A company has the following assets:

Buildings and Equipment (less accumulated depreciation of $4,000,000) $14,000,000

Copyrights 1,500,000

Patents 3,000,000

Land 5,000,000

The total amount that would be reported as Intangible assets on the companys balance

sheet would be

A $23,500,000.

B $4,500,000.

C $20,500,000.

D$19,000,000.

The amount of stock that may be issued according to the corporations charter is referred to as the

A authorized stock.

B issued stock.

C unissued stock.

D outstanding stock.

If common stock is issued for an amount greater than its par value, the excess should be credited to

A Cash.

B Retained Earnings.

c Paid in Capital in Excess of Par Value

D Legal Capital.

Maxwell Corporation wishes to sell a building that it has owned for five years. It was originally purchased for $475,000. One the proposed sale date, the accumulated depreciation on the building totaled $75,000. The proposed sales price is $380,000. Maxwells accountant is trying to determine the income statement effect of this transaction. What would be Maxwells gain or loss on this sale?

A $25,000 gain

b $50,000 loss

c $95,000 loss

d $20,000 loss

Under the allowance method, writing off an uncollectible account

A affects only balance sheet accounts.

b affects both balance sheet and income statement accounts.

C affects only income statement accounts.

d is not acceptable practice.