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E1 Answer Key Intermediate Accounting II Exam 1

Intermediate accounting II Exam 1

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Lina Sakhi
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746 views13 pages

E1 Answer Key Intermediate Accounting II Exam 1

Intermediate accounting II Exam 1

Uploaded by

Lina Sakhi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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Metropolitan State University Acct 312-01, Intermediate Accounting Il, Spring 2018 EXAM iil Porsince Prss 943 Ganeeoae Ors 2 1490 First Name ‘Academie Honesty Guidelines - Exam ‘This exam isan individual assessment of learning, Students are expected to complete the exam autonomously’ and without extemal collaboration. Collaboration in the form of human consultation, internet resources and other forms or formats thatthe instructor deems inappropriate and/or unfairly advantages a student are a violation of the student academic integrity policy. Additional information academic integrity policy and procedures can be found here: bbupsivww.metrostate.ed/student/university-info university-info/center-for-faculty-developmenv/teaching-and- Jearning-resourcesiteaching-resources/academic-integrity-poliey-and-procedutes Resources that you may use during the exam: '* Resource Notes ~ 2 pages (8 "4 x 11), both sides, of notes that you personally created in advanced of the exam ‘* Calculator (devices that connect to the internet are nor allowed) ‘Time limit ~ 3.5 hours | understand and have adhered to Metropolitan State Universi the Academic Honesty Guidelines for this exam. Signature Date General Tastractions ‘© Teaccount format requirement: All recognition of economic transactions must be represented in T-account format, In other words, no points are eared for a general journal presentation, ‘* Teaccount presentation: When using the T-account format, each T-account must be presented under the correct balance sheet category to earn points. 1. Name indicated on each page submitted [5 points] _ 2. Signature & date included in Academic Integrity section above [5 points] _5- 3, Resourve Notes: - If Resource Notes were used, they are submitted with the exam. [5 points] | 2 Miate Ting REeaTEn Non-compete agreement 2| hb. Comraner ~Recaren Notes receivable - due in 3 months 2ti Cussent eset ‘Organization costs > [ie xtense = Comrinvine Opea stone Prepaid Insurance + [k Cysneur Aster Radio broadcasting rights Pam Conraner ~REceTED Research & development costs elm Expense =Contmume OPedtetiont Trade name =a. dee rine - RELATED Video copyrights Lo. eritie RecwTen Consight © 2077 Barbara A Belirand Al rights reserve. Pass? Metropolitan State University Acct 312-01, Intermediate Accounting IL, Spring 2018 EXAM #1 —_Answce fey Tast Name First Name ‘A.company, with a fiscal year that ends on December 31, obtained a franchise in exchange for a cash payment ‘of $1,500,000 on October 1, 2017. The franchise agreement grants the company the right to sell certain products and services in a particular geographical region for a period of 10 years. Using the T-account template below, prepare the 10/1/17 entry and the 12/31/17 entries. ‘None Current Liahiites Curent Liabilities Contributed Capital 3 mths ro mths Accumulated ‘oct Eamed Capital Proper Pane & tnungibe Equipment | investments | AssetOther one Fanner 15.00, eD 1,500,000 ans I % on REcoenies In kw" Wreew luceren Auoarrarin® heceount 3 Amonrieurien Extence —— see 7. During 2013, XYZ Company spent $170,000 in cash for research and development costs. Asa result, new product was patented. The patent, which granted the company a legal life of 20 years, was received on 10/1/13. Management estimates thatthe useful that is economic, ie ofthe patent willbe 10 years. Legal costs of obiaining the patent, during 2013, totaled $18,500, These costs were paid in cash On 6/1/15, the company spent $9,480 in cash to successfully prosecute a patent infringement suit. As a result, management changed the estimate of the useful life of the patent and extended the useful ie for 12 years from sis. (On 12/31/17, management determined that a competitor's product would make the company’s patent obsolete Management prepares amortization entries on an annual bass. The company operates on a calendar year bass. Using the attached T-account template, prepare all required entries for 2013, 2014, 2015, 2016, and 2017. Label each entry witha dare andor a year —— Ltsoe 3 mint to non Ee x = Hd rae BRL a ors loves Tami i oF poy 18SR 2 eso vovee aoe 18.500 Ses eee loves mie Be OfCee ee cinta ees 13 Yas 1 meter Conpright ©2017 Barbara A. Bland A righ reserved Pages

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