1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
7nadin3 [17]
3 years ago
11

On September 30, 2016, Athens Software began developing a software program to shield personal computers from malware and spyware

. Technological feasibility was established on February 28, 2017, and the program was available for release on April 30, 2017. Development costs were incurred as follows:
September 30 through December 31, 2016 $ 2,200,000
January 1 through February 28, 2017 800,000
March 1 through April 30, 2017 400,000
Athens expects a useful life of four years for the software and total revenues of $5,000,000 during that time. During 2017, revenue of $1,000,000 was recognized.

Required:
1.
Prepare the journal entries to record the development costs in 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)


2.
Calculate the required amortization for 2017. (Enter your answer in whole dollars.)

Business
1 answer:
Cloud [144]3 years ago
6 0

Answer:

Check the explanation

Explanation:

1. Record the journals as shone, below:

Date       Accounts title & explanation             Debit (S)             Credit(S) 2016     Research and development expense    2,200,000                                 `                               Cash                                             2,200,000  

                 (To record the expense incurred

                    on research and development)

2017   Research and development expense    800,000  `             `                            Software and development costs      400.000

                                           Cash                                              1,200,000

                         (To record the sc&ware

                         development costs incanted)

kindly check the answer to the second question in the attached image below

You might be interested in
Maxim Company had the following partial listing of accounts and balances at year-end: Cash, $7,000; Accounts Receivable, $6,000;
MrRissso [65]

Answer:

B. $23,000

Explanation:

Recall that, assets are resources that an individual or an organization has which have future economic value that can be measured,

Thus,

Total current assets = Cash + account receivable + supplies + prepaid rents + inventories.

Therefore

Total current assets = 7000 + 6000 + 1000 + 4000 + 5000

= $23,000

Note: Land is not included in CURRENT asset. Land are longterm assets.

3 0
3 years ago
Read 2 more answers
WriteOn Stationery is new in the market. They have hired a specialized agency to promote their products in the market. Which typ
Brrunno [24]

Answer: Marketing service

Explanation: Marketing services can be defined as those services involving activities like advertising and market research etc. The main focus of marketing is not on advertising the products but to make a demand in the market for the product offered.

In the given case writeon is new in the market hence they need promotion and customer base for selling the product. The advertising objectives that writeon needs can be achieved with the help of marketing activities.

8 0
3 years ago
Question 1 of 10
dolphi86 [110]

Answer:

B. A receipt.

Explanation:

A receipt is normally given to the person after he or she purchased something, in case if the person wants a refund or etc he can use the receipt for evidence to be able to do so.

5 0
2 years ago
Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,0
OLEGan [10]

Answer:

See explanation

Explanation:

                       Armstrong Co.

          Multi-step Income Statement

  For the year ended, December 31, 20YY

Sales                                              $755,000

<u>Less: Cost of merchandise sold   (330,000)</u>

Gross Profit                                                    $425,000

Less: Operating expenses

Administrative expenses  $35,000

Selling expenses               $50,000

<em><u>Total operating expenses                               $85,000</u></em>

Income from operation                                 $340,000

Other revenue and expenses:

Rent Revenue                    $25,000

interest expense               ($30,000)

<u>Total other revenues (expenses)                      $(5,000)</u>

Income before taxes                                      $335,000

<u>Less: Income Tax                                                     0</u>

Net Income (loss)                                           $335,000

That is the appropriate way to prepare a multi-step income statement

3 0
3 years ago
Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company. Perfection
maksim [4K]

Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company. Perfection of this security interest may not protect Quotient Financial against the claim of  <u>a trustee in bankruptcy.</u>

Explanation:

A security interest on a loan refers to a  legal claim on collateral provided by the borrower ,it allows the lender to repossess the collateral and sell it if the loan goes default

A security interest reduces  the risk for a lender, allowing it to charge lower interest on the loan. Lower interest means that the borrower’s cost of capital will also be reduced.

Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company. Perfection of this security interest may not protect Quotient Financial against the claim of <u>a trustee in bankruptcy.</u>

7 0
3 years ago
Other questions:
  • Which of the following weakens the government control in the marketplace?
    10·2 answers
  • Lynn, the manager of a transportation company, goes through the product delivery schedule. She assigns territories to each execu
    6·1 answer
  • Marigold Corp. has the following inventory data: July 1 Beginning Inventory 31 units at $16 $496 7 Purchases 109 units at $16 17
    7·1 answer
  • If 11 workers can produce a total of 54 units of a product and the 20 worker has a marginal product of six units what is the ave
    13·1 answer
  • Lynn wants to share parts of an essay she wrote in her slide presentation. What is the best way for her to share that text with
    8·2 answers
  • In the case of ________, it was determined that a test for promotion of firefighters to certify test scores was discarded becaus
    5·1 answer
  • Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials
    10·1 answer
  • Kevin bought 290 shares of Intel stock on January 1, 2019, for $86 per share, with a brokerage fee of $190. Then, Kevin sells al
    7·1 answer
  • The SBA is a source of assistance that provides small businesses with the following
    11·1 answer
  • Once the adjusting entries are posted, the adjusted trial balance is prepared to a. verify that the debits and credits are in ba
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!