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lisabon 2012 [21]
2 years ago
13

Brick Oven Corporation made the following expenditures during the first month of operations: Attorneys' fees to organize the cor

poration $ 9,000 Purchase of a patent 40,000 Legal and other fees for transfer of the patent 2,500 Advertising 80,000 Total $ 131,500 Required: Record the $131,500 in cash expenditures. (
Business
1 answer:
damaskus [11]2 years ago
5 0

Answer:

The answer is given below;

Explanation:

Legal Expenses  Dr.$9,000

Patent (40,000+2,500) Dr.$42,500

Advertising Expense    Dr.$80,000        

Cash                             Cr.$131,500  

Please note that legal and other fees for transfer of patent is capitalized in patent cost.

The compound entry is made to simplify the T-Account of cash as the second impact of every debit entry is cash.          

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Rick and Joe get together and start a mortgage brokerage business. They each contribute $25,000 of capital to the business. Afte
bezimeni [28]

Answer:

a.common stock.

Explanation:

The additional $10,000 of owners equity after listing on the stock market will be named as common stock. After listing company issues shares for capital investment in it. Common stock is the appropriate term used for every addition in the owners equity. So the correct option is a.common stock.

7 0
3 years ago
Eric wants to attend a public four-year university. He estimates that the average cost of one year at this university is $19,500
pishuonlain [190]
In this problem he need 19.500 but only earns 325 a month. From this we take what is needed (19500) and divide it by what is earned (325). This will give you 60. So therefore it will take him 60 months to earn enough for one year at university.
5 0
2 years ago
Read 2 more answers
Lew just purchased $67,600 of equipment that is classified as 5-year MACRS property. The MACRS rates are 20 percent, 32 percent,
Nat2105 [25]

Answer:

The book value of this equipment at the end of four years if he ignores bonus depreciation $26,290.

Explanation:

Cost of property = $67,600

                           Balance    Depreciation

Year 1                  67,600         13520

Year 2                 54,080         17,306

Year 3                 36,774          7,061

Year 4                  29,713          3,423

Book vaue at the end of year 4 = 29,713 - 3423 = $26,290

6 0
2 years ago
In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisio
Nonamiya [84]

In a command economy, the <u>government</u> either makes most economic decisions itself or at least strongly influences how the decisions are made. group of answer choices.

Economic decisions involve production, distribution, exchange, consumption, saving, and investment of economic resources. Private and Public Goals. Economic decisions are made to serve the goals of individuals and private organizations (private goals) and society as a whole (public goals).

In reality, economics is a vitally important subject because it is the study of making choices. More specifically, it is the study and practice of making choices in a world of limited resources (scarcity). You cannot go for a day without making economic decisions.

learn more about Economic decisions here

brainly.com/question/1106682

#SPJ4

5 0
9 months ago
In 2019, Alex has income from wages of $16,000, adjusted gross income of $18,000, and tax liability of $300 before the earned in
bija089 [108]

Answer:

Benefit is $3526

Explanation:

In order to obtain earned credit, the following requirements should be managed to meet:

1) interest income must be 3600 or even less.

(2) Total income for sole dependents must be 41,094 or fewer.

3) In such a situation, the full amount of taxable income credit shall be $3,526.

Because all earned income and gross income are below the latter cap ($41,094) in that case, the full taxable income benefit is $3526.

6 0
3 years ago
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