Patent cost is $ 18000 , life of it is 18 years, calculat the first year amortízation expense.
Q: le and $5 of TIxed costs to produce one bathroom rchase 980 scales at $17 each. Bramble would in ed.…
A: Bramble Co has received a special order . It has sufficient unused capacity to produce this special…
Q: uring 2019, S sold merc
A: Introduction Minority interest means ownership or interest of less then 50% of an enterprise. The…
Q: f Volatile n at the E the end c 2 dividon
A: Write down the cash flows Year Cash Flows Description 0 -36 Purchase one share for 36…
Q: Suppose 10-year T-bonds have a yield of 5.30% and 10-year corporate bonds yield 8.90%. Also,…
A: Solution:- Given, T-bonds - 10 year have a yield = 5.30% 10-year corporate bonds yield = 8.90%…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: At what level of details the work packages need to be described to take place in work breakdown…
A: Organization Structure- The organizational structure is a hierarchy/system that the organization…
Q: ing these mechanisms at full capacity are as follows. Variable costs per unit:…
A: Introduction : Incremental cost means the variable cost which increases with the increase in the…
Q: ed the holder to acquire one A ordinary share for $3. 31 Dec 2021: Offers wrer
A: Share capital is the capital which an owner contributes in the firm. This share capital can be…
Q: Paradise Hills Berry Farm has 30 employees who are paid biweekly. The payroll register showed the…
A: A journal entry is being used to record a business deal in a company's accounting records. A journal…
Q: Haver Company currently pays an outside supplier $19 per unit for a part for one of its products.…
A: The question is based on the concept of Cost Management. When any method or project is to be…
Q: CBD Shop cash balance in the balance sheet ending June 30 20X0 shows $16 000. The net cash flows…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: credit control is signalled by: a. high accounts receivable turnover and high days sales in…
A: Receivable Turnover Ratio is a measure of how efficiently a company is able to collect from its…
Q: The accountant for Polo's Pet Shop prepared the following list of account balances from the entity's…
A: Statement of owners equity is an essential part of financial statements. It indicates the investment…
Q: Question 13: Which piece of information is NOT included on a W-2? answer: A. Social Security number…
A: Form 941 is the Employer's Quarterly Federal Tax Return. Form W-2 shows the amount of income earned…
Q: The following transactions and adjusting entries were completed by Robinson Furniture Co. during a…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: A property is for sale with an asking price of $2.75 million. The property is assumed to increase in…
A: Debt coverage ratio refers to the ratio which states the amount of operating income available for…
Q: Aliara Corporation is considering purchasing one of two new machines. Estimates for each machine are…
A: Net Present Value- The net present value or net present worth applies to a sequence of cash flows…
Q: JT Enterprises decides to scrap its old widget-making machine, which has a book value of $8,600. The…
A: The correct Option is (b) as a $ 100 gain. Gain on disposal of Machine = Scrap value of Machine -…
Q: Question 1 Presented below is selected information related to Mohammed Ltd at December 31 20X1.…
A: Ans a) Determination of total Assets at December 31,20X1::: Equipment Account:::29,000..…
Q: May Made cash sales of $6,300; the cost of the inventory was $3,700. 1 Purchased $2,000 of inventory…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: KMC Corp.'s management is considering either a 100% stock dividend or a 2-for-1 stock split.…
A: Corporate entities may undergo internal reconstruction and reorganization during any crisis so as to…
Q: The John and John Corporation has ordinary income of $250,000 for 2021, including dividends of…
A: Under USA Taxation rules, if the corporates are receiving any dividend from the other body…
Q: Discus the relationship between a good energy accounting system and an effective energy management…
A: Good energy accounting system is the system in which it is recorded about the energy costs and its…
Q: $ 22,000 $ 52,800 $ 55,000 $170,000 $299,800 nits. Prepare a flexible budget for Blossom bas
A: Flexible budget adjusts as per the actual volume or activity. It changes as per the production and…
Q: Journal Entries Shorts Company has three process departments: Mixing, Encapsulating, and Bottling.…
A: A journal entry is the act of recording or keeping track of any financial or non-financial action.…
Q: alculate Prop erty Income and apital Gains
A: As per rules laid down by Canada Revenue Agency , capital gain on sale…
Q: Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated…
A: Depreciation is a non-cash expense. We book the depreciation to record the normal wear and tear of…
Q: Crusty Enterprise Trial Balance as at Dec 31, 2020 did not balance as the debit side is greater than…
A: The suspense account is created to record the error (Omission) in trial balance and make the trial…
Q: iculates incon tion costing. company to managers based oH operating of the division. In
A: In absorption costing we consider both variable and fixed costs as cost of…
Q: On June 30, the check register balance is $391.04. The service charge is $4.10, and interest earned…
A: A bank Reconciliation statement is a report that is prepared to know the differences between…
Q: The equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following:…
A: The equity portion, in the balance sheet, reflects the ownership section which shows the funds…
Q: Required: • prepare a worksheet
A: Accounting is the process of recording, classifying and summarising accounting information. At the…
Q: Denver Company is a Manufacturing company that currently operates with two divisions: Dog and Den.…
A:
Q: what types are frauds are possible in revenue cycle?
A: Introduction: The revenue cycle is a method of defining and maintaining the processes used for the…
Q: Calculate the industrial building allowances for Lazida Sdn Bhd for all years up to YA 2014.
