Answer:
Balance sheet extract:
Intangible assets:
Copyright 1 $0
Copyright 2 $48,000
Explanation:
The points to note in the question are enumerated as follows:
An internally generated intangible asset cannot be capitalized.By capitalization ,I mean its costs is treated as intangible asset to be amortized over its useful life.As a result,the $16,000 incurred on the internally generated intangible asset,specifically,the first copyright should be treated as expense when incurred.
However,the second copyright that was bought from University Press can be treated as asset but cannot be amortized since it has indefinite life,but would be tested for impairment on a yearly basis,with impairment losses charged to profit or loss account.
Answer:
Credited
Explanation:
Equity Account <em>increase</em> on the credit side and <em>decrease </em>on the debit side.
So, when the account increased, we say it has been credited. This means further stock has been issued to new or existing owners.
Answer: difficult and not as clear-cut as U.S. firms would like them to be
Explanation:
The issues associated with social responsibility and ethical problems doesn't pertain to a particular income level or economic system.
Even though businesses in the United States always demand socially responsible behavior and good ethics from their international suppliers, the issues of social responsibility and ethical behavior are still difficult and not as clear-cut as they want them to be.
This is really a bothering issue as.it has even been suggested in the past whether the international suppliers should be made to adhere to the laws I the United States.
In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.
But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.
A sole owner—additionally called a sole trader or a proprietorship—is an unincorporated business that has simply one proprietor who will pay private earnings tax on profits earned from the commercial enterprise.
Sole ownership manner distinct possession. it is a possession so entire that no other man or woman has any interest in the assets. someone's ownership is "sole" while no person apart from the character has any interest inside the belongings as owner.
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Answer:
Cost of goods sold= $816
Explanation:
Giving the following information:
Acme-Jones Corporation uses a weighted-average perpetual inventory system.
August 2: 24 units were purchased at $23 per unit.
August 18: 40 units were purchased at $25 per unit.
On August 29: 34 units were sold.
Weighted-average= (23 + 25)/2= $24
Cost of goods sold= 34*24= $816
