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Marin Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $201,600 and a rema

konstantin123 [22]

Answer:

The patent should be reported at $302,400 on the December 31, 2020, balance sheet.

Explanation:

Remaining useful life in month of patent on January 1, 2020 = 8 * 12 = 96 months

Remaining useful life in month of patent on December 1, 2020 = 96 - 11 = 85 months

Amortization of book value of patent in 2020 = (Patent Book value / Remaining useful life in month of patent on January 1, 2020) * 12 = ($201,600 / 96) * 12 = $25,200

Amortization of legal cost in 2020 = (Legal cost / Remaining useful life in month of patent on December 1,, 2020) * 1 = ($127,500 / 85) * 1 = $1,500

Carrying amount of patent = Patent Book value + Legal cost = $201,600 + $127,500 = $329,100

Patent book value on December 31, 2020 = Carrying amount of patent - Amortization of book value of patent in 2020 - Amortization of legal cost in 2020 = $329,100 - $25,200 - $1,500 = $302,400

Therefore, the patent should be reported at $302,400 on the December 31, 2020, balance sheet.

8 0

3 years ago

Which of the following are possible amounts for the third check and the cash that cindy deposited

Neko [114]

$122.04 in cash and a $206.64 check will be the possible amounts for the third check and the cash that cindy deposited.

Any household member who possesses an SSN is eligible to receive a payment under the third check. This is distinct from the first and second stimulus payments, which required at least one tax filer to have an SSN in order for the household to be eligible to receive the checks. Your third stimulus check, like the first two, is basically merely an advance payment of the Recovery Rebate tax credit for the 2021 tax year. Therefore, it won't be counted toward your taxable income. Similar to the first and second stimulus checks, there are income requirements in order to get the entire payout. No minimum income is required to be eligible for the payment.

the complete question is:

Which of the following are possible amounts for the third check and the cash that Cindy deposited?

a. no cash and a $303.68 check

b. $140.50 in cash and a $267.14 check

c. $99.32 in cash and a $155.55 check

d. $122.04 in cash and a $205.64 check

learn more about Rebate tax credit here

brainly.com/question/20374653

#SPJ4

6 0

2 years ago

Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.

Firlakuza [10]

Answer:

Lawnmowers= 45,726

Weed-trimmers= 114,314

Chainsaws= 68,589

Explanation:

Giving the following information:

Sales Mix - Unit Contribution Margin

Lawnmowers 20 % $34

Weed-trimmers 50 % $24

Chainsaws 30 % $37

Yard total has fixed cost of $6,836,000

Based on the weighted average sales participation and the unit contribution margin, we can calculate the weighted average contribution margin for the whole company. We need it to calculate the break-even point in units.

Break-even point (units)= Total fixed costs / (weighted average selling price - weighted average variable expense)

Weighted average contribution margin= sales participation per product* unitary contribution margin

Weighted average contribution margin= (0.20*34) + (0.5*24) + (0.3*37)= 29.9

Break-even point (units)= 6,836,000/ 29.9= 228,629 units

<u>Now, we can calculate the required units for each product:</u>

Lawnmowers= 0.20*228,629= 45,726

Weed-trimmers= 0.50*228,629= 114,314

Chainsaws= 0.3*228,629= 68,589

4 0

4 years ago

Which organization serves as the principal operations center for the department of homeland security?

inysia [295]

Answer: B) National Operations Center

The organization which functions as the principal operations center for the Department of Homeland Security is the National Operations Center.

Basically, it is the one who is responsible for gathering and combining all the information. This includes information coming from the State, from the key metropolitan areas, and the information for all kinds of hazards and risks. Furthermore, it is also the one that distributes and manages all the information with the cooperation of the other organization partners.

4 0

3 years ago

On January 1, 2018, Bonita Corporation issued $5900000, 10-year, 9% bonds at 101. Interest is payable annually on January 1. The

GREYUIT [131]

Answer and Explanation:

The journal entry to record the issuance of the bond is shown below

On Jan 1, 2018

Cash (5,900,000 × 101%) $5,959,000

Bonds Payable $5,900,000

Premium on Bonds Payable $59,000

(Being the issuance of the bond is recorded)

Here the cash is debited as it increased the assets and credited the bond payable & premium on bond payable as it also increased the liabilities

3 0

3 years ago