Selected accounts of the Zena Company are listed below. On January 1, 2016, the only intangible...

Selected accounts of the Zena Company are listed below. On January 1, 2016, the only intangible asset in the company’s account was Goodwill. This was recorded in 2009 when the company acquired another company and paid $350,000 more than the fair market value of the net identifiable tangible assets acquired. For two years, the company amortized the costs on the basis of a 40-year life, charging a total of $16,800 ($8,400 each year) to an account called Amortization Expense—Goodwill. However, no amortization of goodwill has been recorded since 2010. Transactions and events that took place at the company during 2016 are given below. TRANSACTIONS AND OTHER INFORMATION 1. On May 10, 2016, the company paid $180,000 to purchase a product formula. The formula is expected to have a useful life of eight years. 2. On July 5, the company paid $590,000 for a patent having a useful life of 10 years. 3. On September 22, the company purchased a unique computer program for $230,000. This program has an estimated useful life of five years. 4. During the year, the company recorded various cash expenditures of $205,000 for labor and supplies used in its research department. 5. At the end of 2016, the company reviewed the goodwill shown in the accounts. Based on the profitability of activities acquired in purchasing the other business, the owners of the business think the goodwill has a value of $270,000 and should be of benefit for many more years. 1. Record the transactions for 2016. 2.Record amortization of the intangible assets, where appropriate, for the year ended December 31, 2016. 3. Record impairment of assets, where appropriate, on December 31, 2016.

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ekkarill92 answered 1 year ago

Exercise1. Selected transactions for the SJH Company are listed below. 1. Collected accounts receivable. 2. Declared...

Exercise1. Selected transactions for the SJH Company are listed below. 1. Collected accounts receivable. 2. Declared and paid dividends on ordinary shares. 3. Sold long-term investments for cash. 4. Issued ordinary shares for equipment. 5. Repaid five year note payable. 6. Paid employee wages. 7. Converted bonds payable to ordinary shares. 8. Acquired long-term investment with cash. 9. Sold buildings and equipment for cash. 10. Sold merchandise to customers. Instructions Classify each transaction as either (a) an operating activity, (b)...

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5. Plover Corporation prepares monthly financial statements. Below are listed some selected accounts and their balances on the September 30 trial balance before any adjustments have been made for the month of September. PLOVER CORPORATION Trial Balance September 30, 2018 —————————————————————————————————————————— Debit Credit Cash........................................................................................................ $12,300 Supplies................................................................................................... 2,700 Prepaid insurance................................................................................... 5,775 Equipment............................................................................................... 16,200 Accumulated depreciation—Equipment................................................. $ 540 Accounts payable.................................................................................... 1,100 Unearned revenue.................................................................................. 1,200 Common shares...................................................................................... 10,000 Retained earnings................................................................................... 18,925 Rent...

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Blossom Company had accounts receivable of $200,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $1,125,000, cash collections of $1,025,000, and accounts written off of $50,000. Compute the ending balance of accounts receivable. Ending balance of accounts receivable $ LINK TO TEXT Compute the accounts receivable turnover for 2020. (Round answer to 0 decimal places, e.g. 25.) Accounts receivable turnover LINK TO TEXT Compute the average collection period in days....

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