legal life of the patent is 15 years but the useful life is successfully defending the patent in an infringement acquired a competing patent for P1,500,000. The comp to be used because it was intended to protect the on December 31, 2022? A. 3,150,000
Q: 11. Partnership assets may bè revalued but they may value. Is allocated to the existing partners…
A: As per the norms of Bartleby, in case of multiple sub parts been asked per question, only first…
Q: The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On…
A: Answer - Calculation of the account “Cash” that will appear on the December 31, 2022 balance sheet…
Q: Part 2 Accounting Terminology. For each of the following statements, indicate the term described. a.…
A: Since you have posted question with multiple sub-parts, we will do the first three sub-parts for…
Q: a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above…
A: Please see step 2 for required information.
Q: Required information [The following information applies to the questions displayed below.] William…
A: IRAs helps individual to contribute pre-tax income as an investment for future benefits.
Q: The plan Regarding cost. • Our team has been tasked with planting the trees on the plot of land…
A: Cost Variance: It is calculated for the purpose of Financial performance of the Project = Earned…
Q: Check Register Balance Check Checks issued to or Amount Amount deposits received from 237 Echo…
A: Check register is the document that is the summary of all the financial transactions related to…
Q: The current assets of Lane Enterprises are considered very liquid at 30 June 2013. This means that…
A: The balance sheet includes the assets, liabilities, and stockholders' equity. Liquid assets are the…
Q: had a useful life of eight years from the date of acquisition On January 1, 2021, the entity…
A: Depreciation is the charge against the cost of a fixed asset to account its obsolescence due to…
Q: 3. Athena Co. held the following items on Dec. 31, 20x1: Petty cash fund (currencies and coins,…
A: ANSWER All the checks were recorded when they were collected (drawn) by a debit (credit) to the…
Q: a. What would be the mean and the median? Mean $ 272,790,000 Median $ 63,050,000 b. What is the…
A: Basic Concept Calculation of Percentage, Mean, median
Q: Company has a net profit margin of 5% and a total asset turnover of 5 times. What is company's…
A: Answer 1) Calculation of Return on Assets Net Profit Margin = Net Profit/ Sales Asset Turnover = Net…
Q: Shimada Products Corporation of Japan plans to introduce a new electronic component to the market at…
A: Target cost is the cost which need to incurred by a entity in order to arrive the predetermined…
Q: 07 the CPI was 154. At the beginning of 2008 the CPI was 169. What is the rate of inflation over…
A: Given CPI in 2007 = 154 CPI in 2008 = 169 The following formula wil be used to calculate rate of…
Q: 3. Depreciation expense in 2020 was understated by P 12.000. 4. Depreciation expense in 2020 was…
A: Here discuss about the errors which are incurred in the recording of transactions and its adjustment…
Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…
A: Calculation of Cost of Goods Sold Cost of Goods sold = Beginning Inventory + Value of inventory…
Q: dentify each of the following statements as either true or false. a. A voucher system of control…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: A company has several branch operations that sell merchandise transferred from the home office. This…
A: The question is related to Branch Accounting. The details are given regarding the same.
Q: D All of the options are correct statements.
A: Insurance refers to the contract between the insurance company and the person in which the fixed…
Q: On December 31, 2017, Evermore's Inc 's long-term obligation portion includes USD3,000,000 in 5-year…
A: Valuation of Bond
Q: The following account appears in the ledger after only part of the postings have been completed for…
A: Prime cost means the addition of direct material and direct labor and other direct expenses.…
Q: Mr. and Mrs. Bolt's joint return reports $267,500 AGI, which includes $13,300 net investment income.…
A: They must pay the 3.8% Medicare tax on the lesser of their $13,300 of net investment income, or…
Q: Waterways is considering the replacement of an antiquated machine that has been slowing down…
A: The question is based on the concept of Cost Accounting.
