Join Yahoo Answers and get 100 points today. The allocation of the cost of an intangible asset to expense over its useful life in a systematic and rational manner. She has two children who live with her and are dependent on her. Sarah is 17 and has been certified as eligible for the disability credit. peter. 57. b. depreciation. Intangible Assets and Liabilities Associated with Real Property Goods held for resale 6. © 2007-2020 Transweb Global Inc. All rights reserved. Listed below are items that may appear on a classified balance sheet. Happy X3 has 10 fulltime employees and hires some part-time employees when the... Identify and analyse the tax treatment of various types of income and deductions. Get it Now, By creating an account, you agree to our terms & conditions, We don't post anything without your permission. Business Income - Proprietorship For the year ending December 31, 2017, the Income Statement of Markham Ltd., prepared in accordance with generally accepted accounting principles, is as follows: Revenues $973,000 Expenses: Cost Of Goods Sold... 1. Amounts owed to suppliers 7. Terms $24,000 gain. 2 of the exact same shirt at Goodwill similar used condition at 2 different prices same color tag, placed on a rack the same day. You're depreciating it at ($250 x 12) = $3,000 per year. 6 days ago, Posted Create a database from Butler’s spreadsheet that does not have any of the data anomalies. depreciation. d. capitalization On July 1, 2016, Dillman Kennels sells for $66.000. Land held as investment 10.... i want to make a project on financial statement analysis of a company. 8 years ago. according to... Janet Brown is 45 and divorced. Truck 5. Define TDS? b. depreciation. To test the database, prepare a query to show which borrowers (both borrower number and name) took out loans from Excel Mortgage and who the appraiser was... Log into your existing Transtutors account. c. accretion. 11 days ago. Cost is allocated to the individual assets acquired (including certain intangible assets and/or liabilities, as described below) based on their relative fair values in a process commonly referred to as purchase price allocation. one year ago, Posted 2 Answers. Term. If you message the CEO to complain about a bad experience in a store, what does the store and head office do about it? One such reason relates to valuing the intangible assets, and all other assets, that were transferred in the acquisition of the company. ($3,000 / $15,000) = 0.20 or 20% annual depreciation rate using the straight-line method. Land 2. Patent 8. Only recognized intangible assets with finite useful lives are amortized. Still have questions? Cost allocation of an intangible asset is referred to as:​, Submit your documents and get free Plagiarism report, Your solution is just a click away! Lv 6. Privacy A measure of how efficiently a company uses its assets to generate sales, calculated as net sales divided by average total assets. Get it solved from our top experts within 48hrs! Get more help from Chegg Get 1:1 help now from expert Accounting tutors The school provides online education services to students from around the world. Differentiate between accounts payable and accounts receivable? Transaction Financial Reporting Insights. | Janet’s financial information for 2019 and 2020 includes the... A large Australian School has recently opened an online education division called Eljay. Brian Holloway. 10 months ago, Posted Cost allocation of an intangible asset is called amortization. a truck was purchased for $18000 and it was estimated to have a 3000 salvage value at the end of its useful life. Why does it take so long for a bank to deliver a debit card? Pa. judge grants Trump campaign's observation request, Voters find the U.S. more divided than ever, Live: Biden moves closer to reaching 270 votes, Pennsylvania AG on Trump lawsuit: 'We'll win again', Bill Belichick subpoenaed about alleged conspiracy, Black men drifted from Dems to Trump in record numbers, ESPN announces 300 layoffs, citing 'disruption' amid virus, Giants trainer may have saved this player's wife's life, California's Prop. © 2003-2020 Chegg Inc. All rights reserved. accretion. Stephen is 12. c. accretion. i have to take the financial statements of a company and prepare profit and loss account, balance sheet, comparative and common size, ratio analysis, cost sheet etc. d. capitalization On July 1, 2016, Dillman Kennels sells for $66.000. Cost allocation of an intangible asset is referred to as? monthhly depreciation expense of $250 was recorded using the straight line method. assets. $24,000 loss. accretion. 10 days ago, Posted 5 days ago, Posted The Happy, Happy, Happy (Happy X3) Farm is a family-owned, 200-acre farm that grows and sells catfish through various retail outlets, including local grocery stores. Cost Allocation Of An Intangible Asset Is Referred To As Amortization. Accretion. Learning Management Systems(LMS) For Corporations. b. depreciation. Week 4 Quiz A plant asset with a cost of $360,000 and accumulated depreciation of $342,000 is sold for $42,000. Cost allocation of an intangible asset is referred to as a. amortization. The equipment originally cost $180,000, had an estimated life and an expected salvage value of $30,000. 8 years ago. Cost allocation of an intangible asset is referred to as a. amortization. Development costs are capitalised as an intangible asset if all of the following criteria are met [IAS 38R.57]: a. (Similar concept to depreciation). depreciation. Intangible Assets in Purchase Price . (Points : 1) $42,000 loss. Fox: 'My short-term memory is shot', Despite Trump's repeated calls, vote counting will continue. Cost allocation of an intangible asset is referred to as amortization. Amortization is the systematic write-off of the cost of an intangible asset to expense. The technical feasibility of completing the asset so that it will be available for use or sale; b. The cost allocation of an intangible asset is referred to as a amortization b from FDSFDSFDS FD at Concordia University This is the process of spreading the cost of an intangible asset over the expected useful life of the asset. Amounts due from customers 3. In 2016, Johnny purchased a residential rental property (property #1) just north of Toronto. There are numerous reasons why a company will conduct a valuation of its intangible . 22 removes 'dark cloud' for Uber and Lyft, Michael J. The property is rented to an arm’s length party for $3,600 per month. And where it is shown in the balance sheet? Cost allocation of an intangible asset is called amortization. What is the amount of the gain or loss on disposal of the plant asset? Posted Timberland 9. 0 0? c. accretion. (Similar concept to depreciation).-----As for the depreciation question, the depreciable cost is ($18,000 - $3,000) = $15,000 Answer to Cost allocation of an intangible asset is referred to as a. amortization. 2 years ago, Posted ? The only cost I can think of is amortisation. capitalization. The intention to complete the asset and use or sell it; c. The ability to use or sell the asset; As for the depreciation question, the depreciable cost is ($18,000 - $3,000) = $15,000. 1. Answer Save. d. capitalization On July 1, 2016, Dillman Kennels sells for $66.000. Get your answers by asking now. the annual depreciation rate is. The cost of intangible assets is systematically allocated to expense during the asset's useful life or legal life, whichever is shorter, and this life is never allowed to exceed forty years. Cost allocation of an intangible asset is referred to as amortization. Allocations. IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). What to do? Office building 4. Depreciation. Asset Turnover Ratio: Definition. Economics: Whole Foods to Acquire Wild Oats ? All intangible assets are not subject to amortization. & Was it wrong of me to get mad? What should I put for employer address and phone # to apply for loan. c. accretion. View desktop site, Amortization is the cost of allocation of an intangible asset. 7 days ago, Posted 9 days ago, Posted I was shopping at Lowe's and got mad that an employee suggested I go to Home Depot for a specific product. Amortization of intangibles is the proc. capitalization. Relevance. b. depreciation. Cost allocation of an intangible asset is referred to as a. amortization. A portion of an intangible asset’s cost is allocated to each accounting period in the economic (useful) life of the asset. 8 days ago, Posted