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Anestetic [448]
3 years ago
12

Skysong Industries acquired two copyrights during 2020. One copyright related to a textbook that was developed internally at a c

ost of $17,000. This textbook is estimated to have a useful life of 5 years from September 1, 2020, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2020, for $32,000. This textbook has an indefinite useful life.
How should these two copyrights be reported on Skysong’s balance sheet as of December 31, 2020?
Business
1 answer:
Bezzdna [24]3 years ago
3 0

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.

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4 0
3 years ago
Being able to identify an industry to use for benchmarking your​firm's results with similar companies is frequently not easy. Ch
Anvisha [2.4K]

Answer:

The correct answer is: Retail Trade.

Explanation:

The North American Industry Classification​ System (<em>NAICS</em>) is a standard used to classify businesses of different industries. The classification apples by companies located in Mexico, the U.S., and Canada. <em>Automobile dealers, furniture, electronics and appliances, groceries, clothing, </em>and <em>shoe stores</em> among others are considered Retail Trade businesses according to the NAICS.

7 0
3 years ago
Investing $2,000,000 in TQM's Channel Support Systems initiative will at a minimum increase demand for your products 3.0% in thi
Neko [114]

Answer:

the payback period is 14 months

Explanation:

The computation of the payback period is shown below:

Profit is

= $2,000,000 - $1,669,426

= $330,574

Now payback period is

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8 0
3 years ago
When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day.
just olya [345]

Answer:

0.5

Explanation:

A screenshot is attached to get the full solution

Since the coefficient is < 1, it is inelastic

8 0
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Because an organization has limited influence on market growth rate, its main alternative for moving an SBU on the portfolio ana
svetlana [45]

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The correct answer is inject cash into it.

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Every day, central banks lend money to private banks through auctions. The extraordinary thing about these new liquidity injections starring the European Central Bank or the US Federal Reserve is not so much the operation itself, as the situation in which they occur.

In this case, problems arise when, due to distrust, banks do not lend money to each other, operations that are common when the system is working properly.

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3 years ago
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