Answer:
Journal entries for the transactions are given below
Explanation:
1. Development of new product
DEBIT CREDIT
Research and development $24,000
Cash $24,000
2. Paid the plaintiff for losing patent
DEBIT CREDIT
Legal fee (expense) $8,000
Cash $8,000
3. Bought Equipment and signed non-interest bearing note
DEBIT CREDIT
Equipment Cash price $37,000
Discount on note payable $5,000
Cash paid $18,000
Note payable $24,000
4. Installed sprinkler system
DEBIT CREDIT
Sprinkler system $40,000
Cash $40,000
5. Plaintiff paid for successful infringement suit on its patent
DEBIT CREDIT
Patent $24,000
Cash $24,000
6. Bought New equipment and traded old one
DEBIT CREDIT
New Equipment $13,600
Accumulated depreciation $6,800
Loss on sale $3,400
Old Equipment $13,400
Cash $10,400
Working:
Accumulated depreciation = Original Cost - book value
Accumulated depreciation = $13,400 - $6,600
Accumulated depreciation = $6,800
Answer:
B. False.
Explanation:
Helen instructed Joseph during his active working hour does not matter if he is on his lunch break or not, so Joseph is entitled to workers compensation.
Keeping the appropriate cash flow in the cash flow register, using a financial calculator, NPV should be calculated for taking the decision.
Answer: According to the NPV calculated, Chen should buy a new machine.
<u>Explanation:</u>
Cash outflow = $40000
Increase in annual after-tax cash flows : CF = $9000
Place the cash flow on a time line:
0 1 2 10
I 10 I I . . . I
-110000 19000 19000 19000
With a financial calculator, input the appropriate cash flow into the cash flow register, input I/YR = 10, and then solve for NPV. The answer for NPV is $6746.78.
Thus, Chen should buy a new machine.
Answer:
Explanation:
People who want to obtain credit goods services from financial institutions can use their economic political property rights to do so.
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Answer:
AdCreate billed Anchor Motors $529,412 for the third quarter in 2010
Explanation:
The advertizing company usually takes a 15% commision
Which means from the total amount billed to customer 15% ar commision which means:
money paid to media + 15% comission of the billed amount= total amount billed
450,000 + 0.15X = X
Now, we try to solve for X and get the amount billed to anchor motors.
X = 450,000/.85 =<em> 529.411,76</em>
