A person can file for trademark protection even if he or she has not yet used the trademark.

Laredo manufactures Nuts and Bolts from a joint process (cost = $80,000). Five thousand pounds of Nuts can be sold at split-off

Zigmanuir [339]

Answer:

Cost for Nuts = $80,000 $\times$ 2/5 = $32,000

Cost for bolts = $80,000 $\times$ 3/5 = $48,000

Explanation:

Provided joint cost = $80,000

Total quantity of nuts and bolts at separation

Nuts = 5,000 pounds

Bolts = 10,000 pounds

Weights of cost will be based on value of goods.

Nuts = 5,000 $\times$ $20 = $100,000

Bolts = 10,000 $\times$ $15 = $150,000

Thus, weights will be 10:15 = 2:3

Cost for Nuts = $80,000 $\times$ 2/5 = $32,000

Cost for bolts = $80,000 $\times$ 3/5 = $48,000

4 0

3 years ago

The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $79,000 to an employee of the company and r

OLEGan [10]

Answer:

a.

1 July 2017 Notes receivable $79000 Dr

Cash $79000 Cr

b.

31 Dec 2017 Interest receivable $3950 Dr

Interest revenue $3950 Cr

c.

30 June 2018 Interest receivable $3950 Dr

Interest Revenue $3950 Cr

1 July 2018 Cash $7900 Dr

Interest receivable $7900 Cr

d.

1 July 2018 Cash $79000 Dr

Notes receivable $79000 Cr

Explanation:

a.

The receipt of note against issuing loan will cause a credit to cash against notes receivable.

b.

The interest from July to Dec 2017 relates to 2017. Following accrual principle it will be recorded as interest revenue and as it is not received so an asset Interest receivable will be debited.

The interest expense for 6 months is = 79000 * 0.1 * 6/12 = 3950

c.

First we will record the remaining interest on 30 June 2017. Remaining interest = 7900 - 3950 = 3950

Then we will debit cash on July 1 when interest is received and credit interest receivable to close the account.

d.

The cash will be debited and notes receivable account will be closed by crediting it.

8 0

3 years ago

An investor wishes to buy a new issue of U.S. Government agency bonds. You recommend that the customer purchase Federal Home Loa

aleksandrvk [35]

Answer: a par

Explanation:

From the question, we are informed that an investor wishes to buy a new issue of U.S. Government agency bonds and was recommend that the customer purchase Federal Home Loan Bank bonds with a 20 year maturity.

It should be noted that new issues that relate to agency securities are typically sold by a selling group which will be appointed by the agency and such groups are usually made up of broker dealers and large banks.

The group will then sell the issue to the public at par and out of the revenue that is made, a selling concession will be paid by the agency to the selling group.

8 0

3 years ago

A group of ten UIC professors each contributed an equal amount to the purchase of a State of Illinois Lottery ticket. Two of the

Bogdan [553]

Answer:

Total cost of Ticket = $96

Explanation:

Provided information,

Total number of people buying lottery ticket in a joint contribution = 10

Two people withdraw being short of funds, therefore people buying such ticket = 8

Revised share increase by $2.40 each.

Total increase = $2.40 $\times$ 8 = $19.20

Just because 2 people withdraw, thus earlier contribution per person = $19.20/2 = $9.60

Therefore, total cost of ticket = $9.60 $\times$ 10 = $96

3 0

4 years ago

On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabi

vfiekz [6]

Question Completion:

Prepare an Income Statement for the month of June.

Answer:

Windsor, Inc.

Income Statement for the month ended June 30, 2017:

Service Revenue $7,730

Supplies expense 1,100

Maintenance and

repairs expense 700

Advertising expense 400

Utilities expense 200

Salaries and

wages expense 1,630 $4,030

Net Income $3,700

Explanation:

Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.

3 0

4 years ago