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tatiyna
3 years ago
10

Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has an expected useful life of five years with no re

sidual value. Assuming Berry Co. uses the straight-line method, what is the amortization expense for the year ended December 31, 2022?
a. $0.
b. $33,000.
c. $6,600.
d. $13,200.
Business
1 answer:
Ghella [55]3 years ago
4 0

Answer:

The correct answer is C.

Explanation:

Giving the following information:

Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has an expected useful life of five years with no residual value.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 33,000/5= $6,600

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<span>The married couple probably does not mind outsiders thinking this of them because the married couple actually knows what is happening in their relationship. While it may appear to others that there is inequity, the couple knows the truth of their relationship and therefore does not let other people's opinions affect them.</span>
4 0
4 years ago
Jay sold three items of business equipment for a total of $300,000. None of the equipment was appraised to determine its value.
olasank [31]

Answer:

Consider the following calculations

Explanation:

Step 1. Given information.

Asset        Cost        Adjusted Basis

--------------------------------------------------

Skidder   230,000      40,000

Driller       120,000      60,000  

Platform  620,000        0

-------------------------------------------------

Total         970,000      100,000

Step 2. Formulas needed to solve the exercise.

Allocation for each asset =  value sold * (adjusted basis / total)

Gain on sale = Sales price - Adjusted basis amount

Step 3. Calculation and Step 4. Solution.

Sales price is allocated on the basis of adjusted value.

  • Skidder = 300.000 * 40.000/100.000 = 120.000

  • Driller = 300.000*60.000/100.000 = 180.000

  • Platform = 300.000*0/100.000 = 0

Gain on sale = Sales price - Adjusted basis amount

                        = 300.000 - (40.000 + 60.000 + 0)

                        = 200.000

6 0
3 years ago
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing meth
Sedbober [7]

Answer:

Number = 1,490

Cost of goods available for sale = $75,200

Explanation:

Computing the number as:

Number = (Beginning inventory + Purchases + Purchases) - Sales

Number = (1,220 + 310 + 270) - 310

Number = 1,800 - 310

Number = 1,490

Computing the cost of goods available for sale as:

Cost of goods available for sale = Total cost of beginning inventory + Total Cost of purchase + Total Cost of purchase

Cost of goods available for sale = $17,600 + $27,900 + $29,700

Cost of goods available for sale = $75,200

5 0
4 years ago
Suppose your boss tells the people you work with, "If any worker shows up at my house on Saturday and helps me clean my pool for
ozzi

Answer:

Unilateral contract

Explanation:

An unilateral contract is a contract that can only be enforced when the performing party performs the action that he agreed upon. It is only when this actions is completed, that the offering party is obliged to make a payment.

In this case, your boss has offered $75 if you clean the pool. This is an unilateral contract because your boss is only obliged to pay that money once you finished cleaning the pool. If you never clean the pool, you simply will not receive the $75.

6 0
3 years ago
A manufacturing company has budgeted production at 5,000 units for May and 4,400 units in June. Each unit requires 3 pounds of m
mario62 [17]

Answer:

$201,700

Explanation:

The budget production for May is 5000 units.

The total materials required for May will be no. of units multiplied by materials needed for each unit

=5000 x 3

=15000 pounds of materials

Materials required for June

=60% of (4400x 3)

= 60/100 x 13200

=7920 pounds of material

Total materials needed for May

= 15,000+7,920

=22,920 pounds

Purchases required will be

=22,920 - 2,750

=20170

Purchases in dollar value =20170 x $10

=$201,700

5 0
3 years ago
Read 2 more answers
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