Answer:
1. Intangible assets.
2. Amortization.
3. Franchise.
4. Research and Development Costs.
5. Goodwill.
Explanation:
1. Intangible assets: Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.
2. Amortization: The allocation of the cost of an intangible asset to expense in a rational and systematic manner.
3. Franchise: A right to sell certain products or services, or use certain trademarks or trade names within a designated geographic area.
4. Research and Development Costs: Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
5. Goodwill: The excess of the cost of a company over the fair value of the net assets required.
Answer:
False
Explanation:
§ 351 establishes that businesses shall not recognize any capital gain or loss from property transferred to them in exchange of stocks or partnership share. So the businesses have to record this type of transactions at their fair market value and not their tax basis.
Answer:
See below
Explanation:
1. Corrected amounts for 2020 cost of goods sold
= Cost of goods sold for 2020 - December 31, 2019 ending inventories overstated + December 31, 2020 ending inventories overstated
= $1,322,900 - $106,470 + $36,820
= $1,253,250
2. Correct amounts for December 31, 2020 retained earnings
= Retained earnings December 31, 2020 - December 31, 2020 ending inventories overstated
= 4,854,000 - $36,820
= $4,817,180
1. The personal representative of a decedent is known as an executor.
2. In a situation where the decedent does not have a valid will, the court-appointed representative who supervises the probate process is called an <u>administrator</u>.
<h3>What is the probate process?</h3>
The probate process refers to the formalized legal process followed to recognize a will and appoint the executor or administrator (as the decedent's personal representative) to administer the estate and distribute assets to the intended beneficiaries.
The executor or administrator is responsible for supervising the probate process and settling the estate of the deceased or decedent.
Thus, whereas, the personal representative of a decedent is called an <u>executor</u> with a valid will, they are known as <u>administrators</u> when the court appoints them to the office.
Learn more about administering a will at brainly.com/question/25694947
