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Bas_tet [7]
2 years ago
12

In January 2021, Vega Corporation purchased a patent at a cost of $200,000. Legal and filing fees of $50,000 were paid to acquir

e the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January 2024, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss) in 2024 related to the patent should be:_________
a. $40,000.
b. $65,000.
c. $215,000.
d. $25,000.
Business
1 answer:
ale4655 [162]2 years ago
6 0

Answer:

c. $215,000

Explanation:

The computation of the amount charged to income is shown below:

But before that first we have to determine the book value as on Jan 2024 which is

Total patent cost

= $200,000 + $50,000

= $250,000

Amortized cost till year 2024 is

= ($250,000 ÷ 10 years) × 3 years

= $75,000

The three years is counted from 2021 to 2024

Now

Book value on Jan 2024 is

= $250,000 - $75,000

= $175,000

So,

Amount charged to income  is

= $175,000 + $40,000

= $215,000

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Answer:

Sales price variance = $1,900.

Explanation:

We know,

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

Given,

Standard sales price = $1.79 per unit.

Actual sales price = $1.59 per unit.

Actual sales quantity = 9,500 units.

Putting the values into the formula, we can get

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

or, Sales price variance = ($1.79 -  $1.59) × 9,500

or, Sales price variance = $0.2 × 9,500

or, Sales price variance = $1,900.

4 0
3 years ago
What is one good way to find out how well prospects will do a job?
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Answer:

do an interview

Explanation:

.........

7 0
2 years ago
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The __________ phase of the strategic marketing process usually results in a __________ that sets the direction for the marketin
Paraphin [41]

Answer:

C. planning; marketing plan

Explanation:

A marketing process is the establishment of goals for a marketing campaign. <em>During the planning phase, you'll need to set your target customers and how to approach them, this will lead to specific and measurable goals to direct your next actions.</em>

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7 0
2 years ago
When demand shocks lead to recessions, it is mainly due to unexpected changes in the:________.
Alexeev081 [22]

Answer:

When demand shocks lead to recessions, it is mainly due to unexpected changes in the:

the inability of government policy to affect demand.

Explanation:

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8 0
3 years ago
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Han Corp's sales last year were $425,000, and its year-end receivables were $52,500. The firm sells on terms that call for custo
Zina [86]

Answer:

d. 15.09

Explanation:

425,000 sales

52,500 AR

year of 365 days

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\frac{52,500}{425,000}\times 365 = 45.088 = 45.09

<u>Average days late</u>

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3 years ago
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