Answer:
Dr amortization expense $14,500
Cr Copyright asset $14,500
Dr amortization expense $6,250
Cr Patent asset $6,250
Explanation:
First of all,a goodwill with an indefinite life is not depreciable,hence no adjusting journal entries would be prepared in respect of the goodwill.
However,the copyright would be amortized using the lower of useful life of 6 years and legal life of 30 years,the amortization expense for the year is shown below:
amortization charge=$87,000/6 years=$14,500
The patent is to amortized in the way as the as the copyright the lower of useful life and legal life.
amortization charge=$30,000/4 years*10/12=$6250
The patent was only used for 10 months in the year
The term that refers to the functions used to move products through the channel to the customer is distribution
Answer:
46 days
Explanation:
Given that,
Ending Accounts Payable = $1,242
Cost of goods sold = 9,855
Average accounts payable = 1,193
Payable turnover ratio = Cost of goods sold ÷ number of days
= 9,855 ÷ 365
= 27
Days Payable Outstanding:
= Ending Accounts Payable ÷ Payable turnover ratio
= $1,242 ÷ 27
= 46
Therefore, the payable days outstanding for 2014 is 46.
Bartering is an exchange of goods where money is not involved
Answer:
The correct answer is option A.
Explanation:
Sophie is willing to sell a textbook for $30, while Ruby is willing to purchase it for $60. Both negotiate and agree on a price of $45.
The gain for Sophie will be the difference between the minimum price she was expecting and the price she gets for the textbook.
Gain for Sophie
= $45 - $30
= $15
The gain for Ruby will be the difference between the maximum price she was willing to pay and the price she actually paid.
Gain for Ruby
= $60 - $45
= $15
So, both of them have a gain of $15 from trade.
