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prohojiy [21]
3 years ago
9

Geithner LLC patented a process it developed in the current year. The patent is expected to create benefits for Geithner over a

10-year period. The patent was issued on April 15th and the legal costs associated with the patent were $43,000. In addition, Geithner had unamortized research expenditures of $15,000 related to the process. What is the total amortization expense Geithner may deduct during the current year?a. $2,417b. $2,174c. $4,108d. $4,350e. None of the choices are correct.
Business
1 answer:
katen-ka-za [31]3 years ago
5 0

Answer:

The total amortization expense Geithner may deduct during the current year is d. $4,350

Explanation:

The amortisation is (43000 + 15000)/ 120 months * 9 months = $ 4,350

The amortisation period is the shorter of the patent's legal ( 20 years for utility patents) or useful life ( 10 years).

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Choose the correct statement about audits of corporations:
Furkat [3]

Answer:A. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP.

Explanation:GAAP(Generally accepted accounting principles) is a body saddled with the response of ensuring that financial statements are prepared based on certain principles which includes the following.

OBJECTIVITY, MATERIALITY, CONSISTENCY AND PRUDENCE. All public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP which regulates Their Financial statement and reports.

8 0
2 years ago
Edwards Auto Body uses a job order cost system. Overhead is applied to jobs on the basis of direct labor hours. During the curre
-BARSIC- [3]

Answer:

C) $6.40 per direct labor hour.

Explanation:

The overhead application rate is used to estimate the manufacturing overhead for a specific project or reporting period.

overhead application rate = direct labor cost per hour / (total direct labor costs / total overhead costs)  

overhead application rate = $16 / ($475 / $190) = $16 / $2.50) = $6.40

7 0
3 years ago
Hair Stylist Woes. Maryann went to see her hair stylist, Candy. Maryann, who had black, curly hair, requested straight, blond ha
Tom [10]

The statement in regards Candy is that Maryann is incorrect because general damages would be presumed. Thus the correct option is (D).

<h3>What are General Damages?</h3>

Damages that inevitably and directly result from a contract breach. Or, to put it another way, those losses that, in a perfect world, every damaged party would sustain is known as the General Damages.

As per the above situation, Candy is suffering from the loss of the reputation due to the Maryann actions against her for writing the editorial and spreading the wrong news about her saloon.

Candy is the subject of the claim, and Maryann is mistaken since general damages would be assumed. hence, the appropriate choice is (D).

Learn more about breach of contract here:

brainly.com/question/24259882

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3 0
2 years ago
Stone Foods produces the majority of its cheese products in its U.S. based dairy division at a total outlay cost of $6.00 per un
lubasha [3.4K]

Answer:

Stone Foods produces the majority of its cheese products in its U.S. based dairy division at a total outlay cost of $6.00 per unit. A large portion of the finished product is sold to Division B where it is packaged and sold overseas under a different label. The tax rate in Division B's country is higher than the U.S. tax rate. Assume the company desires to minimize the overall tax impact of the transfer (i) what type of relative pre-tax income should each division desire to achieve as a result of the transfer and (ii) what type of transfer price would accomplish your answer to (i).  

Dairy Division Income Division B Income Transfer Price .

Option  "D"  is the correct answer -  High Low High.

Explanation:

Since in Division B, the tax rate is higher than the tax rate in US-based dairy division. Therefore to minimize the impact of the overall tax, transfer price from dairy division should be high to Division B so that the dairy division income would be higher. and the income of Division B would be lower.

Hence option  "D" is the correct answer.

3 0
2 years ago
A company purchased a plant asset for $53,000. It has a salvage value of $3,000 and annual depreciation expense of $5,000. It ca
marshall27 [118]

Answer:

The remaining useful life of the asset is = 10 - 3 = 7 years

Explanation:

The straight line method of depreciation charges a constant depreciation expense through out the useful life of the asset. The formula for depreciation expense under this method is,

Depreciation expense = (Cost - Salvage value) / Estimated useful life of the asset

Plugging in the values for depreciation expense per year, cost and salvage value, we can calculate the total expected life of the asset.

5000 = (53000 - 3000) / estimated useful life of the asset

estimated useful life of the asset = 50000 / 5000

estimated useful life of the asset = 10 years

As the accumulated depreciation  balance is of 15000, the depreciation for 15000/5000 = 3years has been charged.

The remaining useful life of the asset is = 10 - 3 = 7 years

3 0
2 years ago
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