Explanation:
The production system consists of all integrated activities and operations for the production of goods and services.
Organizational capacity is measured by the set of effective actions of coordination and control of the production system. Therefore, active management of systems monitoring will determine key factors for better meeting consumer demands and needs through continuous improvement in the quality of manufacturing processes, innovations, reduction of waste and unnecessary spending, which enables greater transfer to the customer a product with quality and low cost and represents for the organization gains of competitive and strategic advantages.
Answer:
General Journal entry:
Account Debit Credit
Amortization expense $6,750
Accumulated Amortization $6,750
(patent)
Explanation:
Given Data:
Price of patent=$38,500
Legal fees=$2,000
legal Life=13 years
useful life=6 years
Required:
Journal Entry
Solution:
Amortization:
For intangible assets, amortization is the decrease in book value over the period of time. However intangible assets have no physical appearance and they do not face any damage like fixed assets but with the passage of time their value decrease.
Calculating amortization expense for one year:
Amortization expense=
General Journal entry:
Account Debit Credit
Amortization expense $6,750
Accumulated Amortization $6,750
(patent)
Answer:
This is <em>false. </em>
Explanation:
You only have so much room on a resume, and refrences can be a waste of space. Typically, refrences are given upon request.
Hope this helped.
Answer:
c. $215,000
Explanation:
The computation of the amount charged to income is shown below:
But before that first we have to determine the book value as on Jan 2024 which is
Total patent cost
= $200,000 + $50,000
= $250,000
Amortized cost till year 2024 is
= ($250,000 ÷ 10 years) × 3 years
= $75,000
The three years is counted from 2021 to 2024
Now
Book value on Jan 2024 is
= $250,000 - $75,000
= $175,000
So,
Amount charged to income is
= $175,000 + $40,000
= $215,000
Answer:
1. Inventory account will be affected and assertions of accuracy and valuation will be violated.
2. Assets are overstated and assertion classification is violated.
3. Liability is understated and assertions of accuracy is violated.
4. No impact.
Explanation:
Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.
