Fabulous CreationsThe assets section of the company's balance sheets for the years ended December 31, 2020 and 2019, is provided below.
Fabulous Creations
Assets Section of Consolidated Balance Sheets (in millions)
at December 31,
Assets2020
2019
Current Assets Cash and equivalents $ 719
$ 2,610
Short-term investments 0
886
Receivables, less allowances of $1,889 and $97 6,054464
Inventories 1,791
0
Prepaid expenses and other current assets 1,710 711
Total Current Assets $10,274
$ 4,671
Noncurrent inventories & film costs 6,8530
Investments 6,8863,824
Land and buildings$ 2,107
$ 440
Cable television equipment9,966
0
Furniture, fixtures, and equipment 4,329
1,297
Property, plant, and equipment$16,402
$1,737
Less: Accumulated depreciation (3,718)
(696)
Property, plant, & equipment (net) 12,684
1,041
Music catalogue, and copyrights 2,927
0
Cable television and sport franchises 27,109
0
Brands and trademarks 10,684
0
Goodwill and other intangibles 128,338
713
Other assets 2,804
578
Total assets $208,559
$10,827
Refer to Fabulous Creations. Which items on the company's balance sheet could be considered intangible assets? Explain the nature of each of these.
What will be an ideal response?
Intangible assets are: music catalogues, copyrights, cable television and sports franchises, brands, trademarks, and goodwill. Music catalogues are rights to play certain music created by particular artists. Contracts give the company the right to perform a particular act or other right. Copyrights represent the right to use a published work. Cable television franchises give the company the right to use particular cable television rights. Goodwill is the amount paid in excess of the fair market value of a company or business acquired.
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