For Nicholson Company, the following information is available: $\begin{array}{lr}
\text { Capitalized leases } & \$ 200,000 \
\text { Trademarks } & 65,000 \
\text { Long-term receivables } & 75,000
\end{array}$

In Nicholson's balance sheet, intangible assets should be reported at
A)$65,000.
B)$75,000.
C)$265,000.
D)$275,000.

Question

For Nicholson Company, the following information is available: $\begin{array}{lr}
\text { Capitalized leases } & \$ 200,000 \
\text { Trademarks } & 65,000 \
\text { Long-term receivables } & 75,000
\end{array}$

In Nicholson's balance sheet, intangible assets should be reported at
A)$65,000.
B)$75,000.
C)$265,000.
D)$275,000.

Quizplus · Accepted Answer

Intangible assets typically include items like trademarks, patents, and goodwill. In this case, only the trademarks amounting to $65,000 are considered intangible assets.