Research Corp., a publicly accountable entity, incurred the following costs in its research and development division:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Research Corp., a publicly accountable entity, incurred the following costs in its research and development division: Aug 1- Dec. 31, Jan 1 - July 31, 2021 2021 Materials 10,000 12,000 Labour costs 15.000 32,000 Directly attributable overhead 8,000 15,000 At July 31, 2021, Research Corp. determined that the project was technically feasible and commercially viable. Research Corp. had sufficient resources and intentions to complete the project and was confident that there was demand in the marketplace for the product. Measurement of amounts allocated above are reliable. Required: How much, if any, of the costs can be capitalized for fiscal 2021? k Research Corp., a publicly accountable entity, incurred the following costs in its research and development division: Aug 1- Dec. 31, Jan 1 - July 31, 2021 2021 Materials 10,000 12,000 Labour costs 15.000 32,000 Directly attributable overhead 8,000 15,000 At July 31, 2021, Research Corp. determined that the project was technically feasible and commercially viable. Research Corp. had sufficient resources and intentions to complete the project and was confident that there was demand in the marketplace for the product. Measurement of amounts allocated above are reliable. Required: How much, if any, of the costs can be capitalized for fiscal 2021? k
Expert Answer:
Answer rating: 100% (QA)
Costs capitalised for the fiscal year 2021 Particurals Amount Material 12000 Labour costs 3200... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Posted Date:
Students also viewed these accounting questions
-
Reliable Delivery Co. incurred the following costs related to trucks and vans used in operating its delivery service: 1. Changed the oil and greased the joints of all the trucks and vans. 2. Changed...
-
A local private not-for-profit health care entity incurred the following transactions during the current year. Record each of these transactions in appropriate journal entry form. Prepare a schedule...
-
A department of Alpha Co. incurred the following costs for the month of September. Variable costs, and the variable portion of mixed costs, are a function of the number of units of activity: Activity...
-
Using quarterly data for 10 years, the regression results are given in the following table where CAR = number of new car sales per thousand population, PRICE = new car price index, INC= per-capita...
-
Describe the steps in obtaining an understanding of ICFR using a top- down, risk- based approach.
-
Assume a government leases equipment to be used in governmental activities under a noncancelable lease, meeting the requirements for classification as a capital lease. Where would the capital lease...
-
What is the difference between Rayleigh's method and the Rayleigh-Ritz method?
-
Linda Ellis, division manager, is evaluated and rewarded on the basis of budgetary performance. Linda, her assistants, and the plant managers are all eligible to receive a bonus if actual divisional...
-
Find the complex root ( - 2 + - 4 ???? )
-
The Excel file Major League Baseball provides data on the 2010 season. a. Construct and examine the correlation matrix. Is multicollinearity a potential problem? Find the variance inflation factors...
-
Use Newton's method to approximate the solution to the equation x + 6 = 5x + 3x. Use xo = 2 as your starting value to find the approximation x2 rounded to the nearest thousandth. Provide your answer...
-
Brief summary of the article Early Christian and Byzantine art Briefly (in about three sentences) tell us what the significance of your article's subject Discusses (in about three or four sentences)...
-
Create a message that others may view negatively, using a direct or indirect approach, for one of the scenarios provided. Consider the order of the elements of your message, word choice, tone, and...
-
Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 24% each of the last three...
-
Crane Inc. had 37,400 common shares on January 1, 2024. On May 1, 2,880 common shares were repurchased and retired. On August 31 and November 30, 8,280 and 5,520 common shares were issued,...
-
Were the public relations tactics of the food industry ethical? Why or why not? The public relations practices of the food industry were not ethical in this video. The industry used deceptive...
-
Give a tight bound of the nearest runtime complexity class for each of the following code fragments in Big-Oh notation, in terms of the variable N. In other words, write the code's growth rate as N...
-
A circular concrete shaft liner with Youngs modulus of 3.4 million psi, Poissons ratio of 0.25, unconfined compressive strength 3,500 psi and tensile strength 350 psi is loaded to the verge of...
-
Angel Landscaping Services started the year 2017 with an Accounts Receivable balance of $40,500 and an Allowance for Doubtful Accounts balance of $4,310. During the year, $4,290 of accounts...
-
The partial monthly records of Westwood Golf Shop show the following figures: Required 1. Determine missing amounts a, b, c, and d. 2. Prepare the general journal entry to record Westwood Golf Shop's...
-
Tolco Importers Inc. had the following balances at December 31, 2017, before the year-end adjustments: 1. Journalize Tolco Importers Inc.'s entry to adjust the Allowance account to its correct...
-
The shaft consists of a solid segment \(A B\) and a hollow segment \(B C\), which are rigidly joined by the coupling at \(B\). If the shaft is made from A-36 steel, determine the maximum torque \(T\)...
-
The state of plane stress at a critical point in a steel machine bracket is shown. If the yield stress for steel is \(\sigma_{Y}=36 \mathrm{ksi}\), determine if yielding occurs using the maximum...
-
If \(\sigma_{Y}=50 \mathrm{ksi}\), determine the factor of safety for this state of stress against yielding, based on (a) the maximum shear stress theory and (b) the maximum distortion energy theory....
Study smarter with the SolutionInn App