2 accounting questions.
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2. Just 3b
34 Part 3 of 4 Required information M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5) [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. 0.54 points Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total Debit Credit $ 1,400 3,700 4,000 4,700 20,500 $ 6,000 7,120 1,850 4,600 940 4,100 1,680 470 57,330 470 25,000 3,000 5,920 3,100 7,700 4,600 $84,090 $84,090 M4-16 1. Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. SKY BLUE CORPORATION Balance Sheet At December 31 Assets Current Assets Cash Accounts Receivable Prepaid Insurance S 1,400 3.700 4,000 bobolololololo 9,100 4,700 Total Current Assets Notes Receivable long-term) Equipment Accumulated Depreciation Total Assets $ 20,500 $ (6,000) 14,500 S 28,300 Liabilities S 7,120 Current Liabilities Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue 1,850 46,000 X 940 Total Current Liabilities JOOOOOOooo 55,910 Stockholders' Equity Common Stock Retained Earnings 4,100 9,690 ooo Total Stockholders' Equity Total Liabilities and Stockholders' Equity 13,790 s 69,700 41 E9-12 Computing and Reporting the Acquisition and Amortization of Three Different Intangible Assets [LO 9-6] Bluestone Company had three intangible assets at the end of the current year: 0.52/0.55 points awarded Scored a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $1,600. When purchased, the patent had an estimated life of 8 years. b. A trademark was registered with the federal government for $10,000. Management estimated that the trademark could be worth as much as $240,000 because it has an indefinite life. C. Computer licensing rights were purchased this year on January 1 for $42,000. The rights are expected to have a six-year useful life to the company. eBook Required: Print 1. Compute the acquisition cost of each intangible asset. 2. Compute the amortization of each intangible for the current year ended December 31. 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year. References Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3A Reg 3B Show how these assets and any related expenses should be reported on the balance sheet for the current year. (Negative amounts should be indicated by a minus sign.) BLUESTONE COMPANY Balance sheet (partial) At December 31 Intangibles: Patent $ 1,600 $ Trademark Licensing Rights Accumulated Amortization OOOO 10,000 42,000 IS 0 X
