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Temka [501]
3 years ago
14

Cullumber purchased a patent from Vania Co. for $1,230,000 on January 1, 2018. The patent is being amortized over its remaining

legal life of 10 years, expiring on January 1, 2028. During 2020, Cullumber determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020
Business
1 answer:
victus00 [196]3 years ago
4 0

Answer: $738,000

Explanation:

The amount they should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020 goes thus:

The amortization for 2018 and 2019 will be:

= $1,230,000 × 2/10

= $246,000

Then, the carrying value of patent in the beginning of 2020 will be:

= $1,230,000 - $246,000

= $984,000

It should be noted that the remaining life will be:

= 6 years - 2 years

= 4 years

2020 Amortization will then be:

= $984000/4 =

$246000

Accumulated Amortization will be:

= $246,000 + $246,000

= $492,000

Therefore, the amount reported in patents will be as at December 31, 2020 will be:

= $1,230,000 - $492,000

= $738,000

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Answer:

(C) II, III only

Explanation:

I. the date the service was performed is on June 1st, Therefore revenue will be recoganized on June 1st.

II. Melly Corp received advance payment for raw material to be delivered to Drake Inc. in 6 month, Therefore revenue cannot be recognized on June 1st.

III. Lodo, LLC collected cash on June 1st for service rendered on May 1st. Therefore revenue will not be recoganized on june 1st

The revenue that cannot be recognized on June 1st for II and III case.

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3 years ago
Membership in the Knights of Labor was:
Flura [38]

Option C

Membership in the Knights of Labor was:  open to all working people, including employers.

<u>Explanation:</u>

The Knights of Labor was a particularly growing team and the primary leading national labor party in the United States. Most of the utmost earlier associations restrained membership to proficient workers those with specific practice in a craft and white fellows. It dawned as a covert group proposed to defend its members from employer retaliations.

Emigrants, African Americans, and gentlewomen were also esteemed as members. the Knights of Labor gained patron amidst coal excavators in Pennsylvania, and with railroad operators By 1886, the Knights pretended more than 700,000 members everywhere.

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3 years ago
Millie is a buyer who has given her agent an earnest money check for $10,000 with an offer to purchase. when will the check be d
maks197457 [2]

The answer is After the seller accepts the purchase offer.

Millie is a buyer who has given her agent an earnest money check for $10,000 with an offer to purchase. The check will be deposited after the seller accepts the purchase offer.

What is Purchase offer?

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  • There are numerous different types of offers, each of which incorporates a particular combination of highlights extending from estimating prerequisites, rules and controls, sort of resource, and the buyer's and seller's motives.
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1 year ago
If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a factory produces 20,000 TV se
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Answer:

The correct answer is D: economies of scale

Explanation:

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The cost per unit depends on how much the company produces. Larger companies can produce more by spreading the cost of production over a larger amount of goods. Specialization of labor and more integrated technology boost production volumes. Lower per-unit costs can come from bulk orders from suppliers, larger advertising buys, or lower cost of capital. Spreading internal function (for ex: accounting, information technology, and marketing) costs across more units produced and sold helps to reduce costs.

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Rosalie is a sales consultant for Avon Cosmetics. This illustrates
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7 0
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