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irinina [24]
3 years ago
12

Pharoah Company, a computer services company, entered into these transactions during May 2017, its first month of operations. St

ockholders invested $44,500 in the business in exchange for common stock of the company.
1. Stockholders invested $44,500 in the business in exchange for common stock of the company

2. Purchased computers for office use for $27,600 from Ladd on account.

3. Paid $5,600 cash for May rent on storage space.

4. Performed computer services worth $18,700 on account.

5. Performed computer services for Wharton Construction Company for $3,800 cash.

6. Paid Western States Power Co. $6,200 cash for energy usage in May.

7. Paid Ladd for the computers purchased in (2).

8. Incurred advertising expense for May of $2,000 on account.

9. Received $10,100 cash from customers for contracts billed in (4).
Business
1 answer:
Daniel [21]3 years ago
4 0

sorryyyyyyyyyyyyyyyyyyyy

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Answer:

The amount patent(s) should be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents, is $32,300.

Explanation:

This can be calculated as follows:

Patent book value = $249,600

Remaining useful years January 1, 2020 = 8

Remaining useful months of the patents from January 1, 2020 = Remaining useful years January 1, 2020 * 12 8 * 12 = 96

Monthly Patent book value = Patent book value / Remaining useful months = $249,600 = $2,600

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Relevant months of legal fee incurred starting from December 1, 2020 = Remaining useful months of the patents from January 1, 2020 - Number of months from January 1, 2020 to December 1, 2020 = 96 - 11 = 85

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Amount to report = Patent book value amortized from January 1, 2020 to December 1, 2020 + Monthly legal fee for December 1, 2020 only = $31,200 + $1,100 = $32,300

Therefore, the amount patent(s) should be reported on the December 31, 2020, balance sheet, assuming monthly amortization of patents, is $32,300.

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The market interest rate is often called the effective interest rate. It is also known as the yearly equivalent rate, the effective interest rate, and the effective rate (AER).

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