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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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GaryK [48]

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Explanation: A liability that is contingent upon an event, that is, dependent on a future event that may or may not happen is called contingent liability. Potential law suits, pending investigations are some of the examples of contingent liability.

A contingent liability will only be recorded if there is likely probability that the event on which such liability depends will occur and the amount of liability could be reasonably estimated.

6 0
3 years ago
Murphy company produces flash drives for computers, which it sells for $20 each. each flash drive costs $8 of variable costs to
Maurinko [17]

We can find the increase in operating income for each $ 1,000 increase in revenue per month by finding the contribution margin ratio and the multiplying it with the increase operating income of $ 1,000 each.

The formula to find the contribution margin ratio is :-

Contribution margin ratio = Contribution margin per unit / Selling price per unit

= 12 / 20 = 60%

The increase in operating income = Contribution margin ratio * Revenue

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The calculations are shown below :-

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6 0
3 years ago
On January 1, the first day of the fiscal year, a company issues a $5,000,000, 6%, 10-year bond that pays semiannual interest of
irga5000 [103]

Answer:

Explanation:

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(Being interest paid for cash)

On December 31,  Bonds Payable A/c Dr $5,000,000

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