Answer:
$600,000
Explanation:
Patent is an intangible non current asset that may be amortized over the estimated useful life.
Given that Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2018 and the patent had a remaining legal life of 10 years, expiring on January 1, 2028
Annual amortization expense = $1,000,000/10 = $100,000
During 2020 ( the patent would have been amortized for 2 years), the accumulated amortization
= 2 × $100,000
= $200,000
The net book value then
= $1,000,000 - $200,000
= $800,000
If the economic benefits of the patent would not last longer than 6 years from the date of acquisition, it means it has a remaining useful life of 4 year from 2020.
Amortization for 2020 = $800,000/4 = $200,000
The amount of the patent net of net of accumulated amortization, at December 31, 2020
= $800,000 - $200,000
= $600,000
Answer:
A dollar tomorrow is worth less than a dollar today, because if you invest the dollar you have today, you'll have more than a dollar tomorrow.
Answer:
The ending balance in the retained earnings account on December 31, 2009 was $11,000
Explanation:
For computing the retained earnings balance on December 31, 2009, the following equation should be used which is shown below:
= Ending retained earnings + dividend paid - net income
= $31,000 + $16,000 - $36,000
= $11,000
Since we have to find out the beginning retained earning so we add the dividend amount and deduct the net income amount
If we find out the ending balance of December 31, 2010, than we add the net income and deduct the dividend amount.
Hence, the ending balance in the retained earnings account on December 31, 2009, was $11,000
Answer:
The correct answer is 24-hour coverage
Explanation:
The term 24-hour coverage is a combination of general health coverage and workers' compensation coverage. In 24-hour coverage, all of an employee's health needs whether occupational related or non occupational are covered by a single health care provider. Hence coverage exists around the clock
This action belongs to the ANALYZE STEP of the AIM planning process.
AIM planning process is a methodology that is used to bring structure to process improvement and problem solving. It is made up of three steps which are analyze, improve and monitor. The analyze step examine the problem for clues about how to solve it, the improve step eliminates the service gap and add improvements while the monitor step ensures that the improvements are working.