Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Power glides Company,

(Recording and Amortization of Intangibles) Power glides Company, organized in 2011, and has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012.

1/2/12

Purchased patent (8-year life)

$ 380,000

4/1/12

Goodwill (indefinite life)

360,000

7/1/12

Purchased franchise with 10-year life; expiration date 7/1/22

450,000

8/1/12

Payment of copyright (5-year life)

156,000

9/1/12

Research and development costs

215,000
   

$1,561,000

Instructions

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2012, recording any necessary amortization and reflecting all balances accurately as of that date.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 6.00

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