Maurice Tutor

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Category > Accounting Posted 01 Aug 2017 My Price 12.00

Cartwright Corporation

During the current year, the accountant for the Cartwright Corporation recorded numerous transactions in an account labeled Intangibles as follows:
Jan. 2 Incorporation fees $17,500
Jan. 10 Legal fees for the organization of the company 7,500
Jan. 25 Paid for large-scale advertising campaign for the year 15,000
Apr. 1 Acquired land for $15,000 and a building for $20,000 to house the R&D activities. The building has a 20-year life. 35,000
May 15 Purchased materials exclusively for use in R&D activities. Of these materials, 20% are left at the end of the year and will be used in the same project next year. (They have no alternative use.) 15,000
June 30 Filed for a patent 10,000
July 1 Operating loss for first six months of the year 12,000
Dec. 11 Purchased an experimental machine from an inventor. The machine is expected to be used for a particular R&D activity for two years, after which it will have no residual value. 12,000
Dec. 31 Paid employees involved in R&D 30,000

Required
Prepare adjusting journal entries to eliminate the Intangibles account and correctly record all the items. The company amortizes patents over 10 years.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 06:08 PM My Price 12.00

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