All categories

2 years ago

These are selected 2017 transactions for Wyle Corporation:

Business

1 answer:

Ber [7]2 years ago

8 0

Answer and Explanation:

The Journal entry is shown below:-

1. Amortization expense - copyrights $20,000 ($120,000 ÷ 6)

To copyrights $20,000

(Being amortization expense is recorded)

Here we debited the amortization expense - copyrights as expenses is increasing and we credited the copyrights as assets is decreasing.

2. Amortization expense - Patents Dr, $11,250 ($54,000 ÷ 4) × 10 ÷ 12

To Patents $11,250

(Being amortization expense is recorded)

Here we debited the amortization expense - patents as expenses is increasing and we credited the patents as assets is decreasing.

3. No Journal entry is required as IFRS good will is no longer granted to be amortized.

You might be interested in

In the month of November, Cullumber Company Inc. wrote checks in the amount of $10,230. In December, checks in the amount of $11

lara31 [8.8K]

Answer and Explanation:

The computation of the outstanding checks is shown below:

For the November end

= Checks - presented in the bank

= $10,230 - $8,240

= $1,990

For the December end

= Checks - presented in the bank + presented in th bank - checks

= $10,230 - $8,240 + $11,815 - $10,655

= $3,150

We simply applied the above formula

8 0

2 years ago

While the role of the state in a command economy is to be __________, in a market economy the state's role is to be __________?

MatroZZZ [7]

While the role of the state in a command economy is to be Dominant, in a market economy the state's role is to be Passive

3 0

2 years ago

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginni

yulyashka [42]

Incomplete question. The full question read;

Malcolm has several receipts from recent transactions that he entered into his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00.

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?

Answer:

$704.50

Explanation:

First, we need to note which transactions are credit transactions, and which is a debit transaction. Remember, a credit transaction basically means a transaction that brings money into your account, while the latter is a transaction that takes money out of your account.

Malcolm's credit transactions:

ATM receipt for an $80.00 deposit

paycheck deposit slip for $650.00

Total: $730.

Malcolm's debit transactions:

grocery store receipt for $25.50

Total: $25.50

Substracting total debit transactions from credit transactions, Malcolm's correct balance would be = $704.50 ($730-$25.50).

8 0

2 years ago

Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 2.5 kilograms of the raw material Jurislo

yan [13]

Answer:

I think it's (B)

I hope that's right

6 0

2 years ago

Tim Cook is described as delegating responsibilities to others, empowering them, and sharing the limelight with his leadership t

hram777 [196]

Answer: respect for employees

Explanation:

The options to the question are:

a. integrity

b. respect for employees

c. emotional intelligence

d. placing culture above individual

Transformational leadership is a form of leadership whereby the leaders motivate, inspire and encourage the employees in order to achieve organizational goals and make the firm successful.

From the question, we are informed that Tim Cook is described as delegating responsibilities to others, empowering them, and sharing the limelight with his leadership team. The aspect of transformational leadership that this suggest is respect for employees.

4 0

3 years ago