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Answer:
a. Revenues, expenses. and dividends - Temporary accounts
b. List of permanent accounts and their balances - Post-closing trial balance
c. Transfer of temporary balances to retained earnings - Closing entries
d. List of permanent and temporary accounts and their balances - Adjusted trial balance
e. Assets, liabilities, and stockholders' equity - Permanent accounts
Answer:
Please refer to the below for the appropriate journal entry
Explanation:
Accounts receivable Dr $726,700
($676,000 + $50,700)
Sales revenue account Cr $676,000
Sale taxes payable account Cr $50,700
{(6% + 1.5%) × $676,000
Answer:
licensing
Explanation:
Based on the information provided within the question it can be said that in this scenario using the Oreo name on its packaging is an example of licensing. This refers to when an individual or company uses another company's brand in order to sell their products. Usually the original owner of that brand receives royalty payments for allowing this to happen.
Answer:
1. Ending Carrying value value in 2016 = legal cost for application which is $20,000
Ending Carrying value in 2017 = legal cost of application in 2016 + legal fees incurred in 2017 = $20,00 + $8000= $28,000
2. The company should not amortize the trade as it was not impaired in 2016 and 2017.
The trade name can be amortized if it's useful life is known above which the company has determined that it will not use the trade name anymore, then it will be amortized over it's useful life.
