Metro Inc owns and operates several supermarkets and pharmacies in Quebec and Ontario Exhibit 8 13 shows Metro 's notes on significant accounting policies for intangible assets and goodwill accompanying its 2009 financial statements Required a What major intangible assets does Metro own Why does th...

a Metro holds leasehold rights software banners and private labels goodwill and a variety of other intangible assets specific details of amounts are n ...

Metro Inc. owns and operates several supermarkets and pharmacies in Quebec and Ontario. Exhibit 8-13 shows Metro's

Question:

Metro Inc. owns and operates several supermarkets and pharmacies in Quebec and Ontario. Exhibit 8-13 shows Metro's notes on significant accounting policies for and accompanying its 2009 financial statements.
Required:
a. What major does Metro own? Why does the company distinguish between the ones with definite lives and those with indefinite lives?
b. What method does Metro use to depreciate its ? Are they depreciated over their legal lives or useful lives? Explain why the treatment is appropriate.
c. Explain what the prescription files are. How are these related to Metro's major operations?
d. What is the source of the that Metro recognizes? Is the depreciated? Explain how Metro determines and recognizes any impairment loss on the .
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...