For Mitchell Company, the following information is available: $\begin{array}{lr}
\text { Capitalized leases } & \$ 280,000 \
\text { Trademarks } & 90,000 \
\text { Long-term receivables } & 105,000
\end{array}$
In Mitchell's balance sheet, intangible assets should be reported at
A)$90,000.
B)$105,000.
C)$370,000.
D)$385,000.

Question

For Mitchell Company, the following information is available: $\begin{array}{lr}
\text { Capitalized leases } & \$ 280,000 \
\text { Trademarks } & 90,000 \
\text { Long-term receivables } & 105,000
\end{array}$ 
In Mitchell's balance sheet, intangible assets should be reported at
A)$90,000.
B)$105,000.
C)$370,000.
D)$385,000.

Quizplus · Accepted Answer

Trademarks are the only intangible assets listed, and they should be reported at $90,000. Capitalized leases and long-term receivables are not intangible assets.