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Naddika [18.5K]
3 years ago
12

Match the following intangible assets to their definitions by writing the respective alphabet (A-E) on the line.

Business
1 answer:
pishuonlain [190]3 years ago
6 0

Answer:

a. Patents: 3.

b. Goodwill : 2

c. Trademarks and trade: 1

d. Franchises and licenses: 5

e. Copyrights :5

Explanation:

a. Patents: 3. A patent is a group of rights of an invention given for a period of time, normally to its inventor in order to sell, produce and use his product with exclusivity leaving aside the competitors.

b. Goodwill : 2 the goodwil in business is calculated as the adquisitoin cost of a business minus the intangible and tangibles assets and liabilities obtained in the purchases

c. Trademarks and trade: 1  A trade mark is a logo, drawion, word or phrase tahat identifies a product or a services among others.

d. Franchises and licenses: 5  Is a type of business (for example Mc Donald's) where one (the franchisor) gives the fanchisee the right to use it's trademark and business model and processes in exchange of licensing fees.

e. Copyrights :5 the copyrights protects tha author of an artistic work in order not to be reproduced without its permission

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Description of the the target market is formed in the___ part of the business plan
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Answer:

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Read 2 more answers
Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $13,800 ($1,150/month) in advance
tigry1 [53]

Answer:

1.

Dec 31    Rent expense                   $3450 Dr

                  Prepaid Rent                       $3450 Cr

2.

Oct 1     Prepaid Rent                        $13800 Dr

                  Cash                                       $13800 Cr

3.

Year end balances at 31 December:

Rent Expense = $3450

Prepaid Rent = $10350

Explanation:

Assumption: The year end for the business in on 31 December.

1.

The rent is paid in advance thus it is an asset. On 31 December the adjusting entry will be made under the accrual principle to match the current period's rent expense and record it in the period to which it belongs to. Thus we will credit the rent expense for 3 months i.e. October, November and December. We will credit the asset account that is Prepaid Rent.

2.

The prepayment of rent is creating an asset account in the title of prepaid rent. The entry would be to record the asset prepaid rent by the full amount of the rent prepaid and credit the other asset account through which the payment is being made.

3.

The adjusted year end balance for rent expense will be the rent expense paid for this period that is $1150 * 3 = 3450

The balance in the prepaid rent account after adjusting the rent expense will be,

Prepaid rent = 13800 - 3450 = $10350

8 0
3 years ago
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