Answer:
Microsoft in 1975 like The computer Xbox etc
Answer: Edit option allows everyone in a group to edit the contents work
Explanation:
Hope it helps
Answer:
$714,000
Explanation:
Amortization is the systematic allocation of the cost of an intangible asset to the income statement. While depreciation happens to a tangible asset, amortization happens to an intangible asset such as patent, trademark etc.
Mathematically,
Amortization
= Cost of asset / estimated useful life
= $1,190,000/10
= $119,000
At the start of 2020,
Carrying amount of patent
= $1,190,000 - 2($119,000)
= $952,000
Annual amortization from then, given that economic benefits of the patent would not last longer than 6 years from the date of acquisition (hence 4 years remaining)
= $952,000/4
= $238,000
Carrying amount reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020
= $952,000 - $238,000
= $714,000
Answer:
the bad debt expense is $900
Explanation:
The computation of the bad debt expense is shown below:
bad debt expense is
= Written off amount + estimated uncollectible amount at the year end
= $650 + $250
= $900
We simply added the above two items so that the amount of the bad debts for the first year could come
Hence, the bad debt expense is $900
Answer:
In the accrual accounting system, revenue is recognized in the books once it is earned. This is when the service or goods has been delivered and acknowledged by the customer. Expenses are recorded in the period incurred under this system of account.
Under cash basis accounting, revenue is only recognized when cash has been received. Expenses are also recognized when cash is paid.
a. Revenue to be reported is $820 million.
Debit Cash $800 million
Debit Accounts receivable $20 million
Credit Revenue $820 million
b. $520 million
c. Using cash basis, Revenue to be reported is $800 million
Debit Cash $800 million
Credit Revenue $800 million
Total expense will be $610, the amount paid.
The accrual basis would record a revenue that is $20 million more than that recognized on the cash basis knowing that the revenue principle requires that revenue be recognized once the goods have been delivered to the customer or the service has been rendered and acknowledged by the customer.
d. The income statement is the financial statement that reports revenue and expenses. while the balance sheet records cash receipt and cash payments.
Explanation:
Cash is an asset recognized in the balance sheet while revenue and expenses are recognized in the statement of profit or loss or income statement. Cash and accrual bases are 2 systems of recognizing transactions in the books. The major difference between them is about cash collection or payments.