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3 years ago

A _____ plan relies on a predetermined formula to distribute a share of the company's profits to eligible employees.

1 answer:

4 0

Profit sharing plan relies on a predetermined formula to distribute a share of the company's profits to eligible employees.

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Bluestone Company had three intangible assets at the end of the current year:

adoni [48]

Answer and Explanation:

The computation is shown below:

1) Calculation of the acquisition cost is

Patent = $4,000

Trademark = $210,000 + $8,500 = $218,500

Licensing Rights = $80,000

2) Computation the amortization expense is

Patent = $4,000 ÷ 10 = $400

Trademark = $218,500 ÷ 10 = $21,850

Here we assume the indefinite life of 10 years

Licensing Rights = $80,000 ÷ 5 = $16,000

Income statement:

Amortization expense $38,250 ($400 + $21,850 + $16,000)

Balance sheet at year end december:

Fixed assets

Intangibles

Patent $3600 ($4,000 - $400)

Trademark $196,650 ($218,500 - $21,850)

Licensing Rights $64,000 ($80,000 - $64,000)

8 0

3 years ago

Bad Debts account has a credit balance of $8,000 before the adjusting entry for bad debts expense. After analyzing the accounts

White raven [17]

Answer:

$14,300

Explanation:

Based on the information given we were told that the management of the company estimated that the amount in the uncollectible accounts will be the amount of $14,300 which means that the amount of $14,300 will be the balance of the Allowance for Bad Debts that should be reported on the company balance sheet.

5 0

3 years ago

A fixed amount of pay for working a week or a month is a(n) ___ .

laila [671]

Answer: it is called a salary

Explanation:

5 0

3 years ago

Read 2 more answers

Rust Pipe Co. was established in 1994. Four years later the company went public. At that time, Robert Rust, the original owner,

irina1246 [14]

Answer:

Rust Pipe Co.

The Percentage of the Founder's Family Votes to Class B Votes:

= Founder's Family Votes / Class B Votes x 100 = 577,775/1,747,475 x 100 = 33.-6%

Explanation:

Total votes for the Founder's Family = 52,525 x 11 = 577,775

Class B votes = 1,747,475 (1,800,000 - 52,525) x 1 vote = 1,747,475

Founders of companies who want to go public but still retain control of the entity may decide to issue two or more classes of shares in order to allocate more voting rights to some classes than the others.

In this case, while the founder's family currently held 52,525 shares representing 29.2% of the total outstanding shares, in voting rights, the founder's family has 33.6% control.

4 0

3 years ago

During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw materials $5,

Fiesta28 [93]

Explanation:

The journal entries are as follows

1. Raw material inventory $5,100

To Account payable $5,100

(Being the raw material is purchased on account)

2. Factory labor $5,100

To Factory wages payable $1,700

To Payroll tax payable $2,900

(Being the factory overhead cost is recorded)

3. Manufacturing overhead $2,900

To Utilities payable $2,900

(Being the overhead cost is recorded)

6 0

3 years ago