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oee [108]
3 years ago
8

Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2018. The patent is being amortized over its remaining l

egal life of 10 years, expiring on January 1, 2028. During 2020, Alatorre determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020?
Business
1 answer:
iris [78.8K]3 years ago
8 0

Answer:

$600,000

Explanation:

Patent is an intangible non current asset that may be amortized over the estimated useful life.

Given that Alatorre purchased a patent from Vania Co. for $1,000,000 on January 1, 2018 and the patent had a remaining legal life of 10 years, expiring on January 1, 2028

Annual amortization expense =  $1,000,000/10 =  $100,000

During 2020 ( the patent would have been amortized for 2 years), the accumulated amortization

= 2 × $100,000

= $200,000

The net book value then

= $1,000,000 - $200,000

= $800,000

If the economic benefits of the patent would not last longer than 6 years from the date of acquisition, it means it has a remaining useful life of 4 year from 2020.

Amortization for 2020 = $800,000/4 = $200,000

The amount of the patent net of net of accumulated amortization, at December 31, 2020

= $800,000 - $200,000

= $600,000

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mote1985 [20]

When a local auto repair shop sponsors a local softball​ team, it is using the​ public relations element of the promotional mix.


Public relations allows a company to create a good image with the public through relations and organizations they work with for the public to see. When the local auto repair shop sponsors a local softball team, they are not only advertising their name, but people are recognizing them as a company that gives back. By being active in their community they are building public relations.

3 0
3 years ago
What type of crime measurements collects data from those who break the law
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<span>National Crime Victimization Survey,Have an wonderful day!
</span>National Crime Victimization Survey Resource GuideAbout NCVS

The National Crime Victimization Survey (NCVS) series, previously called the National Crime Survey (NCS), has been collecting data on personal and household victimization since 1973. An ongoing survey of a nationally representative sample of residential addresses, the NCVS is the primary source of information on the characteristics of criminal victimization and on the number and types of crimes not reported to law enforcement authorities. It provides the largest national forum for victims to describe the impact of crime and characteristics of violent offenders. Twice each year, data are obtained from a nationally representative sample of roughly 49,000 households comprising about 100,000 persons on the frequency, characteristics, and consequences of criminal victimization in the United States. The survey is administered by the U.S. Census Bureau (under the U.S. Department of Commerce) on behalf of the Bureau of Justice Statistics (under the U.S. Department of Justice).

The NCVS was designed with four primary objectives: (1) to develop detailed information about the victims and consequences of crime, (2) to estimate the number and types of crimes not reported to the police, (3) to provide uniform measures of selected types of crimes, and (4) to permit comparisons over time and types of areas. The survey categorizes crimes as "personal" or "property." Personal crimes cover rape and sexual attack, robbery, aggravated and simple assault, and purse-snatching/pocket-picking, while property crimes cover burglary, theft, motor vehicle theft, and vandalism. The data from the NCVS survey are particularly useful for calculating crime rates, both aggregated and disaggregated, and for determining changes in crime rates from year to year.

4 0
3 years ago
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. The
cluponka [151]

Answer:

$6,809.04

Explanation:

Calculation to determine what her net pay for the month is

Gross Pay (a) $8,988

Less: Deductions

Social Security Tax $557.26

($8,988 * 6.2%)

Medicare Tax $130.33

($8,988 * 1.45%)

Federal income Tax $1,491.37

Total Deductions (b) $2,178.96

Net Pay (a-b) $6,809.04

($8,988-$2,178.96)

Therefore her net pay for the month is $6,809.04

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nevsk [136]

Answer:

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For example if your roof was damaged by a natural disaster it could cost thousnads of dollars out of a persons pocket.

Insurance will pay the cost to repair it allowing you to be protected from losing money.

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