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3 years ago

The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here.

Business

1 answer:

fredd [130]3 years ago

5 0

Answer:

Journal entries to record the 2023 amortization expense for intangible assets.

Date Accounts Titles and Explanation Debit Credit

Dec 31 Amortization Expense—Patents $14,180

($71,800*1/10 + $45,000 * 1/9

+ $40,000*1/10*6/12)

Patents $14,180

(To record amortization of patents)

Dec 31 Amortization Expense - Copyrights $6,335

($50,500*1/10 + $257,000*1/50*3/12)

(To record amortization of copyrights)

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3 years ago

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The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Cu

Delicious77 [7]

Answer and Explanation:

The computation is shown below;

Working capital = Current Asset - Current Liabilities

= $569,000 - $280,000

= $289,000

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= $569,000 ÷ $280,000

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Acid-test (quick) ratio = {(Current Asset - Inventory - prepaid expense) ÷ Current Liabilities }

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= 0.86 times

Debt-Equity ratio = Total Liability ÷ Shareholders' Equity

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Times interest earned = EBIT ÷ Interest Charges

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= 35.87 times

Average collection period

= 365 ÷ ($3,010,00 ÷ $215,000)

= 26 days

The $215,000 comes from

= ($210,000 + $220,000) ÷ 2

= $215,000

7. The average sales period is

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2 years ago

Robin Company has $100,000 of income before payment of $100,000 of reasonable salaries to its owners employees (who are in the 3

miv72 [106K]

Answer:

d. a., b, and c. all result in the same amount of tax.

Explanation:

The question is to determine the form of business

First we need to understand some terms

A C Corporation refers to a standard corporation as far as the IRS is concerned while the S Coproration is a corporation with a special tax status giving it some tax privileges with the IRS. We however, group organisations as either C or S based on the taxation code with the Internal Revenue Service

It should be noted that C corporation, S corporation and partnership all aply the same rate of tax. The only place of advantage or difference is in the area of how the tax is treated and the difference in their liability.

As such, the owner in the question is being taxed based on the 32% bracket and as such it affects all the forms of business structures. Therefore, Partnership. C corporation and S corporation will asll result in the same amount of tax.

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3 years ago

4. Noah paid all of his bills and put a bit of money in savings for the month. He has a little bit of money left-over to spend o

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Answer:

Disposable Income

Explanation:

dis·pos·a·ble in·come

/dəˈspōzəbəl ˈinˌkəm,dəˈspōzəbəl ˈiNGˌkəm/

Learn to pronounce

noun

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