Identify each of the following long-term operational assets as either tangible (T) or intangible (I). 1. Retail store building 2. Shelving for inventory 3. Trademark 4. Gas well 5. Drilling rig 6. FCC license for TV station 7. 18-wheel truck 8. Timber 9. Log loader 10. Dental chair 11. Goodwill 12. Computer software
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Identify each of the following long-term operational assets as either tangible (T) or intangible (I).
1. Retail store building
2. Shelving for inventory
3. Trademark
4. Gas well
5. Drilling rig
6. FCC license for TV station
7. 18-wheel truck
8. Timber
9. Log loader
10. Dental chair
11.
12. Computer software
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- For each of the following assets, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A melt-indexer used in a company research lab. b. A plot of land for the production of income. c. A restaurant franchise. d. An amateur radio tower attached to land with multiple antennas on it. e. Fencing and landscaping around an office complex.The Home Depot financial statements appear in Appendix A at the end of this textbook. Use thesestatements to answer the following questions and indicate where in the financial statements youfound the information. a. What depreciation method does Home Depot use for buildings, furniture, fixtures, and equip-ment? What are the useful lives over which these assets are depreciated? b. From the notes to Home Depot ’s financial statements, what can you learn about the company’spolicy regarding impairment of plant assets?c. Locate Home Depot ’s balance sheet and find the section entitled “Property and Equipment, atcost.” As of January 31, 2010, determine the amount of the company’s investment in propertyand equipment and the amount of depreciation taken to date on those assets. Are these assets,taken as a whole, near the beginning or end of their estimated useful lives? Explain your answer.Indicate in the blank spaces below, the section of the balance sheet where the following items are reported. Use the following code to identify your answer: PPE Property, Plant, and Equipment I Intangibles O Other N/A Not on the balance sheet _____ 1.Goodwill ______ 6. Research and Development Costs _____ 2.Land Improvements ______ 7. Land _____ 3.Buildings ______ 8. Franchises _____ 4.Accumulated Depreciation ______ 9. Licenses _____ 5.Trademarks ______ 10. Equipment
- State whether each of the below is Capital Expenditure or Revenue Expenditure. 1 Purchase of new delivery vehicle 2 Payment of an invoice for advertising 3 Costs of clearing the site ready for an extension to the factory building 4 Signwriting on the outside of the new delivery vehicles 5 Redecoration of the office 6 Payment of delivery driver’s wages 7 Fuel for delivery vehicles 8 Fitting of shelving in delivery vehicle 9 Clay for making the pets toys 10 Wages of sales staff 11 Purchase of potters wheel for use in the business 12 Installation costs for the potters wheel 13 Wages os staff operating the potters wheel 14 Redecoration of store room 15 Payment of extra wages to own staff for fitting the alarm and cctv 16 Payment of architect fees for designing the proposed new shop 17 Purchase of new telephones system for…Cannington Inc. designs, manufactures, and markets personal computers and related software. Cannington also manufactures and distributes music players (cPod), mobile phones (cPhone), and smartwatches (Cannington Watch) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Cannington: Property, Plant, and Equipment (in millions): Current Year Preceding Year Land and buildings $494,500 $286,810 Machinery, equipment, and internal-use software 469,775 370,875 Other fixed assets 598,345 449,995 Accumulated depreciation and amortization (628,015) (524,170) a. Compute the book value of the fixed assets for the current year and the preceding year. Current year book value (in millions) $fill in the blank 1 Preceding year book value (in millions) $fill in the blank 2 A comparison of the…For each asset given below, state whether the asset is tangible/intangible property, personal/real property, and depreciable/nondepreciable property. a. A tractor (part of tractor-trailer rig, an 18-wheeler). b. A copyright. c. An all-in-one copier, scanner, fax machine used in your business. d. A rental home for the purpose of generating rental income.
- The following accounts correspond to the company Hisellav, S.A, which is dedicated to providing maintenance services. The information is relative to the year 2010 and the company asks you to help prepay its income statement and balance sheet for that year with all formality: Salaries payable 6400 public services 2900 Share capital 42,000 building depreciation 4400 income from services 76,300 materials inventory 7900 ISR 3900 trademark 17,600 loss on sale of asset 6000 promotion 15,000 providers 82,200 ESPS 14,000 interest on mortgage 13,000 sales per diem 8000 Retained earnings as of 12/31/09 19,400 clients 38,800 Accumulated depreciation building 18800 interest income 1400 Building 94,000 cash 18800 currency translation gain 3000 mortgage 26,600 rental income 10,500 rent paid in advance 1 year 42,300Starn Tool & Manufacturing Company, located in Meadville, PA, provides component machining for robotics, drones, vision systems, and special machines and assemblies for the aerospace, military, commercial, automotive, and medical industries. Assume the company has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these intangibles. Facts about each intangible follow: a. Patent. The company purchased a patent for a new tool at a cash cost of $78,000 on January 1, 2020. The patent has an estimated useful life of 13 years. b. Copyright. On January 1, 2020, the company purchased a copyright for $31,000 cash. It is estimated that the copyrighted item will have no value by the end of 10 years. c. Franchise. The company obtained a franchise from H & H Tool Company to make and distribute a special item for the automotive industry. It obtained the franchise on…Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. 2. Timberland. 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. 4. Lease prepayment (6 months' rent paid in advance). 5. Cost of equipment obtained. 6. Cost of searching for applications of new research findings. 7. Costs incurred in the formation of a corporation. 8. Operating losses incurred in the start-up of a business. 9. Training costs incurred in start-up of new operation. 10. Purchase cost of a franchise. 11. Goodwill generated internally. 12. Cost of testing in search for product alternatives. 13. Goodwill acquired in the purchase of a business. 14. Cost of developing a patent. 15. Cost of purchasing a patent from an inventor. 16. Legal costs incurred in securing a patent. 17. Unrecovered costs of a successful legal suit to protect the patent. 18. Cost of conceptual…
- which of the following is a capital expenditure : a- repairs to motor vehicles b- goods were taken by the owner for own use c- the cost of raw materials used in extending the premises d- renewing the electrical wiring in the officeFor each property type below, find the correct property class and enter the number of years the property is depreciated over. Water Taxi Truck WWT Plant Computer Specialty ToolsCannington, Inc., designs, manufactures, and markets personal computers and related software. The following information was taken from a recent annual report of Cannington industries: Property, Plant, and Equipment (in millions): Current Year Preceding Year Land and buildings $736,180 $426,984 Machinery, equipment, and internal-use software 699,371 552,135 Office furniture and equipment 110,427 95,703 Other fixed assets related to leases 890,778 669,924 Accumulated depreciation and amortization (934,949) (780,351) a. Compute the book value of the fixed assets for the current year and the preceding year. Current year book value $ Preceding year book value $ b. Would you normally expect the book value of fixed assets to increase or decrease during the year?