Question

Explain the difference between tangible and intangible long-lived, revenue-producing assets

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: On January 1, Martinez Inc. issued $3,000,000, 11% bonds for $3,195,000. The market rate of interest...

A:  

Q: On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 ...

A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its e...

Q: On March 10, 2017, Steele Company sold to Barr Hardware 200 tool sets at a price of $50 each (cost $...

A: (a) Prepare journal entries for Steele to record (1) the sale on March 10, 2017, (2) the return on M...

Q: What is the excess of the issue price of bonds over their face amount called? premium discount secur...

A: Premium on Bonds: When bond market costs higher than its face value then bonds is called at premium....

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at ...

A: Companies which have excess cash or ideal cash can invest in fixed deposit or purchase shares of ano...

Q: You are a Senior Manager in Federer & Co, a firm of Chartered Certified Accountants offering aud...

A: After summarizing the above case, it is concluded that the auditing firm is offered to become the pa...

Q: Although top management’s attitude toward ethics sets the tone for business practice, sometimes it i...

A: Click to see the answer

Q: As the discount rate increases, the present value of a given future cash flow also increases. Doyou ...

A: No, I don’t agree with the statement. If the discount rate raises then the present value (PV) of giv...

Q: If detective controls signal error flags, why shouldn’t these types of controls automatically make a...

A: Click to see the answer

Q: Apr. 3   Inventory   12 units @ $45   11   Purchase   13 units @ $47   14   Sale   18 units   ...

A: Perpetual inventory system (FIFO method)   Purchases Cost ofMerchandise Sold Inventory ...

Q: Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 ...

A: Partnership is the relationship between two or more person for do business. Each partner contributes...

Q: Example 20 in the textbook happens to involve a contribution to the Girl Scouts. Don’t know about yo...

A: A charitable contribution refers to a donation or a gift which is made voluntarily to a qualified or...

Q: The accounting measure of a project's after-tax profit during a particular time period is known as n...

A: Click to see the answer

Q: (Equity Investments) Castleman Holdings, Inc. had the following equity investment portfolio at Janua...

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in monetar...

Q: Under its executive stock option plan, National Corporation granted 12 million options on January 1,...

A: Given information is: Number of options granted = 12 million options Fair value of option = $5 per o...

Q: Briefly explain the circumstances in which you would (have to) use each of the three different “MACR...

A: MACRS (Modified Accelerated Cost Recovery System) is a method of depreciation used in United States....

Q: Flounder Corp. has income from continuing operations of $246,500 for the year ended December 31, 202...

A: Partial Statement of Comprehensive Income:

Q: (EPS with Contingent Issuance Agreement) Winsor Inc. recently purchased Holiday Corp., a large midwe...

A: Given information is: Winsor Inc. recently purchased Holiday Corp., a large midwestern home painting...

Q: Tony Bautista needs $25,000 in 4 years. What amount must he invest today if his investment earns 12%...

A: Present Value: The value of today’s amount to be paid or received in the future at a compound inter...

Q: What are the advantages of real-time data collection?

A: Click to see the answer

Q: Shetland Inc. had pretax financial income of $154,000 in 2017. Included in the computation of that a...

A: The income taxes are computed on the basis of accounting income and temporary differences between ta...

Q: Among the five components of internal controls namely, control environment, risk assessment, informa...

A: Internal control: Internal control is a process which ensures continuous reliability of accomplishme...

Q: The following describes the revenue cycle procedures for a hypothetical company.The sales department...

A: Transaction Processing System: Transaction processing system refers to a system that helps an organ...

Q: Describe presentation and disclosure regarding revenue.

A: Disclosure:   A disclosure is a statement that recognizes the policies of the business as it serves ...

Q: Accounting Question

A: Working Capital is calculated by minus Current Liability from Current Asset. Generally higher the ra...

Q: What are the reporting issues in a sale with a repurchase agreement?

A: Repurchase agreement: A form of short term borrowing for dealers in government securities is called ...

Q: The term reserves is used under IFRS with reference to all of the following except:(a) gains and los...

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is ...

Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at ...

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share = $2,...

Q: Here is the income statement for Larkspur, Inc. LARKSPUR, INC.Income StatementFor the Year Ende...

A: Formulas: Earnings per share = (Net income - preferred dividend)/ Average outstanding common share...

Q: What are the major differences between financial and managerial accounting?

A:  

Q: On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate its partnership. The par...

A: 1 (a) (b)

Q: (Debt Investments) Presented below is information taken from a bond investment amortization schedule...

A: When a bond is issued at a less price than its par or face value, then it will be said as bonds are ...

Q: (a) Established a petty cash fund of $235. (b) The petty cash fund now has a balance of $42.80. Re...

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office s...

Q: Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

A: 1. (a1) The Journal entries and the computation are below: Calculation of Gilbert Capital: For Tren...

Q: Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a franc...

A: Date Account Titles and Explanation Debit Credit April 1, 2017 Cash $25,000     ...

Q: Logistics Solutions provides order fulfillment services for dot-com merchants. The company maintains...

A: Given information is: Number of items = 120000 Number of direct labour hours = 2300 Direct labour ho...

Q: What are the five internal control components described in the SAS 78/COSO framework?

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of financia...

Q: Selling, general, and administrative expenses were $149,600; net sales were $680,000; interest expen...

A: Formula: Sales - cost of goods sold = Gross profit. Gross profit - operating expenses = income from ...

Q: From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur Man...

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including al...

Q: At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the ...

A: The tax expense to be recognized in any year is the sum total of current and deferred tax expense. C...