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Thepotemich [5.8K]
2 years ago
5

After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May

1 of year 1, Ingrid acquired the competing business for $378,000. Ingrid allocated $63,000 of the purchase price to goodwill. Ingrid’s business reports its taxable income on a calendar-year basis. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
Business
1 answer:
umka2103 [35]2 years ago
3 0

Answer:

question

1. how much amortization expense on the goodwill can Ingrid deduct in year 1,  year 2, year 3?

2. In lieu of the original facts, assume that Ingrid purchase only a phone list with a useful life of 5 years for $16,500.

How much amortization expense on the phone list can Ingrid deduct in year 1, year 2 and year 3?

Explanation:

The explanation is shown in the file attached. Thank you i hope it helps

Download docx
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Aaron Company estimates direct labor costs and manufacturing overhead costs for the coming year to be $800,000 and $500,000, res
Dimas [21]

Answer:

c. $50.00 per machine hour

Explanation:

Calculation to determine the predetermined overhead allocation rate

Using this formula

Predetermined overhead allocation rate=Manufacturing overhead costs/Machine hours

Let plug in the formula

Predetermined overhead allocation rate=$500,000/10,000

Predetermined overhead allocation rate=$50.00 per machine hour

Therefore Predetermined overhead allocation rate is $50.00 per machine hour

8 0
3 years ago
The Andrews company currently has the following balances in their equity accounts: Common Stock $12,079 Retained earnings $90,36
GarryVolchara [31]

Answer:

$120,669

Explanation:

Ending Retained Earnings = Opening Retained Earning + Net Income - Dividends

therefore,

Ending Retained Earnings =  $90,369 +  $46,300 - $16,000 = $120,669

thus,

Ending balance in Retained Earnings be next year will be  $120,669

6 0
3 years ago
The amount of net income shown on a multi-step income statement will differ from the amount of net income shown on a single-step
Stels [109]

Answer:

(B) False

Explanation:

As we know that

Net income = Total revenues - total expenses

The main difference between the single - step income statement and the multi-step income statement  due to classifications

In the single - step income statement, we normally

Revenues

Total revenues (A)

Expenses

Total expenses (B)

Net income (A-B)

while in multi-step income statement,

Sales revenue

Less: Cost of goods sold

Gross profit

Less: Operating expenses

General and administrative expenses

Depreciation expense -

Profit before tax

Less: income tax

Net income

So in both the cases, the amount of the net income is equal.

3 0
2 years ago
The collaborative approach to conflict resolution encourages trust and assertive behaviors, fosters empowerment, and works best
Sergio039 [100]

Answer:

a. True

Explanation:

A conflict refers to a disagreement in ideas or views which creates discord and hampers the normal operations and is injurious to goals of an organization.

A conflict may arise within a department, within a team or with clients and bosses. Resolving such conflicts becomes an essential task.

Under the collaborative approach of conflict resolution, both parties to a conflict intend to find a midway i.e win-win situation. The approach includes arrival of parties to a mutually beneficial result. This is confrontational approach where the solution to the problem is sought.

Such an approach encourages trust and agreement and is more suited when the parties to a conflict are open to resolve it in a direct and equal manner.

6 0
3 years ago
Marianne is the payroll manager at johnson manufacturing. she wants to upgrade the department's accounting systems. to whom woul
scZoUnD [109]

 


Answer: to a Director of Management Information Systems.

If Marianne, the payroll manager at Johnson manufacturing wants to upgrade the department's accounting systems, the person whom she would make the most sense to send her request for an upgrade is to a Director of Management Information Systems.

A Management information systems<span> (MIS) director contributes to growth in companies by improving information technology activities and computer resources. They also manage technical departments within an organization and ensure data is available, accurate and secure.</span>

4 0
2 years ago
Read 2 more answers
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