Answer:
The answer is: $113,000
Explanation:
By 2020, Phillips Company had already amortized $22,000 of the patent expenses (2 years x [10% x ($100,000 + $10,000)]). Since it lost its patent defense in 2020, it will now have to write off $113,000 ($88,000 pending amortization + $25,000 in legal fees) for the adjustment of its 2018 income.
Answer:
$221,100
Explanation:
The cash flow statements is a part of the financial statements that shows the net cash used or generated from the company's activities. These activities are the operating, investing and financing activities.
Operating activities considers the changes in current assets and liabilities. Investing involves the cash flows as a result of long term asset related activities while financing are more of long term debts and stock related activities.
Cash outflows are considered to be negative and inflows positive.
For an asset sold at a loss, the amount received must be less than the book value hence the loss
Amount received = $65,300 - $14,000
= $51,300
This company's cash flows from investing activities
= $51,300 - $89,000 + $198,000 + $60,800
= $221,100
This is the net cash generated by investing activities.
Answer: c. Escrow
Explanation: Escrow is a financial instrument where cash is held on behalf of 2 parties by a third party. Money can be held in escrow until contractual obligations are fulfilled or appropriate instructions are met. In this case the money is insurance and taxes that is held in escrow until payment for both these are needed.
Other multiple choice options that don't apply here are stated below
a. Closing costs - these are fees that are incurred by either the buyer or seller when a real estate transaction closes.
b. Commission - this is the amount of cash someone earns after selling or renting out a form of property.
d. Origination - origination in real estate terms is the first step in a process towards obtaining a home loan or mortgage.
These transaction will affect the adjustments at the end of the period by:
- Decrease Unearned Revenue
Since the gift cards was redeemed during the month which means that Unearned Revenue will have to be decreased by the costs of gift cards that was redeemed during the month.
Calculated as:
Unearned Revenue=$5,600-$3,200
Unearned Revenue=$2,400 decrease
Since the gift cards was redeemed during the month which means that will have increased Sales revenue by the costs of of gift cards that was redeemed during the month.
Calculated as:
Sales revenue=$5,600+$3,200
Sales revenue=$8,800 Increase
Inconclusion These transaction will affect the adjustments at the end of the period by:
- Decrease Unearned Revenue
Learn more here:
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Answer:
A. True
Explanation:
Any time you present a research report, you are combining your previous knowledge with new insights and knowledge gained while preparing the report. This applies to basically every type of new report that you prepare and even updates of prior reports. Sometimes the conditions change between the time the original report was made and the next periodic report.
