What amount of research and development costs should be charged to Bennet’s 2021 statement of profit or loss?
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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?
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- Virtual Co. incurred research and development costs in 2023 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 2023 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 Virtual’s 2023 income statementBennet 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? $AnswerBlossom 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 ?
- 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? *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 $5,025,000Hall 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 P1,390,00022.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 1,825,000Celina 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
- Cozy Inc. incurred and paid the following costs during the year ended December 31, 2021: Laboratory research aimed at discovery of new knowledge $200,000 Costs of testing prototype and design modifications (economic viability not achieved) 45,000 Quality control during commercial production, including routine testing of products 270,000 Construction of research facilities having an estimated useful life of 6 years but no alternative future use 360,000 The journal entry for the total amount to be classified and expensed as research and development in 2021 is:A manufacturer incurs the following costs: $38,000 developing new techniques that will be put in place shortly to cut production costs; $27,000 researching a new process to improve the quality of the standard product and $8,000 on market research into the commercial viability of a new type of product. It is company policy to capitalise costs whenever permitted by IAS 38 Intangible Assets. 9.7 How much should be charged as research and development expenditure in profit or loss? (ignore amortisation) $73,000 $35,000 $27,000 $38,000 A 229ni2ud a yde C BPP EARNING MEDIADuring 2021, Sheridan Co. incurred the following costs: Testing in search for process alternatives $373000 Costs of marketing research for new product 243000 Modification of the formulation of a process 553000 Research and development services performed by Sunland Corp. for Sheridan 468000 In Sheridan's 2021 income statement, research and development expense should be $1021000. $1637000. $553000. $1394000.
