The amount of amortization expense on software development in year 1 comes out to be $200,000.
<h3>What is amortization?</h3>
Amortization is the concept being applied to intangible assets to show the reduction in the value over its useful life.
The amount of amortization expense on the development of software can be determined by dividing the cost of $1,000,0000 spent for establishing technological feasibility by the number of years, that is, 5 years till the asset become sold.
Therefore, in year 1, the cost of amortization comes out to be $200,000 after incurring the technological feasibility.
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Answer:
$0.65
Explanation:
The unit cost per can of soup transferred to finished goods warehouse during March is the total manufacturing costs incurred by both Mixing and Cooking department and Canning Department divided by the total number of cans of soup transferred.
Both departments incurred $122,900 in manufacturing costs i.e($113,400+$9,500) while the total number of gallons of soup transferred to finished goods warehouse was 190,000 cans
Unit cost per can of soup=$122,900/190,000=$0.65
Answer:
A
Explanation:
Discretion meaning the company gave Herb the ability and thr freedom dto do as deem fit for this particular situation.
Answer:
The given statement is <u>False.</u>
A balance sheet is often described as a "snapshot of a company's financial condition.
The amount of Jam's Note Payable that should be classified as non-current on December 31, 2013 is P0.
- The non-current liability is the payable that is not due within the next 12 months.
- Since the P5,000,000 note is due within 2014 (precisely on March 1, 2014), on Jam Company's Balance Sheet as of December 31, 2013, the total amount will be classified as a current liability and not non-current.
Thus, the amount of Jam's note payable classified as non-current on December 31, 2013 is equal to zero.
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