Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets. To determine the two main characteristics of intangible assets.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

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!

02:27

Students have asked these similar questions

need help this questions

Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 512,008 $ 392,240 2019 $ 272,200 Cost of goods sold 308,229 245,542 174,208 Gross profit 203,779 146,698 97,992 Selling expenses 72,705 54,129 35,930 Administrative expenses 46,081 34,517 22,593 Total expenses 118,786 88,646 58,523 Income before taxes .84,993 58,052 39,469 Income tax expense 15,809 11,901 8,012 Net income $ 69,184 $ 46,151 $ 31,457 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 54,370 0 $ 36,390 600 $ 48,645 3,870 99,436 90,776 53,339 Total liabilities and equity $ 153,806 $ 127,766 $ 105,854 $ 22,456 $ 19,037 $ 18,524 68,000 68,000 50,000 8,500 8,500 5,556 54,850 32,229 31,774 $ 153,806 $ 127,766 $ 105,854

provide correct answer me

Answer 2

Question

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

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!

02:27

Answer 3

Question

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

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!

02:27

Answer 4

Question

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

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!

02:27

Answer 5

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

Answer 6

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.

Conclusion

Hence the two main characteristics of intangible assets are discussed.

Answer 7

Chapter 12, Problem 1Q

To determine

Intangible assets: An asset that has no physical appearance but has money value is termed as intangible assets.

To determine the two main characteristics of intangible assets.

Answer 8

Expert Solution & Answer

Explanation of Solution

Two Main Characteristics of Intangible assets are:

Lack physical existence: Tangible assets such as property, plant, and equipment have physical form. Intangible assets do not have a physical form. The worth of these assets is determined on the basis of the advantages granted to the company using them.
Non-financial instruments: Accounts receivable, bank deposits and long-term investments in bonds lack physical substance. But, they are not intangibles. Their value is determined by the right to get cash or cash equivalents in future.