Answer:
A. Patent: government license that provides title over an invention and right to use for a certain amount of time.
B. Research and development costs: costs incurred to develop new products or processes.
C. Trademark: a brand name or symbol that is registered under an individual or a business.
D. Intangible assets: non-physical assets, e.g. patents
E. Copyright: the legal right that the owner of a work (e.g. song, movie) possesses to decide who can use his work or not, and charge a fee for it.
F. Plant assets: asset that is used to generate revenue and whose useful life is more than one year.
G. Goodwill: when a business is sold, it represents an intangible asset associated with the reputation of the business.
H. Franchise: a business model where a franchisee starts a business by using someone else's (franchisor) business model and know how.
Answer and Explanation:
Given that
The Sale is made for $900
Terms 2/10, n/30 that means if the payment is made within 10 days than 2% discount is eligible and the total credit period allowed is 30 days
Now the journal entry to record the receipts of a payment within discount period is
Cash Dr $882
Sales discount $18
To Account receivable $900
(Being the cash received)
Everybody uses goods and services all the time
Answer:
$41
Explanation:
The last-in, first-out inventory valuation method establishes that the inventory will be valued at the same price as the last units purchased or produced. This system considers that the last units that enter our merchandise inventory are the first ones to be sold.
In Abbit's case, the last units to enter their inventory cost $41 per unit (replacement cost). SO if we use the LIFO system then we will use the $41 per unit cost.
Answer:
Check Clearing
Explanation:
The process by which bank records which account gives up money is called check clearing. Check clearing is the process by which banks record whose account gives up money and whose account receives money when a customer writes a check. A bank holding company is a company that owns multiple banks.