Answer:
$212,000
Explanation:
Calculation to determine the total amount that should be debited to Patents through July 31, 2017
Using this formula
Total amount debited to Patents=Legal fees for patent+Legal fees in a successful defense of patent
Let plug in the formula
Total amount debited to Patents=$150,000+$62,000
Total amount debited to Patents=$212,000
Therefore the total amount that should be debited to Patents through July 31, 2017 is $212,000
Fiona signed an agreement to either buy or not buy nick’s vacant lot for $310,000 by a specific date. This agreement is called a bilateral contract.
<h3>What is bilateral contact?</h3>
A bilateral contract is a contract which is made between two parties. Under this contract, both parties make promises to each other on the terms and conditions. In this contract, the promise of one party turns into a consideration of the other party. It is the most common kind of contract which is binding in nature.
Fiona signed a contract promising to either purchase Nick's vacant lot for $310,000 by a certain date or not. It's referred to as a bilateral contract.
Learn more about the bilateral contracts from here:
brainly.com/question/14527253
#SPJ1
Assuming that you wanted to know how to journal this, it would be :
Dec. 31
Debit Credit
Income Summary $ 188,000
Retained Earning $ 188,000
Answer:
B
Explanation:
Variable costs are incurred only when a boat is manufactured such as material and direct labor. Thus variable costs will remain unchanged since it will costs the exact same amount to manufacture another identical boat. If it costs $4,000 in material and direct labor to manufacture boat A it will cost $4,000 to manufacture boat B. Fixed costs are sunk costs that will be incurred whether they manufacture 800 or 1,000 boats per year. The rent and admin costs will remain unchanged no matter how many boats are manufactured. But the fixed cost per boat will change. The total fixed costs are $80,000 (800 boats x $1,000 per boat fixed cost). If the manufacturing rate is increased to 1,000 boats per year, the per boat fixed cost will decrease to $800. Fixed costs remain at $80,000/1,000 boats = $800.
