Answer:
The Journal entries are as follows:
(i) On December 31,
No entry
(ii) On December 31,
Amortization expense A/c Dr. $16,000
To Patents A/c $16,000
(To record the amortization expenses)
Workings:
Amortization expense:
= (Purchasing cost of patent ÷ Estimated useful life) × Time period
= ($144,000 ÷ 6) × (8/12)
= $24,000 × (8/12)
= $16,000
Answer:
The loan amount was $27,142.86
Explanation:
Data provided in the question:
Total interest paid for the loan amount = $950
Time for which interest is charged = 6 months = 0.5 year
Annual interest rate = 7% = 0.07
Now,
Interest = Principle × Rate × Time
or
$950 = Principle × 0.07 × 0.5
or
Principle = $950 ÷ 0.035
or
Principle = $27,142.86
Hence,
The loan amount was $27,142.86
Answer:
Option B $128700
Explanation:
The amortization can be calculated using the following formula:
Amortization for the Year = Assets Value * (Turquoise Extracted / Total Turquoise)
Amortization for the Year = $429,000 * (1950/6,500) = $128,700
The method used is depletioning method because it seems that the company will extract all of the turquoise within the 3.33 year time (6500/1950), which is within the 5 years duration for which the right to extract the turquoise is purchaseed. Otherwise the straigth line method would had be used here.
When you work with a dereferenced pointer, you are actually working with the actual value of the variable whose address is stored in the pointer variable. A pointer is a number that a identifies a location from memory.
Answer:
The answer would be $53000.
Explanation:
In simplest words, factory overhead costs or manufacturing overhead costs are the total amount of costs associated with the making of the product or on other factory tasks.
Total manufacturing cost is found by adding all the cost of direct materials, direct labor and overheads. It is shown as below:
Total Overhead Cost = Direct materials + Direct Labor + Overheads
Here direct materials are $16000
Direct Labor = $37000
There are no overheads costs given, so overhead costs will be = 0
Now substituting the values in the formula, we get the following:
Total Overhead cost = 16000+37000+0= $53000
