Explore BrainMass

Financial Accounting Problems on Recording Intangible Assets

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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

© BrainMass Inc. brainmass.com March 21, 2019, 11:48 am ad1c9bdddf


Solution Preview

Please find the solutions attached.

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

Non- Current Assets:
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
General journal
Date Account Titles & Explanations Debit Credit
Oct. 7 Accounts Receivable $6,900
Sales ...

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.