Answer:
Explanation:
The question is asking fro the Reporting of the two copyrights in Skysong's balance sheet as at December 31,2020
Assumption: The first copyright was developed internally while the second copyright was purchased from the University Press
<u>Based on this assumption, therefore, </u>
For Copyright one: Since it was developed internally, it will not reflect in the balance sheet, it will not be recognized as an asset because it does not have any separate legal rights different from the organisation that developed it. As such it will be recorded in the Income statement as an expense
For Copyright two: This is an intangible asset with an indefinite number of useful life. Hence, $32,000 will be reported in the balance sheet as an intangible asset but the cost will only be tested for impairment and not amortized.
Answer:
$293,000
Explanation:
The computation of the product cost is shown below:
= Direct material + direct labor + factory supplies + factory depreciation + indirect labor
= $126,000 + $99,000 + $9,000 + $33,000 + $26,000
= $293,000
The factory supplies + factory depreciation + indirect labor = manufacturing overhead
All other cost are not relevant for the computation part. Hence, ignored it
Answer:
A. Cash and a credit to Bonds Payable for $50,000
Explanation:
The journal entry is shown below:
Cash $50,000
To Bonds Payable $50,000
(being the issuance of the bond payable is recorded)
We simply debit the cash as it increased the assets and credited the bond payable as it also increased the liabilities so that the proper posting could be done i.e $50,000 should be credited and debited
Answer:
The correct answers are "Logical, Operational"
Explanation:
A data warehouse is a logical collection of information, gathered from many different operational databases, that supports business analysis activities and decision-making tasks. Sometimes, called as an enterprise data warehouse (EDW) is used for producing analytical statements for workers throughout the company
