Inkwell Co. incurred research and development costs in 2015 as follows: Materials used in research and development projects Equipment acquired that will have alternate future uses in future research and development projects Depreciation for 2015 on above equipment Personnel costs of persons involved in research and development projects Consulting fees paid to outsiders for research and development projects Indirect costs reasonably allocable to research and development projects $ 650,000 3,000,000 500,000 $1,700,000. $2,000,000. $4,700,000. $2,425,000. 750,000 300,000 225,000 $5.425.000 The amount of research and development costs charged to Inkwell's 2015 income statement should be

Inkwell Co. incurred research and development costs in 2015 as follows: Materials used in research and development projects Equipment acquired that will have alternate future uses in future research and development projects Depreciation for 2015 on above equipment Personnel costs of persons involved in research and development projects Consulting fees paid to outsiders for research and development projects Indirect costs reasonably allocable to research and development projects $ 650,000 3,000,000 500,000 $1,700,000. $2,000,000. $4,700,000. $2,425,000. 750,000 300,000 225,000 $5.425.000 The amount of research and development costs charged to Inkwell's 2015 income statement should be

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles

Section: Chapter Questions

Problem 8.13MCE

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Blossom Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $ 940000 Equipment acquired that will have alternate future uses in future research and development projects 2900000 Depreciation for 2021 on above equipment 483333 Personnel costs of persons involved in research and development projects 740000 Consulting fees paid to outsiders for research and development projects 290000 Indirect costs reasonably allocable to research and development projects 215000 $5568333 The amount of research and development costs charged to Blossom's 2021 income statement should be ?
Sandhill Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $ 930000 Equipment acquired that will have alternate future uses in future research and development projects 2800000 Depreciation for 2021 on above equipment 466666 Personnel costs of persons involved in research and development 730000 projects Consulting fees paid to outsiders for research and development projects 280000 Indirect costs reasonably allocable to research and development projects 205000 $5411666 The amount of research and development costs charged to Sandhill's 2021 income statement should be O $2126666. O $1940000. O $4740000. O $2611666.
Hall Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $950,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2021 on above equipment 500,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and…
Heart Company incurred costs in 2022 as follows:Equipment acquired for use in various research and  development projects - P900,000Depreciation on the equipment above - 210,000Materials used in R&D - 300,000Compensation costs of personnel in R&D - 400,000Outside consulting fees for R& D work - 200,000 Indirect costs appropriately allocated to R&D - 260,000What is the total amount of research and development that should be reported in Heart Company's 2022 statement of comprehensive income?The answer must be P1,390,000
Bennet Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $    450,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2021 on above equipment 300,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and development projects 300,000 Indirect costs reasonably allocable to research and development projects 225,000 Total $5,025,000 What amount of research and development costs should be charged to Bennet’s 2021 statement of profit or loss?
Bennet Co. incurred research and development costs in 2021 as follows: Materials used in research and development projects $    450,000 Equipment acquired that will have alternate future uses in future research and development projects 3,000,000 Depreciation for 2021 on above equipment 300,000 Personnel costs of persons involved in research and development projects 750,000 Consulting fees paid to outsiders for research and development projects 300,000 Indirect costs reasonably allocable to research and development projects 225,000 Total $5,025,000 Assume economic viability has not been achieved.             What amount of research and development costs should be charged to Bennet’s 2021 statement of profit or loss? $Answer
Shanette Company incurred research and development costs in the current year as follows: Equipment acquired for use in various research and development projects Depreciation on the above equipment Materials used 975,000 135,000 200,000 500,000 150,000 250,000 Compensation costs of personnel Outside consulting fees Indirect costs appropriately allocated What is the research and development expense for the current year? A. 850,000 В. 1,085,000 С. 1,235,000 D. 1,825,000
Lucky Mae Company incurred research and development costs in 2020 as follows: Equipment acquired for various researches and development projects P1,400,000; Depreciation on the above equipment P140,000; Materials used P136,000: Compensation cost for personnel P450,000; Outside consulting fees P87,000; Indirect costs appropriately allocated P120,000. What is the total research and development cost charged in Lucky Mae's Income Statement? *
Celina Company incurred the following research and developments costs in the current year: Materials used in research and development projects. 400,000Equipment acquired that will have alternate future use in future Research and Development projects 2,000,000 Depreciation on above equipment. 500,000Personnel costs of persons involved in research and development projects. 1,000,000Consulting fees paid to outsiders for research and development projects. 100,000 Indirect costs reasonably allocable to research and development projects. 200,000 What amount of research and development costs should be expensed in current year? A. 1,500,000 B. 1,700,000 C. 2,200,000 D. 3,500,000
22.Sponge Co. incurred research and development costs in 2021 as follows: Equipment acquired for use in various research and development projects 975,000 Depreciation on the above equipment 135,000 Materials used 200,000 Compensation costs of personnel 500,000 Outside consulting fees 150,000 Indirect costs appropriately allocated 250,000The total research and development costs charge in Sponge's 2021 statement of profit or loss should be: 850,000 1,085,000 1,235,000 1,825,000
GGDL Construction Corp. recently acquired the P2 Corp. P2 Corp has incomplete accounting records. On the one particular project, only the information below is available: 2016 2017 2018 Cost incurred during the year 1,000,000 1,250,000 ? Estimated Cost to complete 2,250,000 950,000 - Recognized revenue 1,100,000 ? ? Realized gross profit on contract ? 50,000 (50,000) Contract Price 3,500,000 P2 Corp uses the percentage of completion method and percentage of work completed is determined through surveys of work performed (Engineer’s estimates). Compute the realized gross profit to be recognized in 2016, revenue to be reported in 2017 and cost incurred in 2018. Group of answer choices 250,000; 2,400,000; 2,250,000 100,000; 1,300,000; 1,150,000 1,100,000; 1,300,000; 2,250,000 1,000,000; 2,400,000; 3,400,000
During the current accounting period, Jack Ltd considered the recognition of the following costs as intangible assets. GHS 40,000 spent on evaluating research findings GHS 60,000 spent on acquiring a brand name from a competitor GHS 50,000 spent on acquiring the legal rights to a production process, without which Jack Ltd’s business cannot function In accordance with IAS 38 Intangible Assets, what is the maximum amount that Jack Ltd could recognize as intangible assets?