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
Dominik [7]
2 years ago
11

On December 31, it was estimated that goodwill of $6,000,000 was impaired. In addition, a patent with an estimated useful econom

ic life of 12 years was acquired for $1,500,000 on April 1. A. Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
murzikaleks [220]2 years ago
5 0

Answer:

loss on impairment X debit

goodwill X credit

patent expense 125,000 credit

   patent                             125,000 credit

Explanation:

<em><u>goodwill:</u></em>

the amount of the impaired is missing. However the entry will loss on impairment debit, because it is an expense

and the goodwill will be credited, because the asset is decreasing

<em><u>patent:</u></em>

we will do amortization like it was the depreciation on a car, the diference will be that we on't use a contra-asset account (accumulated deperciation car) we will directly decrease patent account

patent acquisition 1,500,000

economic life 12

purchase/ economic life = striaght-line amortization

1,500,000/12 = 125,000

You might be interested in
what term describes the conscious, systematic process of making decisions about goals and activities that an individual, group,
Natali5045456 [20]

The term that gives clues about decision making towards one goals as well as ones activities as regards this question can be referred to as Planning.

  • Planning can be regarded as process that involves thinking about activities needed in achieving ones goal   as well as organizing these activities in way that would make it easier to achieve the desired goal.
  • Planning can as well be explained as management process which concerned about defining goals for  the future of company and its direction.
  • Planning helps in determining the missions as well as the resources needed in  achieving those targets.

<em>Therefore, Planning involve setting ones goal and all process involves in pursuing it.</em>

<em />

Learn more at: brainly.com/question/22939933?referrer=searchResults

7 0
2 years ago
Which business document is a contract that defines the tasks, time frame, and deliverables that a vendor must perform for a clie
Aleonysh [2.5K]
The statement of work is <span>a contract that defines the tasks, time frame, and deliverables that a vendor must perform for a client.
There are several things that will be written in the statement of work in order to manage the deal, such as the name of the project, the timeline for the project, the project handler, the delivery method, etc.</span>
6 0
3 years ago
ABC Co. performs $200 of services for a customer, but does not get paid right away. Demonstrate how ABC Co. would record this tr
Burka [1]

Answer:

Account receivable and revenue account

Explanation:

Since it is given that

The service was performed on the account so the journal entry to record this transaction is shown below:

Account receivable A/c Dr $200

             To Service revenue A/c $200

(Being the service is performed recorded)

Both accounts are increases that means the account receivable and the service revenue is increased for $200 each

5 0
2 years ago
You want to purchase a motorcycle 4 years from now, and you plan to save $3,500 per year, beginning immediately. You will make 4
Andreyy89

Answer:

You will have $16,111.99

Explanation:

a) Data and Calculations:

Annual savings $3,500

Years = 4

Interest rate = 5.7%

Future value using finance calculator:

FV (Future Value) $16,111.99

PV (Present Value) $12,907.71

N (Number of Periods) 4.000

I/Y (Interest Rate) 5.700%

PMT (Periodic Payment) $3,500.00

Starting Investment $0.00

Total Principal $14,000.00

Total Interest $2,111.99

b) Your annual savings of $3,500 with 4 deposits will have a future value of $16,111.99 compounded at 5.7% for 4 years with a total principal of $14,000 ($3,500 * 4).

8 0
3 years ago
In the long run the most important factor that shifts the aggregate supply curve is?
Eddi Din [679]

In the long run, the most important factor shifting the SRAS curve is productivity growth.

<h3>What do you mean by productivity growth?</h3>

Productivity—in economic terms—is how much output can be produced with a given quantity of labor. One measure of this is output per worker, or GDP per capita.

Since 1947, the U.S. corporate sector has been able to create nine times more goods and services with only a little increase in labor hours thanks to productivity gains. An economy may create and consume more goods and services for the same amount of effort when productivity is growing.

Productivity is a way of thinking and a condition of being. Being effective entails acting in every situation as we actively choose to and not as we feel pressured to by external factors. Being productive requires adopting a mindset of constant development.

Learn more about productivity growth here

brainly.com/question/11764536

#SPJ1

5 0
1 year ago
Other questions:
  • XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jan
    13·1 answer
  • Which non-verbal facial expression is not recognized worldwide?
    12·2 answers
  • The quote from a U.N. foundation manager talks about donating a cell phone as a "powerful opportunity . . . to engage and connec
    15·1 answer
  • Page(s) 39-41 2.3. What are the benefits of specialization and trade? In one month, Mikhail’s Furnishings can make 160 carpets o
    12·1 answer
  • Which one of the following is not a method used by companies to accelerate cash receipts? Offering discounts for early payment A
    14·1 answer
  • The price of apples falls. what happens in the market for apple pies?
    5·1 answer
  • If you start investing a little money now you will most likely have a lot more
    7·2 answers
  • 5. Based on the data in the table below, what is the probability that a driver aged
    10·2 answers
  • Ruth Lewis is looking to invest in a three-year bond that makes semi-annual coupon payments at a rate of 5.825 percent. If these
    10·1 answer
  • A(n)
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!