1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ANEK [815]
3 years ago
7

Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $1,100,00

0 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou’s accounting records at a net book value of $430,000 when Lou sold it to Janes. During 2021, a franchise was purchased from the Rink Company for $580,000. The contractual life of the franchise is 10 years and Janes records a full year of amortization in the year of purchase. Janes incurred research and development costs in 2021 as follows:Materials and supplies $ 148,000 Personnel 188,000 Indirect costs 68,000 Total $ 404,000 Effective January 1, 2018, based on new events that have occurred, Janes estimates that the remaining life of the patent purchased from Lou is only five more years.Required:1. Prepare the entries necessary for years 2016 through 2018 to reflect the above information.2. Prepare a schedule showing the intangible asset section of Janes’s December 31, 2018, balance sheet.

Business
1 answer:
juin [17]3 years ago
4 0

Answer:

Please find attached Balance sheet.

Explanation:

You might be interested in
Merchandise is ordered on november 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed b
kifflom [539]

Answer:

The answer is <u>"November 13".</u>

Explanation:

November 13 is the date from which credit period begins in the given scenario because credit period refers to the no. of days that a client is permitted to hold up or wait before paying a receipt or an invoice. It does not refer to the number of days that the client takes to pay an invoice.

6 0
3 years ago
Jerome Corporation's bonds have 15 years to maturity, an 8.75% coupon paid semiannually, and a $1,000 par value. The bond has a
Nastasia [14]

Answer:

5.01%

Explanation:

The bond nominal yield to call is  5.01%

6 0
3 years ago
Read 2 more answers
Jonathan wants to start a business that relies entirely on the buyer’s demand. In which economic system is best suited for his b
a_sh-v [17]

Answer:

ITS NOT B

Explanation:

6 0
3 years ago
Read 2 more answers
24. The Milham Corporation has two divisions—North and South. The divisions have the following revenues and expenses: North Sout
Artyom0805 [142]

Answer:

The elimination of the North division would result in an increase to net operating income of $100,000 for the South division.

Explanation:

Please see computation of the company's overall net profit

= South sales - South variable costs - South traceable fixed costs - South allocated common corporate cost - North allocated common corporate cost

= $880,000 - $550,000 - $80,000 - $50,000 - $100,000

= $100,000 profit.

N.B

Since the North division has been eliminated, all the items for North division would all be ignored except its allocated common corporate cost.

8 0
3 years ago
On March 31, 2018, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed
garik1379 [7]

Answer:

None of the above options are correct

Depletion amount in 2019 = $52.480

Explanation:

The Cost of Quarry (Depletion Base ) = $164000

Estimated Salable Rock (Units Extracted) = 20000 tons

Depletion Rate = Depletion Base /Units Extracted

Depletion Rate for 2018 = 164000/ 20000 = $8.2/ton

Units Extracted in 2018 = 4000 tons

Depletion amount in 2018 = Depletion Rate for 2018 *Units Extracted in 2018

Depletion amount in 2018 = $(8.2*4000) = $32800

In 2019

Depletion Base in 2019 = The Cost of Quarry - Depletion amount in 2018 = 164000-32800 = $131200

Estimated Salable Rock in 2019 (Units Extracted) = 20000 tons

Depletion Rate for 2019 = 131200/ 20000 = $6.56/ton

Units Extracted in 2019 = 8000 tons

Depletion amount in 2019 = $(6.56*8000) = $52480

4 0
3 years ago
Other questions:
  • What are the most important reasons why eCommerce has seen explosive growth in recent years? In your opinion, will this growth i
    8·1 answer
  • What is the relationship between Audit and tax services?
    11·1 answer
  • Griffin's Goat Farm, Inc., has sales of $796,000, costs of $327,000, depreciation expense of $42,000, interest expense of $34,00
    13·2 answers
  • Santa claus enterprises has 87,000 shares of common stock outstanding at a current price of $39 a share. the firm also has two b
    9·1 answer
  • Briefly explain whether you agree or disagree with the following​ statement: ​"Assets are things of value that people own. Liabi
    9·1 answer
  • Why do companies frequently expand their business operations into other countries?
    10·1 answer
  • A career will be most productive, comfortable, and enjoyable when it fits well into one’s lifestyle. Which is the best definitio
    7·2 answers
  • Kristina is tempted to get a credit card now that she is in college. What is one fiscally responsible reason for Kristina to get
    9·2 answers
  • Decruitment is the planned elimination of ________ in an organization. A) jobs
    12·1 answer
  • Holding all other forces constant, if decreasing the price of a good leads to an increase in total revenue, then the demand for
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!