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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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    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.