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 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 B. 1,085,000 C. 1,235,000 D. 1,825,000 500,000 150,000 250,000
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- 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 P1,390,000Blossom 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 ?QUIZ 2: 1. Sponge Co. incurred research and development costs in 20x1 as follows: 975,00 Equipment acquired for use in various research and development projects 135,00 Depreciation on the above equipment 200,00 Materials used 500,00 Compensation costs of personnel 150,00 Outside consulting fees 250,00 Indirect costs appropriately allocated The total research and development costs charge in Sponge's 20x1 statement of profit or loss should be: 2. Sanitarium Co. has the following assets, stated at cost, as of December 31, 20x1: 600,00 Macintosh laptops EPSON printers 10,000 FUJI photocopying 250,00 XEROX machines Windows Operating Software 25,000 All of the listed assets above have an original estimated useful life of 5 years and that their remaining useful life on December 31, 20x1 is 4 years. Sanitarium uses the straight line method for its items of property, plant and equipment and intangible assets with finite useful life. How much would be shown as property, plant and equipment in…
- 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? $AnswerInkwell 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
- E 2-5 - Items included in cost Curry Corporation began operations in the current year. During the Cear it incurred the following expenditures in purchasing materials for producing its product: Purchase price of raw materials = P3,000,000 Import duty and other non-refundable purchase taxes Refundable purchase taxes Freight costs for bringing the goods from the supplier to the factory raw material storeroom = P300,000 Costs of unloading the materials into the raw material storeroom = P2,000 • Packaging = P200,000 %3D P800,000 || P100,000 %3D %3D The entity received P53,000 volume rebate from a supplier for purchasing more than P1,500,000 from the supplier during the year. The entity incurred the following additional costs in the production run: Salary of the machine workers in the factory • Salary of factory supervisor = P300,000 Depreciation of the factory building and equipment used for production process = P60,000 Consumables used' in the production process Depreciation of vehicle…Virtual Co. incurred research and development costs in 2023 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 2023 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 F. Time hp $450,000 3,000,000 300,000 750,000 300,000 225,000 Assume economic viability has not been achieved. What amount of research and development costs should be charged to Virtual's 2023 income statement? $ Total $5,025,000Sponge Co. incurred research and development costs in 20x1 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 250,000 The total research and development costs charge in Sponge's 20x1 statement of profit or loss should be: Question 6 options: a 850,000 b 1,085,000 c 1,235,000 d 1,825,000
- 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 1,825,0002. Brill Company made the following expenditures during the current year: Costs to develop computer software for internal use in Brill’s general management information system: 1 000 000 Cost of market research activities 750 000 Brill Company’s total Expense?The components of the cost of a major item of equipment are given below.GHSPurchase price 780,000Import duties 117,000VAT (refundable) 78,000Site preparation 30,000Installation costs 28,000Pre-production costs 18,000Initial operating losses before the asset reaches planned performance 50,000Estimated cost of dismantling and removal of the asset, recognized as a provision under IAS 37 Provisions,Contingent Liabilities and Contingent Assets 100,0001,201,000In accordance with IAS 16 Property, Plant and Equipment, what amount should be recognized as the cost of the asset?