All categories

3 years ago

Acquisition costs; journal entries

Business

1 answer:

Aleks [24]3 years ago

7 0

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

You might be interested in

What Supreme Court decision overturned Plessy v. Ferguson? A. Brown v. Board of Education B. Engel v. Vitale C. Marbury v. Madis

alina1380 [7]

<span>What Supreme Court decision overturned Plessy v. Ferguson?

</span><span>A. Brown v. Board of Education</span>

5 0

3 years ago

All the following are examples of start-up costs EXCEPT

Zolol [24]

Answer:

A . payroll taxes.

Explanation:

Payroll taxes are imposed on the employers or employees of the company. In the examples of the question, the costs except for the payroll taxes are all paid by the company. Besides, payroll taxes are also not taxed on the company instead of on the employees' wages, which is funded by them. That is why all the examples are start-up costs except the payroll taxes

6 0

3 years ago

Enrique is giving a presentation to convince his managers that offering yoga classes at work will improve productivity because i

Ilya [14]

Answer:

a) He will ask the audience to stand and do a simple yoga pose.

Explanation:

Base on the scenario been described in the question, we saw the Enrique is given a presentation to convince his managers that offering yoga classes at work will improve productivity because it will help employees clear their minds. The aspects of his presentation that shows he wants to include kinesthetic learners is , he asked the audience to stand up and do a simple yoga pose.

Kinesthetic learning is a learning style in which learning which involves the students doing physical activities, rather than watching demonstrations or listening to lectures.

3 0

3 years ago

Read 2 more answers

Don kosec, vp of business services for time warner cable in northeast ohio says that their goal is to increase their sales in th

Alex

e. of course it is a good goal; it meets all of the criteria discussed

This goal meets all the criteria for a SMART goal.

5 0

3 years ago

What service organizations, private or public, would you like to see become more customer oriented? How could this case be used

prohojiy [21]

Answer: