Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
<h3>What is Sweepstakes?</h3>
Sweepstakes is a form of gambling in which everyone involved in the contest pay a certain amount of money and the winner is awarded with a price or the money contributed.
Therefore, Sweepstakes does not require a consumer to purchase anything aside from the the ticket they will fill out for a chance to win prices.
Learn more about Sweepstakes below.
brainly.com/question/2033774
Answer:
$310,500
Explanation:
The first step is to calculste the increase in account payable
= ending amount-beginning balance
= $29,000-$11,500
= $17,500
Decrease in account receivable
= $21,000-$18,000
= $3,000
Therefore the cash flow can be calculated as follows
= $290,000 + $17,500 + $3000
= $310,500
Answer:
Explanation:
The journal entry is shown below:
Amortization expense - Patent A/c Dr $32,380
To Patent A/c $32,380
(Being amortization expense for the first year is recorded)
The computation is shown below"
= Purchase cost of patent ÷ estimated useful life
= $161,900 ÷ 5 years
= $32,380
For the intangible assets, the amortization expense is considered,not the depreciation expense and the same is to be taken.
