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Mandarinka [93]
3 years ago
10

Assume instead that the equipment was disposed of in 2022 and the original error was discovered in 2023 after the 2022 financial

statements were issued. Prepare the correcting entry in 2023.
Business
1 answer:
Ganezh [65]3 years ago
7 0

Answer:

No journal entry is required

Explanation:

As if we assume that the disposal of equipment is done in the year 2022 but the original error was discovered in the year 2023 after issuing the 2022 financial statements

Based on the above information, the correct entry for the year 2023 is that no journal entry is required for this transaction and the same is to be considered

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Bluestone Company had three intangible assets at the end of the current year:
Dimas [21]

Answer:

Bluestone Company

1. Acquisition cost of each intangible asset:

Patent $3,200

Trademark = $0

Licensing Rights = $70,000

2. Amortization for the current year ended December 31:

Amortization Expenses:

Patent = $200 ($3,200/16)

Trademark = $7,500 (expensed in full)

Licensing Rights = $14,000 ($70,000/5)

3. BLUESTONE COMPANY

Income Statement (partial)

For the year ending December 31

Amortization Expenses:

Patent $200

Licensing Rights $14,000

Trademark expense $7,500

BLUESTONE COMPANY

Balance sheet (partial)

At December 31

Intangibles:

Patent                       $3,200

Acc. Amortization         200    $3,000

Licensing Rights  $70,000

Acc. Amortization   14,000   $56,000

Explanation:

a) Data and Calculations:

a. Purchased patent on January 1 for $3,200 Estimated life 16 years

b. Internally developed trademark is expensed: $7,500

c. Purchasing Licensing Rights on January 1 for $70,000 for 5 years

7 0
2 years ago
LeGo Financials offer two investment plans. Investment A pays 9 percent interest compounded monthly, whereas Investment B pays 1
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9.38%; 10.25%

Explanation:

The annual rate rate of return is based on the amount of money earned or expended at year-end and is split at the start of the year into an initial investment. The annual returns or cumulative annual rate is also related to as this form.

For example, if you make monthly payments, divide by 12. 2. Multiply by the remaining balance of your mortgage which will be the entire principal for your first deposit. You must incur an excess amount by the amount of the value of your interest rate.

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3 years ago
Late one night, while studying for your anatomy class, you open a box of saltine crackers to do a little snacking. after chewing
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<span>Salivary amylase in your saliva breaks down the starchy morsel as you chew. The starch breaks down into maltose that accounts for the sweet taste in your mouth.</span>
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Do you think business ethics is possible? Sen and Vaidya claim that business ethics are not only possible but a necessary elemen
motikmotik

Business ethics is possible and it can be fully practiced by a person who is hard core  successful businessman.

Explanation:

  • Ethics is a philosophical science of understanding human behavior from all the aspects and differentiating between right and wrong.
  • Business or corporate ethics deals with ethical and moral challenges faced in a business environment. It can be also defined as a set of principles or values decided by the organization's culture.
  • Functioning is an important element in any of the business undertaken. And the functioning of these corporate ethics in a way which are personal, professional and corporate helps one to achieve success in business.
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  • Following business ethics helps one to achieve their goal in a defined and polished manner
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3 years ago
Describe the Federal Reserve and Economic theories.
Marianna [84]

Answer:

The Federal Reserve pursued policies that most closely followed the theories of Keynes and Friedman. Both economists argued that aggregate demand could be influenced through policies. They believed that this could help the economy recover or grow. The Fed seemed to follow Keynes's theories by taking action to intervene. It also seemed to follow Friedman's thinking by focusing on increasing the money supply through monetary policy.

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