ACCTSol87.pdf - 65 Award 1.00 point Company ABC incurred...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
65. Award: 1.00 point 66. Award: 1.00 point Company ABC incurred the following costs during 2015: Purchased computers…………………$10,000 Purchased photocopy machine……….…$3,000 Engaged in research of new products…..$29,000 Engaged in development costs………….$12,500 Advertising of new products………..…..$4,000 How much is the maximum that could be capitalized as intangible assets for 2015 on Company ABC's balance sheet? $58,500 $45,500 $12,500 $41,500 None of the other alternatives are correct Only the development costs, if meet GAAP criteria, can be capitalised as intangible assets Amazing Race Incorporated has decided to sell its 2-year-old helicopter, which is currently advertised in a local newspaper and online. The price for the helicopter is set at $70,000 whereas a new helicopter is $85,000. An independent appraiser has confirmed that a price of $70k for the used helicopter is reasonable. Management expects to find a buyer within 12 months. Which of the following is true regarding the potential sale of the helicopter by Amazing Race Incorporated?
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern