Answer:
Explanation:
According to my research on different financial terminology, I can say that based on the information provided within the question the appropriate journal entry would include a debit to a liability and a credit to a revenue account. This must be included otherwise the journal entry will state the sale of the product or service as being made twice, which will cause errors in the financial statements.
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Answer:
Explanation:
The following information can be gotten from the question:
Net realizable value (NRV) will be:
= $125,000 - $10,500
= $114,500
Normal profit will be:
= $114,500 - (30% × $125,000)
= $114,500 - $37,500
= $77,000
The amount should Garcel report as inventory on its balance sheet should be $77,000.
Answer
The classification is shown below:
Explanation:
The saving refers to the amount i.e above its consumption expenditure let us take an example if an individual salary is $100,000 and its expenditure assumes $50,000 then it saves $50,000 so the $50,000 is the savings. While the investment is the amount that is spent to buy some assets in terms of building, machinery, home, etc.
So the classification is presented below:
a. Kyoko borrows money to build a new lab for her engineering firm. = Investment
b. Rina purchases stock in Nano Speck, a biotech firm. = saving
c. Musashi takes out a mortgage for a new home in Detroit. = investment
d.Jacques purchases a corporate bond issued by a car company. = saving
Complete Question:
Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards. During 2018, the company incurred the following costs related to a new product design:
Research for New Design $2.4M
DVMPT of New Product $1.3M
Patent Filing Fees $52K
The development costs were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2018 fiscal year. What amount should Pribuss expense in its 2018 income statement related to the above expenditures?
Answer:
The Research expenses of $2.4M that are written as expense in the Income statement and the Development costs of $1.3M and patent legal fees of $53k are capitalized.
Explanation:
The reason is that the International Standard IAS 38 Intangible Assets says that the expenditure incurred on the research that hasn't entered development phase must be written as expense in the year and the expenditure incurred on the development phase of the research outcomes must be capitalized to the extent it is ready for use. In this case $1.3M is clearly a development cost and patent legal fees of $53k is the expenditure that will prepare the asset and making it ready for use, so it must also be capitalized.
The answer to your question is a non-sufficient funds check.
Hope that helps! :)
