How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Manal Elkhoshkhany Your Own Question

Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 9808
Experience:  Finished my BA degree with a GPA of 4.0.
Type Your Single Problem Question Here...
Manal Elkhoshkhany is online now
A new question is answered every 9 seconds

E12-5 (Correct Intangible Asset Account) As the recently appointed

Resolved Question:

E12-5 (Correct Intangible Asset Account) As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2012, are prepared. The controller for Hillary Corporation mentions that only one account is kept for intangible assets. Intangible Assets Debit Credit Balance Jan. 4 Research and development costs 940,000 940,000 Jan. 5 Legal costs to obtain patent 75,000 1,015,000 Jan. 31 Payment of 7 months’ rent on property leased by Hillary 91,000 1,106,000 Feb. 11 Premium on common stock 250,000 856,000 March 31 Unamortized bond discount on bonds due March 31, 2032 84,000 940,000 April 30 Promotional expenses related to start-up of business 207,000 1,147,000 June 30 Operating losses for first 6 months 141,000 1,288,000 Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 12 years.
Submitted: 4 years ago.
Category: Single Problem
Expert:  Manal Elkhoshkhany replied 4 years ago.

And here is this one:



Manal Elkhoshkhany and other Single Problem Specialists are ready to help you

Related Single Problem Questions