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Brums [2.3K]
3 years ago
8

Once Miracle learned of the competing printer and adjusted the expected future cash flows from its original​ patent, was this as

set​ impaired? If​ so, make the impairment adjusting entry. ​(Record debits​ first, then credits. Exclude explanations from any journal entries. For transactions that do not require an​ entry, make sure to select​ "No entry​ required" in the first cell in the​ "Accounts" column and leave all other cells​ blank.)
Business
1 answer:
Darya [45]3 years ago
7 0

Answer:

(a) Entry for purchase of patent :

Patent a/c debit $600,000.

To Cash / Bank A/c. $600,000.

(b) Amortisation : (legal protection for 20 years) >> 600,000/20 = 30,000 per annum

Amortisation expenses -Patents $30,000

To Patents account $30,000

(c) Impairment Loss on Patents ac. debit 270,000 (see calculations below)

To Patents account 270,000

(Value of patents at end of 4 years = 600000-120000=480,000)

Expected future value = 210,000

Impairment = 480,000-210,000=270,000

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The right answer is none of the above, its Bonds payable.
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Answer:

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2 years ago
Below are the transactions for Ute Sewing Shop for March, the first month of operations.
balandron [24]

Answer:

Explanation:

March 1

Cash  1700

    Share Capital 1700

To record the issuance of shares

March 3

Equipment 1400

  Cash           1400

To record the purchase of equipment on cash

March 5

Rent Expense 470

    Cash               470

To record the rent expense

March 7

No entry neither cash nor serves are provided.

March 12

Purchase 117

  Cash           117

To record the purchases

March 15

Cash 670

 Income 670

To record the services Income.

March 19

Advance 570

     Payable   570

To record the advance cash receipt for services not yet provided thus advance is our liability.

March 25

Payable 228    570/25*10

   Income    228

To record the services income against advance given.

March 30

Utilities Expense   82

    Cash                      82

To record the monthly utilities expense

March 31

Dividend Pay  85

       Cash              85  

To record the payment of dividend.

2)

                                <u>Share Capital Account</u>

                                                 Opening =    0

                                                   Cash          1700

          <u>Closing=1700</u>                 <u>                            </u>

 

                                     <u>Cash  Account</u>

Opening = 0

share capital   1700                              Equipment          1400

                                                               Rent                   470

                                                                Purchase           117

Income             670

Adv. Pay           570

                                                                  Utilities             82

                                                                   Dividend          85

                                                                   <u>Closing balance- 786</u>    

     

                                       <u>Equipment</u>

Opening = 0

Cash           1400

                                                             <u>Closing-1400</u>

                                       <u>Rent Expense</u>

Opening = 0

Cash           470

                                                             <u>Closing-470</u>

                                       <u>Purchase Expense</u>

Opening = 0

Cash           117

                                                             <u>Closing-117</u>

                                <u>Income Account</u>

                                                 Opening =    0

                                                   Cash          670

                                                    Payable     228

      <u>Closing- 898</u>                                           <u>                            </u>

                                <u>Payable Account</u>

                                                             Opening =    0

                                                             Cash          570

Income 282

<u>Closing-342</u>                                           <u>                            </u>

                                       <u>Utilities Expense</u>

Opening = 0

Cash           82

                                                             <u>Closing-82</u>

                                   <u>Dividend</u>

Opening = 0

Cash           85

                                                             <u>Closing-85</u>

3)                     Trail Balance

     Head Of Account                           Debit                    Credir

Cash                                   786  

Share Capital                                           1700

Equipment                           1400  

Rent Expense                                                   470  

Purchases                            117  

Income                                                           898

Payable                             342

Utilities                                     82  

Dividend                                            85  

Total                                   2940                 2940

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Answer:

OD All are signs of a serious gambling problem.

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Answer:

c. customer relationship management

Explanation:

Customer relationship management -

It is the method , to manage the interactions of the present or previous customers with the company , by using the data , is known as the customer relationship manangement .

It make use of all the previous data in order to increase the business realtionship with the cutomers , for better profit .

The CRM , takes help from the website of the compnay , emails , chats and even social media , to perform its task .

4 0
3 years ago
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