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ioda
3 years ago
5

Carla Vista Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses t

he debit entries that have been recorded during 2020.
1/2/20 Purchased patent (7-year life) $314,300
4/1/20 Purchase goodwill (indefinite life) 359,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 439,000
8/1/20 Payment of copyright (5-year life) 166,800
9/1/20 Research and development costs 229,000
TOTAL :$1,508,100

Prepare the necessary entry to clear the Intagible assets account and to set up separate accounts for distinct types of intangibles.
Business
1 answer:
Serga [27]3 years ago
6 0

Answer:

Patent (Dr.)         $314,300

Goodwill (Dr.)     $359,000

Franchise (Dr.)   $439,000

Copyright (Dr.)   $166,800

Research and development (Dr.)    $229,000

Intangible Assets (Cr.)    $1,508,100

Explanation:

Intangible assets are not physical in nature. The value of intangible assets is hard to evaluate. Carla Vista Company, will record intangible assets at the value at which it is purchased. All individual intangible assets are debited and the main single account of intangible assets is credited to record and set up separate accounts for distinct type of intangibles.

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The actual and standardized budgets will be equal when: 
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Answer:

The correct answer to the following question is B) the economy is at full employment.

Explanation:

Standardized budget which is also know as full employment budget , is used to measure the federal budget deficit or surplus , with the given tax rates and government spending. Here the assumption made is that the economy has full employment, and this is one of the major difference between standardized and actual budget . Also standardized budget would reflect any type of adjustment that has to be made in the actual budget. So therefore the only way that actual budget and standardized budget are equal is when they both have full employment present in the economy.

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3 years ago
Other things remaining the same, if the average aggregate inventory value goes down, then?
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Other things remain the same if the average aggregate inventory value goes down, then the inventory turnover ratio will go up, but weeks of supply will go down.

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7 0
1 year ago
After learning more about implied warranties and disclaimers, would you ever buy an item sold "as is"? Imagine a car salesman wh
atroni [7]

Answer:

one should go to buy a car for $8000

Explanation:

given data

car = $8,000

price down = $6,500

solution

As here Implied Warranty is the sale contract environment oral or written that provides some assurance that the products sold are suitable for trade and purpose. It arises from the operation of the law.

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3 years ago
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7 0
4 years ago
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