Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you... HW

I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you...

image text in transcribed

image text in transcribed

HW 5; At 1/1/2016 . At 1/1/2016 Ali Company Decided to make combination with Ahly company which its Balance Sheet as follow : Furniture 400000 300000 A/P N/P Capital Land Cars 700000 3000000 Inventory Cash 500000 500000 2000000 600000 4000000 4000000 If you know that: 1-Al Ahly Assets Evaluate as Follows: Furniture 250000, Land 400000, Cars 350000, Inventory 1400000 2-Use following data: - 31/12/2016 Goodwill Evaluate by $600000 31/12/2017Goodwill Evaluate by $720000 - 31/12/2018 Goodwill Evaluate by $800000 Required: 1- Journal 2- Impact on Financial Statements gible assets section of Redeker Company at December HW 7: The intangible assets 31, 2017, is presented below. Patent ($70,000 (570,000 cost less $7,000 amortization, 10 years) 63,000 chise ($48,000 cost less $19,200 amortization, 10 years) 28,800 Franchise ($48.0 following cash transactions may have affected intangible assets during 2018: tom. 1. Paid $45000 legal costs to successfully defend the patent against infringement by another company. Mar 1, Research and development costs 150000, Company sure about its ability to realize new product. May 1, Developed a new product, incurring $140,000, Company reached to patent was granted for the product on May 1. It's useful life is 5 years Jul 15, Goodwill purchased 250000 Sept. 1 Acquired a franchise for $100000. The franchise has a useful life of 20 years. Nov.12, Research and development costs $340000 Company does not sure about its ability to realize new product. If you know that: 4- All costs incurred were for cash. 5- Goodwill Market Value is $235000 6- Research and development estimated life 4 years. Required: 1- Journal 2- Impact on Financial Statements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CIA Part 1 Essentials Of Internal Auditing 2022

Authors: MUHAMMAD ZAIN

1st Edition

B09PHFC28N, 979-8794951356

More Books

Students also viewed these Accounting questions

Question

Why We Form Relationships Managing Relationship Dynamics?

Answered: 1 week ago