The general ledger of Vance Corporation as of December 31, 2011, includes the following accounts: In the preparation of Vance's statement of financial position as of December 31, 2011, what should be reported as total intangible assets?

Question

The general ledger of Vance Corporation as of December 31, 2011, includes the following accounts:  In the preparation of Vance's statement of financial position as of December 31, 2011, what should be reported as total intangible assets?

Quizplus · Accepted Answer

To determine total intangible assets, we need to add up the balances of the accounts related to intangible assets. The accounts related to intangible assets are: 
- Goodwill: $360,000 
- Patent: $90,000 
- Trademark: $60,000 
Adding up these three balances gives us a total of $510,000, which should be reported as total intangible assets on Vance Corporation's statement of financial position as of December 31, 2011.

The General Ledger of Vance Corporation as of December 31