Joni Metlock Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs Trademarks Discount on bonds payable $23,400 36,400 11,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,400 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 86,400 81,800 (a) On the basis of this information, compute the total amount to be reported by Metlock for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets $

Joni Metlock Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs Trademarks Discount on bonds payable $23,400 36,400 11,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,400 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 86,400 81,800 (a) On the basis of this information, compute the total amount to be reported by Metlock for intangible assets on its balance sheet at year-end. Total 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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Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $24,400 Trademarks 16,900 Discount on bonds payable 37,400 Deposits with advertising agency for ads to promote goodwill of company 12,400 Excess of cost over fair value of net identifiable assets of acquired subsidiary 77,400 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 87,400 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 83,800 (a)On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end. Total amount reported for intangible assets __________
Joni Skysong Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $23,700 Trademarks 15,500 Discount on bonds payable 36,700 Deposits with advertising agency for ads to promote goodwill of company 11,700 Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,700 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 86,700 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 82,400 (a) 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. Total amount reported for intangible assets
Ireland Airways recently reported the following items at fair value in recent annual report (in millions). Account Amount Source of Input Cash and Cash equivalents $11,837 Identical Asset /Active Market Commercial Paper 135 Similar Asset/Active Market Other Available for Sale Securities 228 Identical Asset/Active Market Option contracts 109 Significant unobservable inputs Time Deposits 550 Identical Asset/Inactive Market Certificates of Deposit 125 Similar Asset/Inactive Market What is the total dollar amount of level 1 assets? What is the total dollar amount of level 2 assets? What is the total dollar amount of level 3 assets?
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.
Joni Hyde Inc. has the following amounts reported in its general ledger at the end of the current year. Organization costs $24,000 Trademarks 15,000 Discount on bonds payable 35,000 Deposits with advertising agency for ads to promote goodwill of company 10,000 Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,000 Cost of equipment acquired for research and development projects; the equipment has an alternative future use 90,000 Costs of developing a secret formula for a product that is expected to be marketed for at least 20 years 80,000 Instructions a. On the basis of the information above, compute the total amount to be reported by Hyde for intangible assets on its balance sheet at year-end. b. If an item is not to be included in intangible assets, explain its proper treatment for reporting purposes.
A company prepares its financial statements according to International Financial Reporting Standards. During 2024 the company incurred $1,265,000 in research expenditures to develop a new product. An additional $776,000 in development expenditures were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2024 fiscal year. Sale of the product began in 2023. What amount of the above expenditures would be expensed in the 2024 income statement?
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11. The following information pertains to Nonagon Company's biological assets at December 31, 2021: Price of assets in an active market , P 5,000,000 Estimated broker's and dealer's commissions, P 50,000 Transport and other costs expected to be incurred to bring the assets to the market, P 40,000 Selling price in a binding sale agreement, P 5,100,000 At what amount should the biological assets be presented on the statement of financial position?
Bay Lake Mining Ltd. purchases earth-moving equipment on 1 August 20X6 and signs a three-year note with the supplier, agreeing to pay $430,000 on 31 July 20X9. There is no interest in the note. The equipment purchased does not have a readily determinable market value. (PV of $1. PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Does Bay Lake Mining Ltd. actually have a no-Interest loan? 1-b. This part of the question is not part of your Connect assignment. 2. Calculate the present value of the note payable, using an interest rate of 7%. (Round time value factor to 5 decimal places and final answer to the nearest dollar amount.) Present value Year 3. This part of the question is not part of your Connect assignment. 4. Prepare a table that shows the balance of the note payable and Interest expense over the life of the note. (Round your final answers to the nearest dollar amount.) No 1 Yes No 2 1 2 3 3 Answer is complete and correct. $…
Enron Corporation's 2001 third-quarter 10-Q report disclosed the following activities with LJM2, a nonconsolidated special purpose entity (SPE) that was formed by Enron: In June 200O, LJM2 purchased dark fiber optic cable from Enron for a purchase price of $100 million. LJM2 paid Enron $30 million in cash and the balance in an interest-bearing note for $70 million. Enron recognized $67 million in pretax earnings in 2000 related to the asset sale. Pursuant to a marketing agreement with LJM2, Enron was compensated for marketing the fiber to others and providing operation and maintenance services to LJM2 with respect to the fiber. LJM2 sold a portion of the fiber to industry participants $40 million, which resulted in Enron recognizing agency fee revenue of $20.3 million. As investigations later discovered, Enron controlled LJM2 in many ways. The FASB ASC now requires the consolidation of SPES (as variable interest entities) that are essentially controlled by their primary beneficiary. By…
The following amounts are included in the general ledger of LUNA Corp at December 31, 2020: Organization cost P 52,000 Trademarks 95,000 Patents 225,000 Discount on bonds payable 105,000 Deposits with advertising agency for ads to promote goodwill of company 50,000 Cost of equipment acquired for various research and development projects 320,000…
Bay Lake Mining Ltd. purchases earth-moving equipment on 1 August 20X6 and signs a three-year note with the supplier, agreeing to pay $430,000 on 31 July 20X9. There is no interest in the note. The equipment purchased does not have a readily determinable market value. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Does Bay Lake Mining Ltd. actually have a no-interest loan? 1-b. This part of the question is not part of your Connect assignment. 2. Calculate the present value of the note payable, using an interest rate of 7%. (Round time value factor to 5 decimal places and final answer to the nearest dollar amount.) Yes No Present value Year 1 2 3 Answer is complete and correct. $ 3. This part of the question is not part of your Connect assignment. 4. Prepare a table that shows the balance of the note payable and interest expense over the life of the note. (Round your final answers to the nearest dollar amount.) لنا 351,008…