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
Allisa [31]
3 years ago
8

Problem 9-6A Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets

were improperly recorded by Culver Corporation. 1. Culver developed a new manufacturing process, incurring research and development costs of $197,900. The company also purchased a patent for $46,800. In early January, Culver capitalized $244,700 as the cost of the patents. Patent amortization expense of $12,235 was recorded based on a 20-year useful life. 2. On July 1, 2017, Culver purchased a small company and as a result recorded goodwill of $92,000. Culver recorded a half-year’s amortization in 2017, based on a 20-year life ($2,300 amortization). The goodwill has an indefinite life. Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017
Business
1 answer:
zheka24 [161]3 years ago
3 0

Answer and Explanation:

The Journal entries are shown below:-

1. a. Research and Development Expenses Dr, $197,900

          To Patents $197,900

(To record R and D cost)

b. Patent Dr, $9,895 ($197,900 ÷ 20)

          To Amortization expenses-Patents $9,895

(To record the correct error)

or

Accumulated Amortization-Patent Dr, $9,895

         To Amortization expenses-Patents $9,895

2. Goodwill Dr, $3,000

         To Amortization Expenses $3,000

(Being Goodwill is recorded)

You might be interested in
9. How is planning made any why is it important ? Explain .<br><br>​
Varvara68 [4.7K]
Planning is made through a psychological process of rendered thoughts and ideas. Planning is important because for starters, it is a good way of gathering things in one’s mind and having mental organization. It is better to have things planned out than procrastinated because then, stress levels rise, efficiency is slower, and the accuracy of things that go on significantly depletes. Without planning, most of us would not survive because we would be so caught up in what is happening in the moment and how that affects us that we would not be able to process an idea or, as we’re referring to here, a plan. If you need any help, let me know and I will gladly assist you.
5 0
2 years ago
Kogler Corporation's relevant range of activity is 7,000 units to 11,000 units. When it produces and sells 9,000 units, its aver
blsea [12.9K]

Answer:

$12.45

Explanation:

Calculation to determine what the contribution margin per unit sold is closest to:

First step is to calculate the Variable cost per unit using this formula

Variable cost per unit = Direct materials per unit + Direct labor per unit + Variable manufacturing overhead per unit + Sales commissions per unit + Variable administrative expense per unit

Let plug in the formula

Variable cost per unit = $5.15 + $5.30 + $1.95 + $0.60 + $0.55

Variable cost per unit = $13.55

Now let determine the Contribution margin per unit using this formula

Contribution margin per unit = Selling price per unit - Variable cost per unit

Let plug in the formula

Contribution margin per unit = $26.00 - $13.55

Contribution margin per unit = $12.45

Therefore the contribution margin per unit sold is closest to:$12.45

4 0
3 years ago
Tuller wants to start a commercial trucking business and also wants to form his own limited liability company (LLC). Tuller, as
sweet-ann [11.9K]

Answer:

d, all states, as no state requires at least two members to create an LLC

Explanation:

The requisite of two members to create an LLC was removed from all states in the USA. Now, all states allow a single-member LLC. Massachussets was the last one to eliminate that requisite in 2003.

Maybe this change in laws was because owners cheated on that requisite by placing as the two members (owners) a man and his wife, or a woman and her husband, or some other person (in direct relation with the owner) which was just placing the name but the company actually belonged to only one member.

4 0
3 years ago
In​ _______, there are generally only a few large suppliers or sellers of a product or service.
Troyanec [42]
There are four types of market structures namely; perfect competition, monopoly, monopolistic competition and oligopoly. Perfect competition is where large number of small firms  compete with each other with a homogeneous product. In a monopoly market there is only one producer of a given product who determines the price of the product. In monopolistic competition the market combines the aspect of monopoly and perfect competition. In this case, In Oligopoly there are a few suppliers or sellers of a particular product.
8 0
3 years ago
Raven Company has a target of earning $71,900 pre-tax income. The contribution margin ratio is 25%. What amount of dollar sales
VMariaS [17]

The number of dollar sales to be achieved to reach the goal is $287,600

<h3>What is a dollar?</h3>
  • The official money of the United States of America is the USD (United States dollar).
  • One hundred cents make up one dollar, often known as the U.S. dollar. It is distinguished from other currencies based on the dollar by the symbol $ or US$.
  • The U.S. dollar, which is considered a standard, is the most widely used money in transactions globally. In addition, it is used as the official currency in several regions outside of the U.S., while many others use it alongside their own as an unofficial currency.

We have the following details:

Fixed Cost = $ 39,800

Earning Required = $71,900

Hence

Contribution Required= Fixed Cost+Earning Required

Contribution Required = ($39,800+$71,900)

Contribution Required = $ 111,700

We use then the following formula:

Contribution Margin ratio = Contribution Margin/Sales

25%= $ 109,900/Sales

Sales = $ 109,900/25%

Sales = $287,600.

The number of dollar sales to be achieved to reach the goal is $287,600

To learn more about dollar with the given link

brainly.com/question/14982791

#SPJ4

5 0
1 year ago
Other questions:
  • All of the following are considered equipment for a business EXCEPT:
    14·1 answer
  • Coyne Corporation is evaluating a capital investment opportunity. This project would require an initial investment of $ 39 comma
    11·1 answer
  • What does advice of deposit mean on a check?
    10·1 answer
  • A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket
    7·1 answer
  • At its simplest, acquisition management can be viewed as:
    13·1 answer
  • One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. A second
    15·1 answer
  • The 2,000 employees working in Toyota's factory in France are an example of the ______ effect of FDI on employment, while the 2,
    12·1 answer
  • The Fed threw a lot of money at the financial crisis in 2008 to unfreeze credit markets and encourage economic activity. As part
    8·1 answer
  • Review the following sources and decide if they are reliable and relevant.
    12·1 answer
  • Market failure associated with the free-rider problem is a result of.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!