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
lbvjy [14]
3 years ago
13

X Company purchased a patent on January 3, year 7 from Y Company for $145,000. An attorney drew up the contract between X &

Y at a total cost of $15,000, which was split equally by the parties. The patent had a carrying value of $90,000 on Y’s books. X expects to be able to benefit from the patent for 10 years, after which it is expected to be of little to no value. What will be the carrying value of the patent on X Company’s December 31, year 8 balance sheet?
Business
1 answer:
Setler79 [48]3 years ago
5 0

Answer:

The carrying value of the patent on X company on December 31 is $122,000

Explanation:

Computing the carrying value of the patent is as:

The total cost of the patent which will be recognized is as:

Total cost of patent = Purchased cost + Attorney value

where

Purchase cost is $145,000

Attorney cost will be divided into 2, so

Attorney cost = $15,000 / 2

= $7,500

So,

Total cost of patent = $145,000 + $7,500

Total cost of patent = $152,500

Now, amortize the patent over the useful life of patent as:

Amortize value = Patent cost / Useful life

Amortize value = $152,500 / 10

Amortize value = $15,250

But X held the patent for 2 years, so its accumulated amortization is:

Accumulated amortization = Amortize value × 2

= $15,250 × 2

Accumulated amortization  = $30,500

Now, the carrying value will be:

Carrying value = Total cost of patent - Accumulated depreciation

Carrying value = $152,500 -$30,500

Carrying value = $122,000

You might be interested in
True or false: if society wishes to reduce overall pollution by a certain amount, it is efficient to have firms with highest pro
AveGali [126]
TRUE

If the society wishes to reduce overall pollution by certain amount, it is efficient to have firms with highest profit bearing the largest burden of reducing pollution and firms with lowest profit bearing the least burden. This is because it will not lead to overall burden on the small firms. If large firms and small firms were to reduce the pollution burden on same rate then it will be very costly for the smaller firms to bear that and it will be a burden of cost on smaller firms.
3 0
3 years ago
Sarah has prepared a script for the animation she wants to create. What is the next step she should follow? A. storyboarding B.
Ivenika [448]

Answer:

The correct answer is option D. choosing an animation tool

Explanation:

After preparing a script for an animation, the next step that should follow is to choose an animation tool. There are several kinds of animation types and consequently several kinds and types of animation tools. In order to go ahead with the story boarding, one needs to first establish the basic of animation including the types.

I hope the answer was helpful.

Thanks for asking.

7 0
3 years ago
Laura budgets $54 each month for annual expenses. She nets $1820 semimonthly.What percent of her net monthly income does she bud
Basile [38]

Answer:

14.83%

Explanation:

Laura budgets $54 each month for annual expenses. She nets $1820 semimonthly.What percent of her net monthly income does she budget for annual expenses?

$1820 semimonthly = 1820 x 2 monthly = $3,640

Annual expenses budget  = $54

Percentage of her net monthly income budgeted for annual expenses = (54 / 3, 640) x 100 = 14.83%

6 0
3 years ago
Silver Enterprises has acquired All Gold Mining in a merger transaction. The following balance sheets represent the premerger bo
Keith_Richards [23]

Answer:

See below

Explanation:

Silver Enterprises

Post Manager Balance sheet

Current assets

$11,480

Other assets

$3,120

Goodwill

$6,790

Net fixed assets

$21,890

Current liabilities

$6,940

Longterm debt

$17,130

Equity

$18,650

Current assets = $9,200 + $2,280 = $11,480

Other assets = $2,300 + $820 = $3,120

Current liabilities = $4,960 + $1,980 = $6,940

Net fixed assets = $16,500 + $5,390 = $21,890

Long term debt = $4,390 + $12,740 = $17,130

Equity = $18,650

8 0
2 years ago
XYZ Co. had 500 calculators, purchased at $3.5 per unit, on hand on 11/1/2019. Purchases and sales during the month of November
Wittaler [7]

Answer:

Value of ending inventory at 11/30/2019 using LIFO is $1,950

Explanation:

The calculators sold on 11/8 were taken from  purchases of 11/21,200 units and purchases of 11/13,150 units,thereby leaving 150 units of calculators purchased on 11/13 in inventory.

However,the sale of 100 calculators on 11/28 were picked from the balance of 150 units left from stock of 11/13 thereby leaving 50 units purchased at $4 each and the opening inventory in closing inventory.

The computation of closing inventory value:

11/13/2019 50 calculators at $4 = $200

11/1/2019   500 calculators at $3.5=$1,750

Value of closing inventory                  $1,950

6 0
3 years ago
Other questions:
  • A 30-year 7% corporate bond was issued exactly 10 years ago. You purchased this bond today, when it was trading to yield 9%. Tom
    7·2 answers
  • Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an ela
    13·1 answer
  • The Elvis Alive Corporation, makers of Elvis memorabilia, has a beta of 2.35. The return on themarket portfolio is 12%, and the
    9·1 answer
  • "James has just joined CoraTech Systems, where he has been assigned to Paul and Natalie for sources of information about the com
    12·1 answer
  • You have purchased a U.S. Treasury bond for $3,000. No payments will be made until the bond matures 10 years from now, at which
    10·1 answer
  • Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company grante
    12·1 answer
  • P&G sells cosmetics, laundry detergent, and products like Pringles to the ________ market by establishing strong brand image
    14·1 answer
  • Who do you like better?? BTS or BlackPink???
    11·1 answer
  • Common Law is?
    9·1 answer
  • Freelife, New Hampshire has a labor force of 78,567 persons and employment of 74,382. The unemployment rate for the city is: Gro
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!