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Vedmedyk [2.9K]
3 years ago
7

In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocat

ion included the following items: $6 million, patent; $4 million, trademark considered to have an indefinite useful life; and $6 million, goodwill. Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in Burger Mania's income statement for the first year ended December 31 related to these items?
Business
1 answer:
ExtremeBDS [4]3 years ago
8 0

Explanation:

Because trademarks have an unlimited effective life of 4 million dollars, the regulation is not valid.

Goodwill and immaterial properties are not amortized but are checked for damage annually for infinite useful lives.

The copyright worth $6 million for five years is the only inviolable thing you can amortize.

The gross amortization cost in relation to these things in the income statement of Burger Mania for the first year ending December 31 would amount to $800,000.

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Read 2 more answers
Determining asset cost, preparing depreciation schedules (3 methods), and identifying depreciation results that meet management
den301095 [7]

Answer:

total cost = $100,000 + $3,000 + $600 + $10,400 = $114,000

straight line depreciation expense = ($114,000 - $12,000) x 1/5 = $20,400

year       depreciation expense        book value

1                   $20,400                         $93,600

2                  $20,400                         $73,200

3                  $20,400                         $52,800

4                  $20,400                         $32,400

5                  $20,400                         $12,000

<u>RESULTS IN HIGHER INCOME DURING THE FIRST YEAR. </u>

<u />

units of production deprecation = ($114,000 - $12,000) / 136,000 = $0.75 per mile

year       depreciation expense        book value

1                   $24,000                         $90,000

2                  $24,000                         $66,000

3                  $24,000                         $42,000

4                  $24,000                         $18,000

5                  $6,000                           $12,000

double-declining-balance depreciation:

depreciation year 1 = $114,000 x 2/5 = $45,600

depreciation year 2 = $68,400 x 2/5 = $27,360

depreciation year 3 = $41,040 x 2/5 = $16,416

depreciation year 4 = $24,624 x 2/5 = $9,850

depreciation year 5 = $14,774 - $12,000 = $2,774

year       depreciation expense        book value

1                   $45,600                         $68,400

2                  $27,360                         $41,040

3                  $16,416                           $24,624

4                  $9,850                           $14,774

5                  $2,774                            $12,000

7 0
3 years ago
Planet Company had operating income of $12,000, average operating assets of $125,000, and sales of $45,000. What is Planet's ret
Vadim26 [7]

Answer:

36.36%

Explanation:

Return on investment is given as;

Profit / Cost of goods sold × 100%

Given that profit is $12,000 and sales is $45,000 ;

Cost of goods sold

= $45,000 - $12,000

= $33,000

Therefore, return on investment is

= 12,000 / 33,000 × 100%

= 36.36%

4 0
3 years ago
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