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Company’s business

Harman Beauty Products Ltd. produces organic aromatherapy hand soaps and bath oils to retail health stores across North America. The company purchased the trademark and patented recipes for this unique line of soaps and oils, called Aromatica Organica, five years ago for $150,000. Each type of soap or oil is made from a secret recipe … Read more

General borrowing costs

Indicate whether the items below are to be capitalized as an intangible asset or expensed. Which account(s) would each item be recorded to? a. Salaries of research staff b. Market research c. Costs to test prototypes d. Borrowing costs for development of a qualifying intangible asset e. Executive salaries for time spent on development of … Read more

Accumulated depreciation

Schulz Ltd. purchased a machine in 2012 for $65,000. In late 2015, the company made a plan to dispose of the machine. At that time, the accumulated depreciation was $25,000 and the estimated fair value was $35,000. Estimated selling costs were $1,000. Assume that the asset qualifies as a held for sale asset at December … Read more

Future school site

Landolfi Inc. owns a property that has a carrying value on December 31, 2016, of $520,000 (cost $950,000, accumulated depreciation $430,000). Required: For each of the following independent situations, prepare the journal entry to record the transaction. Assume that at no time prior to the transaction did the asset qualify as a held for sale … Read more

Local property market

Michaux Ltd. purchased an office building on January 1, 2001, for $450,000. At that time, it was estimated that the building would last for 30 years and would have a residual value of $90,000. Early in 2007, a significant modification was made to the roof of the building at a cost of $30,000. This modification … Read more

Straight-line depreciation

Equipment purchased for $39,000 by Escarpit Inc. on January 1, 2013 was originally estimated to have a five-year useful life with a residual value of $4,000. Depreciation has been recorded for the last three years based on these factors. In 2016, the asset’s condition was reviewed, and it was determined that the total useful life … Read more

Annual depreciation charge

Cortazar Ltd. purchased a used delivery van for $10,000 on June 23, 2015. The van is expected to last for three years and have a residual value of $1,000. The company’s yearend is December 31, and it follows the policy of charging depreciation in partial periods to the nearest whole month of use. Required: Calculate … Read more

Robotic drill

Machado Inc. purchased a new robotic drill for its assembly line operation. The total cost of the asset was $125,000, including shipping, installation, and testing. The asset is expected to have a useful life of five years and a residual value of $10,000. The total service life, expressed in hours of operation, is 10,000 hours. … Read more

Professional Disclosure Statement

Professional Disclosure Statement According to the ACA (2014) and AAMFT (2015) Codes of Ethics, counselors/therapist must gain informed consent from clients verbally and in writing prior to entering the counseling relationship with client(s). Now that you have become familiar with both the national ethical codes and your state of practice’s current rules and regulations (ethics), … Read more

Six Sigma concept

Discuss personal experience in regard to quality improvement programs and how they are project like in application such as DMAIC. If you have no experience, you should gain some from friends or work colleagues or—as a last resort—news articles. If news reports are used, references and in-text citations must be provided. What has led to … Read more

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