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
Snowcat [4.5K]
3 years ago
10

On October 1, 2018, Northern Inc. purchased a patent for $204,000 cash. Although the patent gives legal protection for 20 years,

the patent is expected to be used for only 10 years. The patent has no residual value. What will be the balance in the patent account on September 30, 2019?
Business
1 answer:
baherus [9]3 years ago
6 0

Answer:

$183,600

Explanation:

Since the expected useful life of the patent is only 10 years, instead of 20 years, its cost should be amortized in 10 years. That means that for every year that passes, Northern has to amortize $20,400 (= $204,000 / 10). Only one year passed between September 30, 2019 and October 1, 2018, so the patent's account on the balance sheet is $183,600 (= $204,000 - $20,400).

You might be interested in
An office management firm has developed a system for efficiently organizing small medical and dental practices both through prop
kolbaska11 [484]

Answer:

achieve economies of scope

Explanation:

Economies of scope  -

It is the concept in economics , which is the reduction in the total cost of the production , when some products are produced collectively rather than individually , is known as economies of scope .

Same case is given in the question , where the management have organised medical and dental practices via some unique training program for the staff .

4 0
3 years ago
BE18.8 (LO 2) Presented below are three revenue recognition situations. a. Groupo sells goods to MTN for $1,000,000, payment due
dem82 [27]

Answer:

a. Groupo sells goods to MTN for $1,000,000, payment due at delivery.

  • transaction price = $1,000,000
  • revenue recognized once the goods are delivered

No journal entry is required until goods are delivered and accepted.

b. Groupo sells goods on account to Grifols for $800,000, payment due in 30 days.

  • transaction price = $800,000
  • revenue recognized immediately since goods were already delivered

The journal entry:

Dr Accounts receivable 800,000

    Cr Sales revenue 800,000

c. Groupo sells goods to Magnus for $500,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $464,000.

  • transaction price = $480,000
  • revenue recognized immediately since goods were already delivered

The journal entry:

Dr Notes receivable 500,000

    Cr Sales revenue 480,000

    Cr Discount on notes receivable 20,000

8 0
3 years ago
EB3.
kondaur [170]

Answer:

Their net operating income for the year was $39,628

Explanation:

Flip or Flop's net operating income for the year = Gross revenue - Cost of Goods Sold - Operating expenses

Their Cost of Goods Sold (COGS) was 21% of gross revenue, therefore:

Cost of Goods Sold = 21% x $93,200 = $19,572

The company has operating expenses for this same period of $34,000.

Net operating income for the year = $93,200 - $19,572 - $34,000 = $39,628

7 0
3 years ago
When empty, the bladder is much smaller than when it is full. since the bladder must be able to stretch and expand as it fills,
Dmitry_Shevchenko [17]
Transitional epithelium

<span>Transitional epithelium is a tissue made of many layers of epithelial cells that can expand when filled with fluid or contract when there's a lack of fluid. It is thus 'transitional' since it does not have a fixed shape of form. When the bladder is full, the t</span>ransitional epithelium lining it expands to contain urine. Whereas, when the bladder is empty, the transitional epithelium lining contracts and flattens in shape.
8 0
3 years ago
One of the accounting records maintained by Visors Inc. lists the number of regular work hours worked by its employees, the over
Iteru [2.4K]

Answer:

B. Payroll record

Explanation:

Payroll record is a record in an organization showing the list of employees in that organization along with payments due to every employee in the organization for a specific pay period. It shows the number of hours worked, average pay rates, and deductions for each employee present in the organization. From the description detailed in the question, the record described is most likely a payroll record. In summary, it's a documentation showing under what criteria are the employees of an organization paid.

5 0
3 years ago
Other questions:
  • Jen purchased a condo in naples fl for $699,000. she put 20% down and financed the rest at 5% for 35 years. what are jen's total
    9·2 answers
  • The inflation rate is decreasing and unemployment is rising. The economy is likely in
    15·2 answers
  • Solving for rates what annual rate of return is earned on a $2,800 investment when it grows to $6,100 in eleven years?
    14·1 answer
  • The unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for ev
    13·1 answer
  • Which market segmentation dimension describes consumers by the groups with which they associate?
    10·1 answer
  • Bonds issued by the Coleman Manufacturing Company have a par value of $1,000, which of
    12·1 answer
  • Lucy's Music Emporium opened its doors on January 1, 2015, and it was granted permission to use the same depreciation calculatio
    11·1 answer
  • On January 2, 2018, Ava Co. issued at face value $119,600 of 7% bonds convertible in total into 13,686 shares of Ava's common st
    5·1 answer
  • Paid vacations and sick leave are
    7·2 answers
  • Paraguay’s economy is afflicted by poverty and an absence of opportunities and advantages. However, a positive aspect of this si
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!