Business, 25.11.2021 14:00 jaycub2001

Reporting Intangible Costs Hanks Co. recorded the following amounts for 2020. Research and development costs, $50,000.
Patent, acquired on January 1, 2020, with 10-year useful life, $35,000.
Goodwill from purchase of a company, $100,000.
Acquired customer list with an indefinite useful life, $20,000.
Legal fees paid on December 31, 2020, to register a patent (internally developed, 15-year useful life), $5,000.

Required:
a. Determine the amounts to be included on the balance sheet on December 31, 2020.
b. Determine amounts to be included on the income statement for the year 2020.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 06:40, SkyMelvin

10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.

Answers: 3

continue

Business, 22.06.2019 16:20, ashleyprescot05

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000

Answers: 1

continue

Business, 22.06.2019 18:00, claftonaustin846

Your subscription to investing wisely weekly is about to expire. you plan to subscribe to the magazine for the rest of your life, and you can renew it by paying $85 annually, beginning immediately, or you can get a lifetime subscription for $620, also payable immediately. assuming that you can earn 6.0% on your funds and that the annual renewal rate will remain constant, how many years must you live to make the lifetime subscription the better buy?

Answers: 2

continue

Business, 22.06.2019 19:00, mairadua14

12. to produce a textured purée, you would use a/an a. food processor. b. wide-mesh sieve. c. immersion blender d. food mill.

Answers: 1

continue

You know the right answer?

Reporting Intangible Costs Hanks Co. recorded the following amounts for 2020. Research and develop...