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3 years ago

Joni Kingbird Inc. has the following amounts reported in its general ledger at the end of the current year.

Business

1 answer:

Kazeer [188]3 years ago

8 0

Answer:

Total amount reported for intangible assets: $90,400

Explanation:

An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, and inventory

Among the listed items, tangible assets in Joni Kingbird Inc. include Trademarks of 14,300 and Excess of cost over fair value of net identifiable assets of acquired subsidiary 76,100. The total intangible asset is $90,400 .

Deposits with advertising agency for ads to promote goodwill of company 11,100, will not book in intangible asset as it’s just deposit now, the total cost after this work is completed will then book in intangible asset.

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3 years ago

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3 years ago

Red Industries began operations on April 11th, 2022. Red purchased $2,100 of supplies, and a physical count showed that $400 of

schepotkina [342]

Answer:

Explanation:

The journal entry is shown below:

Supplies expense A/c Dr $1,700

To Supplies A/c $1,700

(Being supplies account is adjusted)

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= $2,100 - $400

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3 years ago