A: Industrial allowance is the construction cost spend on the construction of building, warehouse or…
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Journals: Recording of a business transactions in a chronological order. First step in the…
Q: 1. Malou Guina has an annual average gross sale of P60,000 in her small sari-saristore. Her…
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…
A: The rent paid in advance is referred as Prepaid Rent. The amount paid is P 8000 The working is shown…
Q: a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise returned by…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: S Depreciation Deduction Accumulated Depreciation Book Value $ 1 $ ✕ 33.33% = $
A: Introduction: The depreciable base for the calculation of depreciation is the amount of cost…
Q: Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of…
A: Purchase journals involve the transactions of purchases by the company. It involves the cash…
Q: Barney Technologies - As the new accountant for Barney Technologies, you notice that their some…
A: Calculation of Total Current Assets Amount Cash $ 17,000 Office Supplies $…
Q: DATE PARTICULARS DEBIT CREDIT P 200,000 40,000 Dec-01 Cash Equipment Candelaria Maugat, Capital To…
A: Journal Entries are posted into T-accounts. The balance of T-accounts are presented in the trial…
Q: Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: A. When annual…
A: Note: As per our guidelines, only the first question should be answered. 3. If you're obliged to…
Q: Tuition is expected to increase with an average of 5% per year for the next 5 years. The annual cost…
A: Mutual funds are pool of funds invested by the mutual fund companies on behalf of the investors…
Q: Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of…
A: The question is based on the concept of Financial Accounting.
Q: A part plz.. hand written plzzzzz...othereise skip
A: Under absorption costing, selling and administrative expenses are not considered as product cost.…
Q: The following data were obtained regarding the operations of Kirsten Company: Sales in units P…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: The following direct materials and direct labor data pertain to the operations of Ivanhoe Company…
A: * As per Bartleby policy, in case of multiple subparts, answer first three only. Total material…
Q: Explain how a cash flow forecast can help a business now and in the future. Give examples. Sir…
A: Cash flow statement A cash flow statement refers to one of the financial statements that provide an…
Step by step
Solved in 2 steps
- For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.Calico Inc. purchased a patent on a new drug it created. The patent cost $12,000. The patent has a life of twenty years, but Calico expects to be able to sell the drug for fifty years. Calculate the amortization expense and record the journal for the first years expense.Calico Inc. purchased a patent on a new drug. The patent cost $21,000. The patent has a life of twenty years, but Calico only expects to be able to sell the drug for fifteen years. Calculate the amortization expense and record the journal for the first-year expense.
- A company pays a patent for $ 98,000 with a useful life of 12 years.Calculate amortization. You must present the calculation made.Paulman incurred $58,000 of research and experimental expenses and began amortizing them over 60 months during June of Year 1. During May of Year 3, Paulman received a patent based upon the research being amortized. $39,000 of legal expenses for the patent were incurred. The patent is expected to have a remaining useful life of 17 years. 1) What is the basis of the patent? (Round amortization for each year to the nearest whole number.) 2) What is the amortization deduction with respect to the patent during the year it was issued? (Round final answer to the nearest whole number.)During 2022, Brownie Company incurred research and development cost of P272,000 relating to the patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only. On December 31, 2022, what amount should be reported as patent, net of accumulated amortization?
- On January 1, 20x1, Entity A purchases a patent from Entity B for 300,000. Entity B, has helped the patent for 5 years. Entity A estimates that the patent has a remaining useful life of 16 years.How much is the annual ammortization expense?What is the carrying amount of the patent at December 31, 20x2?Show your solutions with explanation if possible.Post Company purchased a patent on January 1, 200X for $50,000. The patent has a useful life of 10 years. The accounting entry to record the patent amortization expense for the first year would be: Debit patent $5,000; credit accounts payable $5,000. Debit patent amortization expense $5,000; credit patent $5,000. Debit patent $50,000; credit accounts payable $50,000. Debit patent amortization expense $50,000; credit patent $50,000.On January 1, 2021, ABC Co. reported patent cost of P1,920,000 and related accumulated amortization of P240,000. The patent was purchased on January 1, 2019 at which date the remaining legal life was 16 years. On January 1, 2021, the useful life of the patent was determined to be only 8 years from the date of acquisition. On January 1, 2021, ABC Co. paid P800,000, of which three-fourths was for a trademark and one-fourth was for the other entity’s agreement not to compete for a 5-year period in the line of business covered by the trademark. ABC Co. considered the life of the trademark indefinite. Moreover, ABC Co. agreed to pay P50,000 to the other entity as consulting fee each year for 5 years payable every January 1. What is the total carrying amount of intangible assets on December 31, 2021?
- A company purchased a patent for $50,000 with a remaining legal life of 10 years. Calculate the annual amortization expense using the straight-line method and the book value of the patent after 5 years.Amortization Expense For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A patent with a 15-year remaining legal life was purchased for $288,000. The patent will be commercially exploitable for another nine years. A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $45,000 in legal fees for handling the patent application, the patent should be commercially valuable during its entire remaining legal life of 18 years and is currently worth $378,000. A franchise granting exclusive distribution rights for a new solar water heater within a three-state area for four years was obtained at a cost of $68,000. Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal). General Journal Ref. Description Debit Credit a. Answer Answer…When a patent has a book value of $75,000 on the company's books, the company estimates that the future cash flows from the patent are $45,000. The present value of the expected future cash flows is $30,000. The company should record a journal entry that: debits Loss on Impairment for $45,000. credits Loss on Impairment for $30,000. debits Patent for $45,000. credits Patent for $30,000.
