Answer:
Explanation:
The journal entry is shown below:
Amortization expense - Patent A/c Dr $32,380
To Patent A/c $32,380
(Being amortization expense for the first year is recorded)
The computation is shown below"
= Purchase cost of patent ÷ estimated useful life
= $161,900 ÷ 5 years
= $32,380
For the intangible assets, the amortization expense is considered,not the depreciation expense and the same is to be taken.
Answer:
D. None of the above are true.
Explanation:
As while recording depreciation, the total assets is decreased and the stockholder equity is also decreased as depreciation is a contra asset account
In the side of stockholder equity, the net income, the retained earning and the stockholder equity is decreased
whereas, the total asset is decreased as the amount of asset is reduced by deducting the accumulated depreciation amount
The journal entry is shown below for better understanding
Depreciation Expense A/c XXXXX
To Accumulated Depreciation XXXXX
(Being depreciation expense is recorded)
Answer is D.
Explanation: They have a larger number of potential customers because people anywhere can buy from them.
In a pure market economy, the "What to produce?" question is ultimately answered by : consumer sovereignty.
Explanation:
Market autonomy is a two-way economic concept. Market autonomy in production applies to what finished products should be produced from these materials to the control power of the customers over those with scarce resources.
For example, the highest levels of consumer autonomy occur of consumers on the free market. The customer can buy any product in any quantity he wants. But the state or central government decides what to manufacture in a command economy.
Answer:
Monthly tax amount = $90.57 (Approx)
Explanation:
Given:
Purchase value = $209,000
Rate = 0.52%
Find:
Monthly tax amount
Computation:
Monthly tax amount = ($209,000 x 0.52%)/12
Monthly tax amount = 1,086.80/12
Monthly tax amount = $90.57 (Approx)
