Hancock Company reported the following account balancesat December 31, 2027:Sales revenue .. $97, 000Dividends.. $11,000Supplies. 13,000Accounts payable.... . . . . . $59,000Building ... $27,000Insurance expense. $31,000Notes payable. $39,000Income tax expense .. 41,000Patent Common stock.... ... ?Copyright $42,000Cash $20,000Equipment $14,000Utilities payable ... $19,000Repair expense.... $22,000Inventory $64, 000Retained earnings $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... . $37,000Accumulated depreciation .... $23,000 ...? Trademark ... .... $34,000Accounts receivable $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P-E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. S S

Hancock Company reported the following account balancesat December 31, 2027:Sales revenue .. $97, 000Dividends.. $11,000Supplies. 13,000Accounts payable.... . . . . . $59,000Building ... $27,000Insurance expense. $31,000Notes payable. $39,000Income tax expense .. 41,000Patent Common stock.... ... ?Copyright $42,000Cash $20,000Equipment $14,000Utilities payable ... $19,000Repair expense.... $22,000Inventory $64, 000Retained earnings $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... . $37,000Accumulated depreciation .... $23,000 ...? Trademark ... .... $34,000Accounts receivable $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P-E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. S S

Name: Hancock Company reported the following account balancesat December 31
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Description: Hancock Company reported the following account balancesat December 31, 2027:Sales revenue$97,000Dividends.$11,000Supplies13,000Accounts payable41,000Patent$59,000BuildingCommon stock..$27,000Insurance expense.... $31,000Notes payable ..$39,000Income

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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