Answer:
Dr Amortization Expense $3,000
Cr Patents $3,000
Explanation:
Preparation of the journal adjusting entry on December 31 to recognize the amortization.
Dec. 31
Dr Amortization Expense $3,000
Cr Patents $3,000
(To record Amortization)
Amortization=(Patent rights/Useful life)*6/12
Amortization=($36,000/6)*6/12
Amortization=$3,000
(July 1 to Dec 31 =6months)
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Explation:
Answer:
consumer products provided are categorized thus:
(1) relatively expensive: a computer system
(2) infrequently purchased: A car
(3) buyers are willing to expend considerable effort in planning and making purchases: A house
Explanation:
Consumer products are defined as products that satisfy a consumer's wants or needs. There can be convenient, affordable as well as expensive and infrequently purchased.
Consumer goods are final goods sold to consumers for use. It is usually not used as means for further economic production activity.
Some consumer goods are durable and can last for up to three years or more while some are perishable with expiry dates and must be consumed within a short pace of time.
Finally, consumer goods can be grouped into different categories based on consumer behavior depending on how frequently they are used.
Answer: confidentiality agreement (CA)
