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Book/movie review
22/08/2022
1. Neura Pharma, Inc. has purchased a drug patent with a remaining useful life of 13 years. How should this new asset be classified?
• A current tangible asset
• A non-current tangible asset
• A non-current intangible asset
• A current intangible asset
2. June Smith, a process engineer, has sold her 15-year patent for a new etching process to Silica Labs, Inc. In return, she has received $500,000 in cash and, based on its value on the sale date, $200,000 in common stock in Silica Labs. The stock is forecasted to double in market value over the next two months.
How would this transaction be recorded by Silica Labs?
• Debit patent account $700,000; credit cash $500,000; credit common stock $200,000
• Debit cash $500,000; debit common stock $200,000; credit patent account $700,000
• Debit cash $500,000; credit patent account $500,000
• Debit patent account $500,000; credit cash $500,000
3. Consider the same scenario as in the previous question:
June Smith, a process engineer, has sold her 15-year patent for a new etching process to Silica Labs, Inc. In return, she has received $500,000 in cash and, based on its value on the sale date, $200,000 in common stock in Silica Labs. The stock is forecasted to double in market value over the next two months.
Assuming that Silica Labs holds some long-term debt, which of the following describes the effect of the transaction on Silica Labs?
• Current ratio will decrease and total debt to equity ratio will increase
• Current ratio will increase and total debt to equity ratio will decrease
• Current ratio will increase and total debt to equity ratio will increase
• Current ratio will decrease and total debt to equity ratio will decrease
4. Lucky Lee, a video-game store in New York city, purchases a game machine directly from Taiwan for $30,000. In the U.S., the same machine will probably cost at least $36,000. Pick the most appropriate accounting action for Lucky Lee:
• Record the machine at $36,000
• Record the machine at $30,000
• Record the machine for [($30,000+$36,000)/2] = $33,000
• Have the machine examined by an independent appraiser and record it at the appraised value
The writer is very fast, professional and responded to the review request fast also. Thank you.
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