1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Zigmanuir [339]
3 years ago
5

On January 1, Year 1, Lowing Company acquired a patent from Generics Research Corporation for $3 million. The legal life of the

patent is 20 years, but Lowing expects to use it for 5 years. Pawson Company has committed to purchase the patent from Lowing for $500,000 at the end of that 5-year period. Lowing uses the straight-line method to amortize intangible assets with finite useful lives. What is the amount of amortization expense each year?
Requirements:
Amortization Expense________________
Note: the amount 25,000,000 is wrong
Knowledge Check 01
Business
1 answer:
pickupchik [31]3 years ago
4 0

Answer:

The amount of amortization expense each year is $500,000.

Explanation:

This can be calculated as follows:

Patent original cost = $3,000,000

Salvage value after 5 years = $500,000

Number of years to use before selling it = 5 years

Therefore, we have:

Annual amortization expense = (Patent original cost - Salvage value after 5 years) / Number of years to use before selling it = ($3,000,000 - $500,000) / 5 = $500,000

Therefore, the amount of amortization expense each year is $500,000.

You might be interested in
Colina Production Company uses a standard costing system. The following information pertains to the current year. Direct labor h
mash [69]

Answer:

variable overhead efficiency variance= $562.5 unfavorable

Explanation:

Giving the following information:

The actual production of 5,500 units

Actual direct labor hours= 11,250

Standard direct labor for 5,500 units:

Standard hours allowed 11,000 hours

First, we need to determine the variable overhead rate:

Variable overhead rate= 22,500/10,000= $2.25 per direct labor hour

Now, using the following formula we can determine the variable overhead efficiency variance:

variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

variable overhead efficiency variance= (11,000 - 11,250)*2.25

variable overhead efficiency variance= $562.5 unfavorable

3 0
3 years ago
All of the following are examples of retailers EXCEPT?
fiasKO [112]

Answer:

your answer is c.

Explanation:

it says they all sell their own products except c, which says they sell consmetics, not retailing their own

6 0
2 years ago
Read 2 more answers
They were totally excited to be getting a new system. It would allow them to conduct a remote discussion of the budget with the
slamgirl [31]

Answer:

The correct answer is letter "C": They were excited about the video conference system.

Explanation:

In order to make sentences more professional and direct, they must be objective. It implies any point of view, perspective, comment, or any subjective piece of information should be deleted so the statement is unbiased. By doing this, we avoid exaggerations or misunderstandings from the author.

In the sentence:

  • <em>They were </em><u><em>totally</em></u><em> excited to be getting a new system. </em>

We should delete "totally" which is an individual perception of the author. Then:

  • <em>They were excited about the video conference system.</em>

<em />

Will be a more objective sentence.

7 0
3 years ago
What does the communication technique "slow down and be patient" mean
vladimir2022 [97]

Answer:

Slow your speech so the person has time to think about each word you say.

Explanation:

These are the options for the question

Avoid looking at your watch when giving care. Slow your speech so the person has time to think about each word you say. Slow your body movements and wait as long as it takes for the person with dementia to respond.

Communication technique are ways of passing information from one person to another, the communication technique "slow down and be patient" symbolized that when you are making a speech, you need to Slow your speech so the person has time to think about each word you say, and a he/she will be able to give the necessary response or act accordingly to the speech.

7 0
3 years ago
Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2021, the first mo
Charra [1.4K]

Answer:

The journal entry to record payroll for the January 2013 pay period will include a debit to payroll tax expense of $6,760

Explanation:

In order to calculate The journal entry to record payroll for the January 2013 pay period we would have to calculate the payroll tax expense as follows:

payroll tax expense=Federal unemployment tax rate+(Social security tax rate+medicare tax rate)*Salaries

Federal unemployment tax rate=$80,000*0.80%

Federal unemployment tax rate=$640

(Social security tax rate+medicare tax rate)*Salaries= (6.2%+ 1.45%)*$80,000

(Social security tax rate+medicare tax rate)*Salaries=$6,120

Therefore, payroll tax expense=$640+$6,120

payroll tax expense=$6,760

The journal entry to record payroll for the January 2013 pay period will include a debit to payroll tax expense of $6,760

3 0
2 years ago
Other questions:
  • Parker &amp; Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company
    14·1 answer
  • Organizations are undergoing changes in response to more people-driven workforces. Use your knowledge of bossless workplaces to
    9·1 answer
  • What is the benefit of using a graph? Select all that apply.
    7·2 answers
  • Dart created an irrevocable trust naming Larson as trustee. The trust provided that the trust income would be paid to Frost for
    6·1 answer
  • Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning
    6·1 answer
  • Merchandise with a sales price of $9,300 is sold on account with terms 2/10, n/30. The journal entry to record the sale would in
    7·2 answers
  • Cobe Company has already manufactured 28,000 units of Product A at a cost of $28 per unit. The 28,000 units can be sold at this
    10·1 answer
  • OK Dry-Cleaning advertises so effectively that the regular customers of its competitor, Purity Cleaners, patronize OK instead of
    7·1 answer
  • Julianna works in an on-the-job training program under the supervision of an experienced Electrical Power-Line
    6·1 answer
  • Assume that product Adam, a product designed for the High-End segment, can reach its full potential market share next year. A go
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!