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babymother [125]
3 years ago
11

Original, creative work of an artist or inventor is called intellectual property.

Business
1 answer:
aivan3 [116]3 years ago
8 0

Original, creative work of an artist or inventor is called intellectual property.

Explanation:

Intellectual property of a person or a company is the part of their product that is protected by copyright or patent and cannot be reproduced without permission from them.

This means that they have the right to earn money from it and ecide where it will be and where it will not be.

Intellectual property has to be original and something that germinates out of a new idea for a new product or something that has not  been created in that way before.

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Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500
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The entry is record in book as

Date Particular                L.F.     Dr. Amt.        Cr. Amt.

Income summary a/c             $460,500  

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To Lu a/c                                          $269,500

To Barb a/c                                          $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars                 Mo           Lu                 Barb

Capital invested        $69,300    $269,500  $431,200

Profit sharing ratio 20/100   40/100         40/100

Profit ($460,500)         92100    184200 184200

As a result,  Mo is  92100;  Lu is 184200; Barb is 184200 as profit.

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The ambiguity of the terms of the contract will force the court to look beyond the express terms of the contract and further looks into the extrinsic terms to be able to take a position on the contract.

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