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Ymorist [56]
2 years ago
13

On January 2, 2019, Adelphi Company purchased a patent for $175,000 plus $5,000 in legal fees. On that date, the patent had a re

maining legal life of 13 years. Adelphi Company expects to use the patent for 8 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.
Business
1 answer:
Vikentia [17]2 years ago
7 0

Answer:

$22,500

Explanation:

Data given in the question

Purchase value of the patent = $175,000

Legal fees = $5,000

The Remaining life of the patent = 13 years

Expected using life of the patent = 8 years

So by considering the above information, the annual amortization expense for 2019 is

= (Purchase value of the patent + Legal fees incurred) ÷ (Expected using life of the patent)

= ($175,000 + $5,000) ÷ (8 years)

= $22,500

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Answer
False
Explanation
Data mining is the process of turning raw data into useful information
3 0
2 years ago
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Type the correct answer in the box. Spell all words correctly.
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The name which is given to the session that is a continuous discussion to <em>bring out</em> innovative ideas from employees is called:

  • <u>Brainstorming</u>

According to the given question, we are asked to state the  name which is given to the session that is a continuous discussion to <em>bring out</em> innovative ideas from employees.

As a result of this, we can see that when a group of workers sit down together to bring out a new idea that would be innovative  to their company, then we can say that they are brainstorming because they bring ideas that would improve overall business and profit

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7 0
2 years ago
In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice th
zubka84 [21]

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5 0
3 years ago
Iona wrote her will. The following year, she wrote another will that expressly revoked the earlier will.Later, while cleaning ho
snow_lady [41]

Answer and Explanation:

In the given case, the second will would be destroyed non-intentionally by the testatrix that represent the person who writes the will. Also the second will would have be intended to revoke the first will

In addition to this, Testatrix intends the second will to be value also at the same time she dont want the first will to be probated

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4 0
2 years ago
Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared.
DerKrebs [107]

Answer:

Net income = $3,560

Explanation:

                                       Romney's Marketing Company

                                        Multi-step income statement

                               For the Year ended December 31 20YY

Sales revenues 37,250

Less: Cost of goods sold = 0

Gross profit                                                          = 37,250

Less: Operating expense:

Wages expense                                 = $19,000

Depreciation expense                       = $1,750

Utilities expense                                = $320

Insurance expense                            = $780

Rent expense                                     = $9,800

Total operating expense                   = ($31,650)

Add: operating income:

Rent revenue                                      =  $560

Total operating income                                         = $6,160

Other operating income

Interest revenue                                                    = 160

Net income before taxes                                      = $6,320

Income tax expense                                              = $2,760

Net income                                                             = $3,560

4 0
3 years ago
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