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
Anton [14]
3 years ago
11

The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited

to one account called intangible asset. A recap of the $214,000 balance in this account at the end of 2021 is as follows: Date Transaction Amount February 3 State incorporation fees and legal costs related to organizing the corporation $ 9,000 March 1 Fire insurance premium for three-year period 8,000 March 15 Purchased a copyright 33,000 April 30 Research and development costs 53,000 June 15 Legal fees for filing a patent on a new product resulting from an R&D project 4,000 September 30 Legal fee for successful defense of patent developed above 25,000 October 13 Entered into a 10-year franchise agreement with franchisor 53,000 Various Advertising costs 29,000 Total
Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Business
1 answer:
BARSIC [14]3 years ago
8 0

Answer:

The Journal entry is as follows:

Organization cost expense A/c                   Dr. $9,000

Prepaid Insurance A/c                                  Dr. $8,000

Copyright A/c                                                Dr. $33,000

Research and development expense A/c   Dr. $53,000

Patent A/c    [4,000 + $25,000]                    Dr. $29,000

Franchise A/c                                                 Dr. $53,000

Advertising expense A/c                               Dr. $29,000

To Intangible Asset                                                              $214,000

(To record intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses)

You might be interested in
Joseph will start school on 9/1/14. He is expected to attend school for four years and will need to pay tuition of $50,000 on Se
My name is Ann [436]

Answer:

e. $153,156

Explanation:

From 9/1/14, he needs $50,000 every year for 4 years to fund the tuition fees. Therefore, present value of the amount needed at 9/1/14 using the Present value of annuity due formula

= 50,000 * {1+ (1/(1.05)^4) } / 0.05 * (1.05)

= $186,162

$186,162 is the amount needed after 4 years. Amount you need to invest today to have this amount in four years = $186,162/(1.05)^4 = $186,162/1.21550625 = $153,156.40

6 0
3 years ago
A company’s production budget requires the following units of a single product for the upcoming year: 1st quarter 60,000 units 2
maks197457 [2]

Answer:

165,000 pounds

Explanation:

A Purchase Budget is required to determine the quantities and cost of purchases required for use in production.

Materials Purchase Budget for Second Quarter (Pounds)

Budgeted Production Materials (80,000 x 2)                    160,000

Add Budgeted Closing Materials (90,000 x 2 x 25%)        45,000

Total Materials                                                                     205,000

Less Budgeted Opening Materials (80,000 x 2 x 25%)    (40,000)

Budgeted Material Purchase (pounds)                               165,000

Therefore,

Budgeted purchases of material for the second quarter would be 165,000 pounds

8 0
4 years ago
The system that maintains records of a company's operations and then communicates that information to decision makers is referre
Setler79 [48]

Answer:

Accounting

Explanation:

Accounting is the process of recording, measuring and presenting the fnancial information of a company. Accounting allows to understand and analyze the financial health of an organization and make the appropiate decisions based on that. Because of this, the answer is that the system that maintains records of a company's operations and then communicates that information to decision makers is referred to as accounting.

7 0
3 years ago
The pillsbury doughboy is an example of​ _____ in which his friendly demeanor and the trademark giggle he lets out when poked in
abruzzese [7]
The Pillsbury Doughboy is an example of brand anthropomorphism in which his friendly demeanor and the trademark giggle he lets out when poked in the belly help shape customer perceptions of the brand. 

Anthropomorphism means giving human characteristics or behavior to something that is not human, like the Pillsbury Doughboy.  When companies do this, they are allowing the customer to connect with a brand on a different level of understanding. Geico is another company that does their with lifelike gecko. Customers connect with the emotions of the object and then connect/remember with the brand.
4 0
3 years ago
Will Paten is the manager of a team of 12 people in the marketing division of Palmer, Inc. Will, who has been working in the com
alisha [4.7K]

Answer: The options are given below:

A) The promotions and bonuses of the team members depended heavily on Will's performance ratings.

B) The company had provided Will with additional duties and he was left with little time to ensure that his team members performed well.

C) Will believed that since the job demands in marketing were ambiguous and ever-changing, a supportive approach to leadership would suffice.

D) Will was considered an expert at analyzing market trends and making accurate projections.

E) Will was uncomfortable exercising coercive measures to control employees.

The correct option is E.

Explanation:

Will Paten is someone that is liked by all his co-workers, including his colleagues and subordinates. He is probably liked by all because he is a nice and easy going person, who does not enjoy forcing his will on others.

Aaron and Abby are likely taking Will's niceness for granted and they believe that they would not be punished for going against Will's requests.

Will, being an easy going and nice person will not enjoy forcing them to do his bidding, he will therefore be uncomfortable about exercising coercive measures to control Aaron and Abby.

5 0
3 years ago
Other questions:
  • An outside supplier has offered to make the part and sell it to the company for $25.10 each. If this offer is accepted, the supe
    11·1 answer
  • Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relatin
    15·1 answer
  • A company identified the following partial list of activities, costs, and activity drivers expected for the next year: Activity
    9·1 answer
  • Which of the following is not true?
    6·1 answer
  • Pease help ASAP
    9·2 answers
  • The following materials standards have been established for a particular product: Standard quantity per unit of output 4.5 meter
    5·1 answer
  • Begin by reviewing the labels for the change in​ stockholders' equity and then enter the amounts for each situation.
    13·1 answer
  • London Docks Café is a company that prepares meals for tourists and citizens in its kitchen located next to the local airport. T
    7·1 answer
  • On January 1, Year 1, Willette Company sold $240,000 of 6% ten-year bonds. Interest is payable semiannually on June 30 and Decem
    15·1 answer
  • Identify the items from the following list that are likely to serve as source documents. (You may select more than one answer. S
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!