gia products inc completed and transferr
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- Which of the following groups would be classified as intangible assets for financial accounting andreporting purposes? a. long-term notes receivable, copyrights, goodwill, and trademarksb. patents, computer software costs, franchises, and trademarksc. computer software costs, research and development costs for internally developed patents,patents, and goodwilld. organization costs, goodwill, costs of employee training programs, and trademarksIndicate whether the following items are capitalized or expensed in the current year. a. Purchase cost of a patent from a competitor. b. Research and development costs. c. Organizational costs. d. Costs incurred internally to create goodwill.Catégorie each of the following activities into the expenditures, conversion or revenues cycle and identify the application subsystem
- An entity reported the following assets at year-end: Franchise - 1,000,000 Computer Software - 1,500,000 Patent - 2,500,000 Customer List - 500,000 Copyright - 700,000 Deposit with advertising agency to promote goodwill - 400,000 Excess of cost over fair value of identifiable net assets of acquired associate - 1,400,000.00 Excess of cost over fair value of identifiable net assets of acquired subsidiary - 4,000,000.00 Trademark - 900,000 Research and development cost - 2,000,000 What total amount should be reported as intangible assets?Indicate how the following items would generally be reported in the financial statements:1. Investment in subsidiary company2. Cost of engineering activity required to advance the design of a product to the manufacturing stage3. Lease prepayment4. Cost of equipment purchased5. Cost of searching for applications of new research findings 6. Cost incurred in the formation of a corporation7. Training costs incurred in start-up of new operation8. Purchase cost of a franchise9. Goodwill generated internally10. Cost of testing in search of product alternatives11. Goodwill acquired in the purchase of a business12. Cost of developing a patent13. Cost of purchasing a patent from an inventor 14. Legal costs incurred in securing a patent15. Unrecovered costs of a successful legal suit to protect the patent16. Cost of conceptual formulation of possible product alternatives17. Cost of purchasing a copyright18. Research and development costs19. Cost of developing a trademark20. Cost of purchasing a…Indicate whether the following items are capitalized or expensed in the current year. a.Purchase cost of a patent from a competitor. b.Research costs. c.Development costs (after achieving economic viability). d.Organizational costs. e.Costs incurred internally to create goodwill.
- Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes? Computer software costs, development costs for internally developed patents, research, and goodwill Long-term notes receivable, copyrights, goodwill, and trademarks Start-up costs, goodwill, costs of employee training programs, and trademarks Patents, software development costs, franchises, copyrights, and trademarksComplete the following Acquired Company's Balance Sheet Before Purchase Amortization Schedule Income Distribution Schedules Consolidated worksheet eliminationsWhich of the following is a plant asset? A. Equipment B. Patents C. Trademark D. Accounts Receivable
- Brill Company made the following expenditures during the current year: Costs to develop computer software for internal use in Brill’s general management information system: 1 000 000 Cost of market research activities 750 000 Brill Company’s total Expense?A schedule of equipment owned by DAISY Corporation is presented below: Based on the information presented, what is the group or composite life of the assets1.compute the amount of goodwill acquired 2.Record the acquisition in a financial statements model. Arizona Corporation’s financial condition just prior to the acquisition is shown in the financial statements model 3.Record the acquisition in general journal format