Rosalie Corporation is located in London but does business throughout Europe.The company builds and sells equipment used in manufacturing pharmaceuticals.On December 31, 2011, Rosalie has trading securities valued at £42,000; goodwill valued at £300,000; prepaid insurance valued at £24,000; patents valued at £140,000; and a customer list valued at £260,000.On Rosalie Corporation's statement of financial position at December 31, 2011, what amount should be reported as intangible assets?

Question

Quizplus · Accepted Answer

Intangible assets include goodwill, patents, and the customer list. Therefore, the total is £300,000 (goodwill) + £140,000 (patents) + £260,000 (customer list) = £700,000.

Rosalie Corporation Is Located in London but Does Business Throughout