Question
In: Accounting
Determine whether each of the following scenarios should be accounted for as an intangible asset and,...
Determine whether each of the following scenarios should be accounted for as an intangible asset and, if so, whether it meets the criteria for recognition. Justify your conclusions.
a. Clothier entity has developed a successful brand for its designer clothing that allows Clothier to charge a premium. The entity spends large amounts on maintaining and developing the brand.
b. Gumbo Entity purchased a fishing license from the government last year that allows it to fish for the next five years. Gumbo uses the fish in its famous Cajun style gumbo.
c. Computer Entity has developed an accounting software package. It sells licenses to the software package at a 40% gross profit margin.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Determine whether each of the following scenarios should be accounted for as an intangible asset and,...
Determine whether each of the following scenarios should be
accounted for as an intangible asset and, if so, whether it meets
the criteria for recognition. Justify your conclusions.
1. Clothier Entity has developed a successful brand for its
designer clothing that allows Clothier to charge a premium. The
entity spends large amounts on maintaining and developing the
brand.
2. Gumbo Entity purchased a fishing license from the government
last year that allows it to fish for the next five years....
Identify whether each of the following would or would not be recorded as an intangible asset...
Identify whether each of the following would or would not be
recorded as an intangible asset in the financial statement of
Hummings as at the end of the reporting period of 30 June 2016
according to AASB 138 intangible assets.
1. Hummings has acquired copyrights for $240,000, The copyright
(intangible)has a useful life of 50 years and over this time period
is expected to generate future economic benefits well in excess of
its cost of purchases.
2. Hummings spent $600,000...
Identify whether each of the following would or would not be recorded as an intangible asset...
Identify whether each of the following would or would not be
recorded as an intangible asset in the financial statement of
Hummings as at the end of the reporting period of 30 June 2016
according to AASB 138 intangible assets.
Hummings has acquired copyrights for $240,000, The copyright
(intangible)has a useful life of 50 years and over this time period
is expected to generate future economic benefits well in excess of
its cost of purchases.
...
Using the following scenarios, determine whether disciplinary action should or should not be taken and if...
Using the following scenarios, determine whether disciplinary
action should or should not be taken and if so what sanctions would
be implemented (NOTE: you may not have studied the
appropriate law yet, in all situations, but your ethical instincts
may still lead you to the correct response):
A nurse is writing a prescription for a patient and signing the
physician’s name.
An employee meets a patient in the supermarket and discusses the
patient’s office visit earlier that day.
An employee...
Using the following scenarios, determine whether disciplinary action should or should not be taken and if...
Using the following scenarios, determine whether disciplinary
action should or should not be taken and if so what sanctions would
be implemented (NOTE: you may not have studied the
appropriate law yet, in all situations, but your ethical instincts
may still lead you to the correct response):
A nurse is writing a prescription for a patient and signing the
physician’s name.
An employee meets a patient in the supermarket and discusses the
patient’s office visit earlier that day.
An employee...
Gross Domestic Product Assignment : For each of the following scenarios determine whether or not it...
Gross Domestic Product Assignment : For each of the following
scenarios determine whether or not it should be included in the
U.S. GDP calculation. How much would each situation increase GDP by
(you should be able to give me an exact number)? If a transaction
does not count towards GDP give me an explanation on the definition
requirement it does not satisfy and why. Unless otherwise stated,
assume that all transactions are completed domestically, within a
one year time period....
Determine whether each of the following is a Source or Use of cash. (Remember: ? Asset...
Determine whether each of the following is a Source or Use of
cash.
(Remember:
? Asset ? Use
? Liabilities or Owners Equity ? Source
? Asset ? Source
? Liabilities or Owners Equity ? Use)
Net income
Decrease in Accounts Receivable
Decrease in Accrued Wages and Taxes
Increase in Accounts Payable
Decrease in Bonds (long-term debt)
Payment of Dividends
Depreciation and Amortization
Increase in Inventory
Increase in Notes Payable (Repayment of NP)
Acquisition of Fixed Assets
Required: For each of the following independent scenarios, determine whether Van Allen Corporation is a principal...
Required:
For each of the following independent scenarios, determine
whether Van Allen Corporation is a principal or an agent for
purposes of applying the 5-step revenue recognition model.
1. Van Allen is a broker facilitating the sale of goods and will
receive a commission of 10% of the purchase price, which will be
withheld from the proceeds at the closing of the transaction and
paid to Van Allen.
2. Van Allen is an art dealer. It displays artists' work in...
Goodwill is an intangible asset. There are a variety of recommendations about how intangible assets should...
Goodwill is an intangible asset. There are a variety of
recommendations about how intangible assets should be included in
the financial statements. Discuss the recommendations for proper
disclosure of goodwill. Include a comparison with disclosure of
other intangible assets
For each of the following scenarios, state whether there is or is not a contract, and...
For each of the following scenarios, state whether there is or
is not a contract, and why:
1. Bob and Mary were talking at a bar on Thursday night. Bob
wrote the following on coaster and handed it to Mary:
“I promise to pay you $1,000 to dance with man at the bar in the
Gray Shirt”
Mary read the coaster, signed it, and danced with the man in the
gray shirt.
2. Mr. Wilson said to 18 year old...
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