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Delvig [45]
3 years ago
10

Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years. The com

pany plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Business
1 answer:
alex41 [277]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

On January 1

Copyright A/c Dr $420,000

        To Cash A/c $420,000

(Being copyright is purchased)

On December 31

Amortization A/c Dr $42,000

          To Accumulated amortization A/c $42,000

(Being annual amortization is recorded)

The computation is shown below:

= Purchase value of copyright ÷  number of goods years

= $420,000 ÷ 10 years

= $42,000

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The balance in accounts receivable at the beginning of 2016 was $600. During 2016, $3,200 of credit sales were recorded. If the
andreyandreev [35.5K]

Answer:

$3,100

Explanation:

Step 1: Draw up the Accounts Receivable Account

Opening Balance  $600          Allowance for Doubtful debt   $200

Sales                       $3,200       Cash Collected                        $3,100

                                                   Closing Balance                       <u>$500</u>

                                <u>$3,800</u>                                                         <u>$3,800  </u>  

To calculate the cash collected from customers

first, add the debit side of the accounts receivable which is a sum of the opening balance and sales= 3,800

Secondly, add the figures in the credit side including allowance for doubtful debt and closing balance= $700

Thirdly, Subtract the lesser side from the greater, $3,800 - $700 = $3,100

$3,100 was cash collected from the customers in 2016

8 0
3 years ago
Colt Corporation purchased Massey Inc. and agreed to give stockholders of Massey Inc. 50,000 additional shares in 2020 if Massey
Tpy6a [65]

Answer:

4. $3.00...$2.73

Explanation:

Basic EPS = Net income/average number of shares outstanding

                 = 1500000/500000

                 = $3 per share

Diluted EPS = 1500000/(500000 + 50000)

                    = $2.73 per share

Therefore, Colt should report earnings per share for 2018:

Basic Earnings Per Share of $3

Diluted Earnings Per Share of $2.73

4 0
3 years ago
It is most accurate to say that successful niche marketing relies on a firm's ________ and its ________.
Neporo4naja [7]

It is most accurate to say that successful niche marketing relies on a firm's Greater knowledge of customers need and its special reputation.

<h3>What is a marketing niche?</h3>

A niche has to do with the particular brand or the particular trade that a person that is focused on buying and selling does.

This is to say that the person that is focused here would be successful if they know what their customers demand from them and the ways that they can carry out their activities for a greater reputation. The niche has the brand of the business.

Read more on business niche here: brainly.com/question/1519816

#SPJ1

4 0
2 years ago
Icy Mocha Company estimates its factory overhead costs to be $35,000 and machine hours to be 5,000 for the year. If the actual h
Vedmedyk [2.9K]

Answer:

$160 overapplied

Explanation:

Icy Mocha company estimates it's factory overhead costs to be $35,000 and machine hours to be 5,000 for a period of one year.

The actual number of hours worked on job 333 and 334 equals a total of 4,980

The actual factory overhead costs are $34,700

The first step is to calculate the predetermined overhead rate

= Overhead costs/machine hours

= $35,000/5,000

= $7

The amount of either over or underapplied factory costs can be calculated as follows

= predetermined overhead rate×actual number of hours worked

= $7×4,980

= $34,860

The amount is then subtracted from the actual overhead costs

= $34,700-$34860

= -$160

= $160 overapplied

Hence the amount of overapplied factory overhead is $160

4 0
3 years ago
How do you determine a percentage of someone's annual wages for savings/tax purposes?​
alukav5142 [94]

Answer:

Because the taxi is clearly don't to be understood in anything and anytime.........

Explanation:

8 0
3 years ago
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