2 questions from chapter 9

1.

E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6]

Bluestone Company had three intangible assets at the end of the current year:

1. A patent purchased this year from Miller Co. on January 1 for a cash cost of $1,600. When purchased, the patent had an estimated life of 8 years.
2. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $240,000 because it has an indefinite life.
3. Computer licensing rights were purchased this year on January 1 for $42,000. The rights are expected to have a six-year useful life to the company.

Question: Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. Second question:

E9-1 Preparing a Classified Balance Sheet [LO 9-1, LO 9-7]

The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families:

Accounts Receivable	$	1,133		Equipment	$	506
Accumulated Amortization		761		Goodwill		611
Accumulated Depreciation		516		Inventories		366
Allowance for Doubtful Accounts		43		Land		7
Buildings		256		Licensing Rights		1,851
Cash and Cash Equivalents		696		Prepaid Rent		371

Required:

1. Prepare the asset section of a classified balance sheet for Hashey, Inc.
2. Using Hasbros 2015 Net Sales Revenue of $4,530 (million), its Net Fixed Assets of $240 (million) at December 28, 2014, and its Net Fixed Assets computed at December 27, 2015, calculate the fixed asset turnover ratio for 2015

Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Show how these assets and any related expenses should be reported on the balance sheet for the current year. (Negative amounts should be indicated by a minus sign.) BLUESTONE COMPANY Balance sheet (partial) At December 31 Intangibles: > 37 E9-1 Preparing a Classified Balance Sheet [LO 9-1, LO 9-7] 0.55 points The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families: $ 506 611 366 Accounts Receivable Accumulated Amortization Accumulated Depreciation Allowance for Doubtful Accounts Buildings Cash and Cash Equivalents $1,133 Equipment 761 Goodwill 516 Inventories 43 Land 256 Licensing Rights 696 Prepaid Rent 1,851 371 Required: 1. Prepare the asset section of a classified balance sheet for Hashey, Inc. 2. Using Hasbro's 2015 Net Sales Revenue of $4,530 (million), its Net Fixed Assets of $240 (million) at December 28, 2014, and its Net Fixed Assets computed at December 27, 2015, calculate the fixed asset turnover ratio for 2015. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Using Hashey's 2015 Net Sales Revenue of $4,530 (million) and its Net Fixed Assets of $240 (million) at December 28, 2014, calculate the fixed asset turnover ratio for 2015. (Round your answer to 2 decimal places.) Fixed Asset Turnover Ratio 9.19 X