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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:

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Santora Company manufactures two productslong dash—toaster ovens and bread machines. The following data are​ available:
denpristay [2]

Answer:

Thus to maximize profit, Santora Company should manufacture Bread machine only.

The unit of Bread machine can be produced in 2,000 machine hours is 8,000 units

Explanation:

The profit for Toaster Ovens and Bread Machines is $10 and $90 respectively; thus  

six toaster ovens per machine hour will generate profit of $60 = ($10 *6)

four bread machines per machine hour  will generate profit of $360 = ($90 *4)

In the same machine hour the profit from Bread machines are significantly higher then Toaster over. Thus to maximize profit, Santora Company should manufacture Bread machine only.

The unit of Bread machine can be produced in 2,000 machine hours is 8,000 units (= 2,000 * 4)

The profit for 8,000 units of Bread machine is $720,000 = (8,000 * $90)

3 0
3 years ago
Assume you have $2,000 in a savings account at the beginning of the year and the price level is equal to 100. If the price level
leva [86]

Answer:

$1,667

Explanation:

Given that,

Savings account at the beginning of the year = $2,000

Price level at the beginning of the year = 100

Price level at the end of the year = 120

Price level increases from 100 to 120

Therefore, what was worth $120 earlier, is not worth only $100.

Hence, $120 at the beginning of the year is worth = $100 at the end of the year

$1 at the beginning of the year is worth = ($100 ÷ $120) at the end of the year

Savings of $2,000 at the beginning of the year is worth:

= ($100 ÷ $120) × $2,000

= 0.833 × $2,000

= $1,667

Therefore, the real value of the savings is $1,667.

5 0
3 years ago
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Answer:

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5 0
3 years ago
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German companies do not recognize the profit until the project is completely finished and they have been paid. recognize profits
photoshop1234 [79]

Answer:

German companies do not recognize the profit <u>until the project is completely finished and they have been paid.</u>

Explanation:

German companies prepare their accounting balances under IFRS standards (common for all EU member countries) and German GAAP.

Under IFRS standards, revenue must be recognized when the business satisfies a performance obligation.

German GAAP is very prudent in determining profits, that is why they are only recognized once a project is completely finished and it has been completely paid.

Some specific German rules are to starting to change due to globalization, but others are still subject to legal requirements.

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3 years ago
Two reasons why it is important for a chocolate manufacturing company(or any company) to develop new products?
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