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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 11, Problem 1EB
Textbook Problem
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New Carlisle, Incorporated, has the following assets in its trial balance:

Chapter 11, Problem 1EB, New Carlisle, Incorporated, has the following assets in its trial balance: What is New Carlisles

What is New Carlisle’s total amount of intangible assets?

To determine

To compute:

The value of Intangible assets.

Introduction:

The assets that do not have any physical appearance and cannot be seen or touched are known as intangible assets. However, future benefits are expected to arise from the use of such assets in the same manner as it is expected in case of tangible assets.

Explanation of Solution

Calculation of value of intangible assets.

Formula to calculate the value of intangible assets:

Intangible Assets=Value of Patent+Value of Copyright

Substitute $20,000 for value of patent and $14,000 for value of copyright

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Chapter 11 Solutions

Principles of Accounting Volume 1
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