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2 years ago

7

Luis got himself in trouble by accidentally sending an e-mail to a client instead of his co-worker. He resolved to be more caref

ul in the future to prevent this from happening again. Luis can use these practices to help him avoid sending out e-mail to the wrong person.

1 answer:

RoseWind [281]2 years ago

6 0

Answer:

Yes he can, Luis can double check the person he is sending it to.

Explanation:

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On January 1, 2021, Weaver Corporation purchased a patent for $210,000. The remaining legal life is 20 years, but the company es

Ne4ueva [31]

Answer:

Requirement 1. Journal for purchasing Patent:

Jan 01, 2021 Patent Rights (Debit) 210,000

Cash/Bank (Credit) 210,000

Requirement 2. Journal for amortization expense for the year ended 31 Dec, 2021:

Dec 31, 2021 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Requirement 3. Journal for amortization expense for the year ended 31 Dec, 2022:

Dec 31, 2022 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Requirement 4. Journal for incurring legal fees

Jan 31, 2023 Legal fees 30,000

Cash/Bank 30,000

Requirement 5. Journal for amortization expense for the year ended 31 Dec, 2023:

Dec 31, 2023 Amortization expense - Patent 35,000

Accumulated amortization 35,000

Explanation:

Requirement 1.

Since Weaver corporation purchases a patent, it costs the company cash or bank balance. As the patent is a non-current intangible asset, it is a debit. On the other hand, as cash decreases due to the purchase of patent, the cash is a credit. In this journal, an asset (Non-current asset) increases, and another asset (Current asset) decreases. There will be no effect on the total asset.

Requirement 2, 3 and 5. All the calculations will be the same as it is a straight-line method of amortization. Straight-line depreciation (amortization) is a method of expense on an asset over a long period. The expense is the same over the period as the expense is calculated as the total cost divided by the useful number of years. Again, as the patent is an intangible asset; therefore, the asset has to be amortized instead of depreciated.

The amortization expense of patent is = $210,000/6 = $35,000

Since, the company estimates the patent's useful life will be 6 years. Therefore, the amortization expense will be $35,000 for each year.

Requirement 4: Since legal fees is an expense, the company pays for this due to the occurrence of legal issues. The expense decreases the cash; therefore, it is a credit. On the contrary, the legal fees are a debit as it decreases net income. The legal fees, however, does not affect the amortization expense as it is not adding to the cost of the patent.

7 0

2 years ago

On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key prod

Irina18 [472]

Answer:

Explanation:

Depreciation is the systematic allocation of the cost of a machine over its useful lifetime.

There are different types of depreciation like the straight line , double declining and the units of production method.

<u>Workings</u>

Depreciable amount = 120,000-5000 = 115,000

Useful life = 4 years

Depreciation rate = 115000/4 = 25% = 28,750

2015 2016 2017 2018

Straight line depreciation 28,750 28,750 28,750 28,750

Double declining

Double declining rate = 25%*2 = 50%

2015 = 50% * 115,000= 57,500

2016

Opening book value = 115,000-57,500 = 57500

Depreciation = 57,500*50% = 28,750

2017

Opening book value = 57500-28,750 =28750

Depreciation = 50%*28,750 =14,375

2018

Opening book value 28750-14375 = 14375

Depreciation = 14375*50% = 7188

Units of production

2015 = 280000/1150,000*115,000 = 28,000

2016 =430,000/1150000*115000 = 43,000

2017= 360000/1150000*115000 = 36,000

2018 = 80,000/1150000*115000 = 8000

B

IF the machine was bought on July 1, 2015

Straight line depreciation

2015 = (25%*115000 ) /2 = 14,375

2016 =25%* 115,000 = 28,750

2017 = 25%*115000 = 28750

2018 = 25%*115,000 =28750

2019 =(25%*115000)/2 = 14,375

Double declining method

2015

(115,000*50,000)/2 =28750

2016

Opening book value =115,000-28750 =86250

Depreciation = 50%*86250 = 43,125

2017

Opening book value =86250-43125 =43125

Depreciation = 43,125*50% = 21,563

2018

Opening book value

43125-21563 =21562

Depreciation = 21562*50% =10,781

2019

Opening book value = 21562-10781 =10781

Depreciation = 50%*10781 = 5391

3 0

3 years ago

What are the main customers of bank of canada

Viefleur [7K]

The Canadian banking system is a conservative system that consists of five main categories. They are:

Chartered banks

Trust and loan companies

Cooperative credit movement

Life insurance companies

Securities dealers

For anyone considering a career in banking in Canada, this list of top banks in Canada is a helpful guide on where to start. To learn more, see our lists of financial institutions.

4 0

2 years ago

If the consumer price index was 170 in one year and 180 in the next year, then the rate of inflation is approximately:

aliina [53]

Well the answer is quite easy just count From 170 to 180 and that leaves u with 10 so ur answer is ten

8 0

2 years ago

Read 2 more answers

Disney positions its brand as “a magical world where your dreams come true.” In its brand positioning, what goal does Disney ach

mars1129 [50]

Answer:

By mentioning to be "a magical world where your dreams come true", Disney seeks to position its brand by appealing to the illusion of its youngest consumers, who believe and enjoy that magical world as they consider it to be real. In turn, it also targets a more adult audience, the parents of those children and even young adults who remember their childhood, and seek through Disney to return to that magical world far from the problems of daily life. Thus, through empathy and the generation of nostalgia, Disney captures a market that is receptive to its products due to the sentimentality they imply.

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2 years ago