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Financial Accounting Problems on Recording Intangible Assets

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Posting and journalizing transactions. See attached file for full problem descriptions.

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Solution Summary

The solution includes word and excel file that answer the problems about Hootie and the Blow Fish, Inc and Melanie Griffith Company. Journalizing transactions are examined.

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Hootie and the Blow Fish Inc
Balance Sheet- Partial
December 31, 2002

Non- Current Assets:
Intangibles:
Patents $490,000
Less: Amortization $70,000
Net Patents $420,000
Goodwill $360,000
Franchise $420,000
Less: Amortization $21,000
Net Franchise $399,000
Total Intangibles $1,179,000

Hootie and the Blow Fish Inc
Income Statement- Partial
For the Year Ended December 31, 2002

Operating Expenses:
Amortization Expense - Franchise $21,000
Amortization Expense - Patents $70,000
Total Operating Expense $91,000
Research & Development Expense $185,000
Total Expenses $276,000
P1-5A)
a)
General journal
Date Account Titles & Explanations Debit Credit
Oct. 7 Accounts Receivable $6,900
Sales ...

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