Answer:
The amortization expense that should be recorded by Smith & Sons in the second year is $3,750
Explanation:
The computation of the amortization expense in the second year is shown below:
= (Cost of patent) ÷ (expected economic life of the patent)
= ($45,000) ÷ (12 years)
= $3,750
The amortization expense should be the same for the expected life i.e 12 years
For more understanding, we pass the journal entry which is shown below:
Amortization expenses A/c Dr $3,750
To Patent A/c $3,750
(Being amortization expense recorded)
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation is able to re-invest the profit in the business (called retained earnings) and pay a proportion of the profit as a dividend to shareholders.
Answer:
Explanation:
The question is incomplete due to missing data. Hence, I formulated the same as shown below to your ease:
Gross Education Revenue = C* N* (1-D)
where, C = Education Cost per attendee,
N = Number of education attendees
D = Education discount rate
So, this formula is to be copied and pasted in cell J5 to J8.
Answer:
See below
Explanation:
With regard to the above information,
1. Corrected cost of goods sold is computed as
= Cost of goods sold + Overstated ending inventories 2019 - overstated ending inventories 2020
= $1,322,900 + $106,470 - $36,820
= $1,253,250
2. Corrected 12/31/2020 retained earnings is computed as
= Retained earnings DEC 2020 - overstated ending inventories 2020
= $4,854,000 - $36,820
= $4,817,180