ACCT 551

ACCT 551 Week 6 Quiz/ACCT 551 Week 6 Quiz/ACCT 551 Week 6 Quiz

ACCT 551 Week 1 Quiz → Question: (TCO C) Which of the following should not be reported in the income statement? Question: (TCO C) Which of the following is often reported as an extraordinary item? Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq’s books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA, $20,000; Patent...

Acct 551 Midterm (2020) (TCO C) The major problem of accounting for intangibles is determining fair market value. separability. salvage value. useful life. Points Received: 5 of 5 Comments: Question 2. Question : (TCO C) Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to patents, and amortized over the legal life of the patent. legal fee...

ACCT 551 Final Exam (Version 2) Question: (TCO C) Redstone Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000to market the process that was patented. How should these costs be accounted for in the year they are incurred? Question: (TCO D) Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000……….payroll taxes. Questio...

ACCT 551 Final Exam (Version 1) Question: On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one-year $160,000 note discounted at 9% by the bank. (1) Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming ...