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kvv77 [185]
1 year ago
9

TRUE/FALSE. temporary accounts begin a new fiscal period with a: question 2 options: zero balance debit balance credit balance y

ou do not use temporary accounts at the beginning of a new fiscal cycle.
Business
1 answer:
Mashutka [201]1 year ago
8 0

The answer is true. Temporary accounts are transient accounts that open with no balance at the beginning of each accounting period and close at the conclusion in order to preserve a record of accounting activity during that period.

They consist of the spending accounts, income statements, and income summary accounts. Permanent accounts include cash accounts such as accounts receivable and accounts payable. The terms asset, liability, equity, inventory, balance investments, etc. are other examples of permanent accounts. An account that shuts at the conclusion of each accounting period and has no balance when a new period starts is referred to as a transitory account.

To learn more about accounts, click here.

brainly.com/question/22917325

#SPJ4

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Bluestone Company had three intangible assets at the end of the current year:
Dimas [21]

Answer:

Bluestone Company

1. Acquisition cost of each intangible asset:

Patent $3,200

Trademark = $0

Licensing Rights = $70,000

2. Amortization for the current year ended December 31:

Amortization Expenses:

Patent = $200 ($3,200/16)

Trademark = $7,500 (expensed in full)

Licensing Rights = $14,000 ($70,000/5)

3. BLUESTONE COMPANY

Income Statement (partial)

For the year ending December 31

Amortization Expenses:

Patent $200

Licensing Rights $14,000

Trademark expense $7,500

BLUESTONE COMPANY

Balance sheet (partial)

At December 31

Intangibles:

Patent                       $3,200

Acc. Amortization         200    $3,000

Licensing Rights  $70,000

Acc. Amortization   14,000   $56,000

Explanation:

a) Data and Calculations:

a. Purchased patent on January 1 for $3,200 Estimated life 16 years

b. Internally developed trademark is expensed: $7,500

c. Purchasing Licensing Rights on January 1 for $70,000 for 5 years

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Why are citizens punished with sin taxes​
horrorfan [7]

Answer:

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Explanation:

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A budget should include a balance sheet and a(n)
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<h3>What is human services?</h3>

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In this case, the type of work that human services workers conduct is that they deliver services to people who need them.

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