The balance sheet of the company Goofy as at 1.12.2019 (costs by nature applied): < EQUITY...
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The balance sheet of the company Goofy as at 1.12.2019 (costs by nature applied):< EQUITY & LIABILITIES ASSETS Cash in the bank Total assets In December: 50 000€ 50 000 Shareholders' equity Total equity & liabilities 50 000 50 000€ 1. In 2019, company conducted research activities amounting to 8 000 (not paid yet, all costs related to outsources services). The company also conducted development activities which were completed and their usefulness for manufacturing has been established. The value of development activities 12 000. Amortization started on 1.12.2019, straight-line amortization, 25% annually. 2. Company purchased for cash a licence for 18 000. Accelerated amortization used, factor of 2, SLA = 15%. Amortization started on 1.01.2020. Required: 1. Open the T-accounts based on the Balance Sheet data.< 2. Record all transactions in T-accounts and close all accounts.< 3. Company purchased on deferred payment a concession for 2 000 for sale of alcohol. The concession is valid for 1 month only. 4. Amortization of intangibles for December 2019 has been calculated and recorded.< The balance sheet of the company Goofy as at 1.12.2019 (costs by nature applied):< EQUITY & LIABILITIES ASSETS Cash in the bank Total assets In December: 50 000€ 50 000 Shareholders' equity Total equity & liabilities 50 000 50 000€ 1. In 2019, company conducted research activities amounting to 8 000 (not paid yet, all costs related to outsources services). The company also conducted development activities which were completed and their usefulness for manufacturing has been established. The value of development activities 12 000. Amortization started on 1.12.2019, straight-line amortization, 25% annually. 2. Company purchased for cash a licence for 18 000. Accelerated amortization used, factor of 2, SLA = 15%. Amortization started on 1.01.2020. Required: 1. Open the T-accounts based on the Balance Sheet data.< 2. Record all transactions in T-accounts and close all accounts.< 3. Company purchased on deferred payment a concession for 2 000 for sale of alcohol. The concession is valid for 1 month only. 4. Amortization of intangibles for December 2019 has been calculated and recorded.<
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Cash Date Particulars Debit Date Particulars Credit 01122019 Balance bd 50000 Dec19 Purchse of licen... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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