Question
In: Accounting
Giants Co developed a trademark internally, incurring the following costs on 1/1/13: Design $282,000 Registration $132,000...
Giants Co developed a trademark internally, incurring the
following costs on 1/1/13:
On 1/1/15, Giants Co acquired a trade name for $498,000. At the time of development (1/1/13) and acquisition (1/1/15), Giants Co estimated that the economic life of each asset would be 12 years. On 1/1/19, Giants Co successfully defended the trade name in a legal battle at a cost of $21,700. As a result, the economic life was adjusted to extend through the year 2027. Also on this day, Giants Co has determined that the trademark would have an unlimited capacity to produce cash flows. |
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** REQUIRED: 1) Determine the following: a) TOTAL amount of amortization expense reported FYE
12/31/18. 76000 Here are the correct answers, can you please explain how they were computed. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
1) If a trademark is developed internally, it cannot be recognized as an intangible asset on...
1)
If a trademark is developed internally, it
cannot be recognized as an intangible asset on the
statement of financial position.
True
False
2)
On January 3, Bramble Corp. purchased 2 portable electronic
keyboards for $547 each. On January 20, it purchased 2 more of the
same model keyboards for $482 each. During the month, it sold 2
keyboards; 1 was purchased on January 3 and the other was purchased
on January 20.
Calculate the cost of goods sold and...
Chapter 13 Worksheet EC102 Short Run Cost 1. Define the following a. total fixed costs b....
Chapter 13 Worksheet
EC102
Short Run Cost
1. Define the following
a. total fixed costs
b. total variable costs
2. Write a formula for each of the following
a. total costs
b. average fixed costs
c. average variable costs
d. average total costs
e. marginal costs
3. Fill in the blanks in the following table.
Output
TFC
TVC
TC
MC
AFC
AVC
ATC
1
100
50
2
30
3
40
4
270
5
70
Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design...
Diaz Company incurred the following costs during the year
2020.
1.
Salaries expense related to design for a trademark with an
indefinite estimated life
$12,000
2.
Materials used for research and development projects for the
current year
20,000
3.
Fees paid to external consultants related to research and
development projects
60,000
4.
Trouble-shooting in connection with breakdowns during
production
36,000
5.
Design of tooling involving new technology
18,000
6.
Cost of equipment (purchased January 2019) that will have
alternative uses...
Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design...
Diaz Company incurred the following costs during the year
2020.
1.
Salaries expense related to design for a trademark with an
indefinite estimated life
$12,000
2.
Materials used for research and development projects for the
current year
20,000
3.
Fees paid to external consultants related to research and
development projects
60,000
4.
Trouble-shooting in connection with breakdowns during
production
36,000
5.
Design of tooling involving new technology
18,000
6.
Cost of equipment (purchased January 2019) that will have
alternative uses...
1) Diggs Company incurred the following costs while producing 560 units: direct material: $13 per unit;...
1)
Diggs Company incurred the following costs while producing 560
units: direct material: $13 per unit; direct labor: $26 per
unit; variable manufacturing overhead: $10 per unit; total fixed
manufacturing overhead costs: $11,200; variable selling and
administrative costs: $4 per unit; total fixed selling and
administrative costs: $7,280. There are no beginning
inventories.
What is the operating income using variable costing if 350 units
are sold for $190 each?
2)
Dollar Company incurred the following costs while producing 520
units:...
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