Nevada's Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were
Question:
Nevada's Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items.
Patent with 5 remaining years of legal life ...... $32,000
Goodwill ................... 36,000
Nevada's financial condition just prior to the purchase of these assets is shown in the following statements model:
Required
a. Compute the annual amortization expense for these items if applicable.
b. Record the purchase of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the precedingone.
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...
Transcribed Image Text:
Assets = Liab. + Equity[Rev. Exp. Net Inc. | Cash Flow - - Cash +Patent Goodwill 94,000 + NA + NA - NA + 94,000|NA - NA = NA NA
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a Patent 32000 5 6400 per year The goodwill is not amortized b Nevadas M...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Texas Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items. Patent with 5 remaining years of legal life ......$36,000 Goodwill...
-
Pacart Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 5 remaining years of legal life ......$48,000 Goodwill...
-
Electronic Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items: Patent with 4 remaining years of legal life .......$35,000...
-
Explain why entrepreneurial firms are often in a strong position to use combination strategies.
-
A 7.5 binocular produces an angular magnification of - 7.50, acting like a telescope. (Mirrors are used to make the image upright.) If the binoculars have objective lenses with a 75.0 cm focal...
-
a. Predict the effect of increasing the pressure on the following reactions: i. N 2 O 4 (g) 2NO 2 (g) ii. CaCO 3 (s) CaO(s) + CO 2 (g) b. Predict the effect of decreasing the pressure on the...
-
A survey found that 17% of U.S. adults say that Google News is a major source of news for them. You randomly select four adults and ask them whether Google News is a major source of news for them....
-
The base plate of an iron has a thickness of L = 7 mm and is made from an aluminum alloy (p = 2800 kg/m 3 c = 900 J/kg K, k = 180 W/m K, = 0.80). An electric resistance heater is attached to the...
-
The Court of Appeal case between Chan Sze Ying and the Management Corporation Strata Title Plan No 2948. Lee Chuen T'ng intervened in the case. The case involves an Originating Summons related to...
-
In a BSS with no AP (ad hoc network), we have five stations: A, B, C, D, and E. Station A needs to send a message to station B. Answer the following questions for the situation where the network is...
-
Southwest Sand and Gravel paid $800,000 to acquire 1,000,000 cubic yards of sand reserves. The following statements model reflects Southwest's financial condition just prior to purchasing the sand...
-
Be Sands purchased the business Regional Supply Co. for $285,000 cash and assumed all liabilities at the date of purchase. Regional's books showed assets of $280,000, liabilities of $40,000, and...
-
The following two-way table gives data for a 2 X 2 factorial experiment with two observations per factorlevel combination: a. Identify the treatments for this experiment. Calculate and plot the...
-
What is the number of distinguishable arrangements in the letters in the word KARL?
-
Fig. D1.3 shows a schematic diagram of a seismograph. \(x_{i}\) and \(x_{o}\) represent displacements of case and mass \(m\) respectively with respect to inertial space. If \(y\) is displacement of...
-
In Problems 47-56, decide whether you would use a permutation, a combination, or neither. Next, write the solution using permutation notation or combination notation, if possible, and, finally,...
-
Evaluate each expression in Problems 3-32. \({ }_{10} P_{3}\)
-
The open loop transfer function of a unity feedback system is \(\mathrm{G}(s)=\frac{\alpha}{s(1+\beta s)}\). For this system overshoot reduces from 0.6 to 0.2 due to change in \(\alpha\) only. Show...
-
(a) Plot the curve r = /2 for 0 (b) With r as in (a), compute the limits (c) Explain how the limits in (b) show that the curve approaches a horizontal asymptote as approaches 2 from the left. What...
-
Phosgene, COCl2, is a toxic gas used in the manufacture of urethane plastics. The gas dissociates at high temperature. At 400oC, the equilibrium constant Kc is 8.05 104. Find the percentage of...
-
Iodine-131, in a sodium iodide tablet, is used to measure the activity of the thyroid gland. If a tablet initially contains 88 mg of I-131, what is the mass of the nuclide that remains after 24 days?...
-
Although most of this course is concerned with the financial statements themselves, all sections of a companys annual report are important. A company must file various reports with the SEC, and one...
-
Mark Dixon started a small merchandising business in 2012. The business experienced the following events during its first year of operation. Assume that Dixon uses the perpetual inventory system. 1....
-
During 2012, Knight Merchandising Company purchased $15,000 of inventory on account. Knight sold inventory on account that cost $12,500 for $17,500. Cash payments on accounts payable were $10,000....
-
12. An amusement park ride swings riders around a 25 meter radius circle at a speed of 16 m/s. What is the centripetal acceleration in meters per second-squared felt by each rider? (Answer with 3...
-
For the image matrix given , use the Sobel horizontal edge detector to 1 2 -2 detect horizontal edges. Sobel matrix for horizontal edges is 0 0 104
-
What role does a resource allocation graph play in identifying potential deadlocks, and how can it be utilized to devise strategies for deadlock prevention ?
Study smarter with the SolutionInn App