As a recent graduate of State University you're aware that IFRS requires component depreciation for
plant assets. A friend has asked you to succinctly explain what component depreciation means.
Which of the following
...
As a recent graduate of State University you're aware that IFRS requires component depreciation for
plant assets. A friend has asked you to succinctly explain what component depreciation means.
Which of the following correctly describes component depreciation?
Given the following account balances at year end, compute the total intangible assets on the balance
sheet of Janssen Enterprises.
Cash
$1,500,000
Accounts Receivable
4,000,000
Trademarks
1,000,000
Goodwill
2,500,000
Research & Development Costs
2,000,000
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of
$291,750.
Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The
bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of
102. Sparks uses the straight-line method of amortization. What is the carrying value of the bonds on
January 1, 2015?
$418,400
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was
reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing
8,000 shares of its common stock (par $1). The stock trades on a daily basis and the market
price of the stock on the day the debt was settled is $1.80 per share. Given this information,
the best journal entry for E. Corp. to record for this transaction is
Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for
$3,000,000 and a credit or credits to
Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per share. The journal entry to record the sale will include
Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers?
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