assets may be expensed by a company in the periods in which it is used in operation.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 12 - Prob. 1GI Ch. 12 - Prob. 2GI Ch. 12 - Prob. 3GI Ch. 12 - Prob. 4GI Ch. 12 - Prob. 5GI Ch. 12 - Prob. 6GI Ch. 12 - Prob. 7GI Ch. 12 - What activities are included in RD? Which are...Ch. 12 - What elements of RD activities does a company...Ch. 12 - How does a company record a patent worth 100,000...

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

State the manner in which an intangible asset would differs from the tangible asset and describe the common things that the intangible assets and tangible assets hold.

Explanation of Solution

Want to see more full solutions like this?

Chapter 12 Solutions