During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product as follows: Completion of detailed program design or working model P1,900,000 Cost incurred for coding and testing to establish technological feasibility 1,400,000 Other coding costs after establishment of technological feasibility 4,400,000 Costs of producing product masters for training materials 1,500,000 Duplication of computer software and training materials from product master 3,500,000 Packaging product 1,200,000 Required: What is the amount to be capitalized as intangible assets? During 2021, Tulip Inc. incurred costs to develop and produce a routine, low-risk computer software product as follows: Completion of detailed program design or working model P1,900,000 Cost incurred for coding and testing to establish technological feasibility 1,400,000 Other coding costs after establishment of technological feasibility 4,400,000 Costs of producing product masters for training materials 1,500,000 Duplication of computer software and training materials from product master 3,500,000 Packaging product 1,200,000 Required: What is the amount to be capitalized as intangible assets?
Expert Answer:
Answer rating: 100% (QA)
An intangible asset is a distinct nonmonetary item th... View the full answer
Related Book For
Entrepreneurship Theory Process and Practice
ISBN: 978-1285051758
9th edition
Authors: Donald F. Kuratko
Posted Date:
Students also viewed these accounting questions
-
What is the nature of an S corporation? List five requirements for such a corporation.
-
What is the nature of a sale on consignment?
-
What is the nature of global competition?
-
It happens all too often. As a market researcher, you slave away for countless hours in pursuit of insightful data but, to your shock, your research report flops and your data are dead in the water....
-
A two-way analysis of variance experiment is to be conducted to examine CEO salaries ($K) as a function of the number of years the CEO has been with the company and the size of the companys sales....
-
Why are generics used? (a) Generics make code more fast. (b) Generics make code more optimized and readable. (c) Generics add stability to your code by making more of your bugs detectable at compile...
-
Allied Electronics in Exhibit 14-8, page 704, is most likely to earn net income of \(\$ x\) next year. How much is \(\$ x\) ? a. \(\$ 90,000\) b. \(\$ 79,000\) c. \(\$ 75,000\) d. \(\$ 54,000\)
-
If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money?
-
Information for two alternative projects involving machinery investments follows. Project 1 requires an initial investment of $260,000. Project 2 requires an initial investment of $165,000. Annual...
-
Some farmers were interested in predicting inches of growth of corn as a function of rainfall on a monthly basis, so they collected data from the growing season and estimated an equation of the...
-
Geoffrey Adams Inc. sells canned fruit and vegetables in the state of Florida. GA uses the weighted average cost flow method for internal reporting and the LIFO cost flow method for external...
-
Provide benchmarks against which you can measure yourself. Your ability, for example, to achieve what your culture defines as success contributes to a positive self-concept; your failure to achieve...
-
When managers use the I/O model, why do they consider industry characteristics such as economies of scale and market friction in their decision-making? It highlights unique resources that are...
-
What are the different changes that will dramatically occur during adolescence, Briefly explain each. 2) How do quality relationships influence positive outcomes?
-
(i) In what way can the Luxemburg approach help us to understand the process of globalization in the contemporary economy. (ii) What other arguments from the perspective of the critique of Marxist...
-
How well can we measure the asymptotic frequency? I have run a number of computer simulations in which a 'success' occurred with probability p. It would be no fun if I told you the value of p, but I...
-
Building partnerships described how one salesperson entered into a contract with a company that ended up not being advantageous. How could the seller have learned more about the culture of the buying...
-
How many years will it take a $700 balance to grow into $900 in an account earning 5%?
-
To analyze a business, what types of questions or concerns should the entrepreneur address in the following areas: history of the business, market and competition, sales and distribution, management,...
-
1. Which of the three applicants do you think comes closest to having the mindset of an ideal entrepreneur? Why? 2. To which applicant would you recommend the bank lend money?(Assume each has asked...
-
In your own words, what is a patent? Of what value is a patent to an entrepreneur? What benefits does it provide?
-
A wheel of radius \(r\) rolls on a flat surface without slipping. Determine the angular motion of the wheel in terms of the linear motion of its center \(O\). Also determine the acceleration of a...
-
The right-angle bar rotates clockwise with an angular velocity which is decreasing at the rate of \(4 \mathrm{rad} / \mathrm{s}^{2}\). Write the vector expressions for the velocity and acceleration...
-
The load \(L\) is being hoisted by the pulley-and-cable arrangement shown. Each cable is wrapped securely around its respective pulley so it does not slip. The two pulleys to which \(L\) is attached...
Study smarter with the SolutionInn App