Q: ome research and planning, you have estimates for the various operating costs for your business.…
A: Operating costs are associated with a company's upkeep and administration. Rent, labour, and other…
Q: Waterway Industries produces three versions of baseball bats: wood, aluminum, and hard rubber. A…
A: Unavoidable Fixed costs are costs that cannot be avoided even if the production of that line is…
Q: If a company has fixed costs of S6.000 per month and their product that sells for $200 has a…
A: Formula: Break even point in units = Fixed cost / Unit contribution margin
Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…
A: Point of sale (POS) is place where a customer made payment for goods or services. Point of sale…
Q: Create a T-Accounts and General Journal. Note: Office supplies has a P575 balance at the end of the…
A: Journal is a book in which all business financial transactions are recorded when they occur. All…
Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…
A: Contribution margin per labor hour=Sales price per unit-Variable cost per unitLabor hours per unit
Q: On January 1, 2021, Nebraska Company issued a 3-year bond with face value of P1,500,000 and a 9%…
A: First we need to calculate the fair value of the bond. = Coupon x PVAF(r,n) + FV x PVF(r,n) Where,…
Q: Bramble Corp. budgets on an annual basis for its fiscal year. The following beginning and ending…
A: Inventory is a type of asset that is sold in normal business activities. Inventory may not be…
Q: Who enforces requirements regarding financial products and services? A. CCA B. ACCC C. ASIC D. ACL
A: The financial market is a constantly developing and growing market in which there are several…
Q: On January 1, 2019, Uptown Builders purchased a machine for $200,000. Uptown's policy is to…
A: Depreciation under Straight line method is computed in the following manner: Depreciation = (Cost…
Q: licia has been working for JMM Corporated for 32 years. Alicia participates in JMM's defined benefit…
A: Compensation: Compensation is the amount obtained by a worker or an employee in respect of the…
Q: On January 1, 2020, the Ivanhoe Company budget committee has reached agreement on the following data…
A: GIVEN On January 1, 2020, the Ivanhoe Company budget committee has reached agreement on the…
Q: On January 1, Year 1 Residence Company issued bonds with a $50,000 face value. The bonds were issued…
A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.
Q: 2. Her efforts on negotiation contracts, obtaining competitive bids and establishing control…
A:
Q: Delores Enterprises uses weighted-average process-costing to value production. At the end of the…
A: Cost of work-in-process inventory = Equivalent cost per unit x No. of units where, Equivalent cost…
Q: On January 1, 2022, Iced Latte Corporation issued 5,000 10-year bonds of 12% P1,000 face value, each…
A: The amount allocated to the warrants-equity component refers to the value of equity which is derived…
Q: Pre-tax rate of return: r= 0.10 Tax rate on the returns to investment: t = 0.25 Consider the…
A: when there is spending by the government it is generally done during the time of economic down turn…
Q: Recently,two friends in Australia combined their monetary resources and formed a business.Regardless…
A: Accounting concepts establish the assumptions that are used to create financial statements for a…
Q: Ace Products sells marked playing cards to blackjack dealers, It has not paid a dividend in many…
A: A stock dividend is when a corporation distributes its shareholder's shares rather than cash. It…
Q: Classify the following cash flows as either operating, investing, or financing activities, assuming…
A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…
Q: the dvantage (disadvanta9e) of furt processing eyond the spiit-off point? 2. Based on your analysis…
A: Soluton 1: Financial advantage (disadvantage) to determine which product to be sold at split off…
Q: Alcal Partners uses absorption costing based on standard costs and reports the following data for…
A: The answer is stated below: Note: Answering the first subparts which has three…
Q: A small gift shop has a beginning inventory that is valued at $9,120. If the additional inventory…
A: Answer) Calculation Cost of Goods sold Cost of Goods sold = Beginning inventory + Purchases – Ending…
Q: On March 25, 2020, Blue Steel co. purchased a new extrusion machine for Php 3,344,015 with an…
A: Formula: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) /…
Q: do deficiencies in internal control not always lead to material misstatement when recording…
A: internal controls rules and procedures that are implemented in order to ensure the integrity and…
Q: On October 1, 2022, Vertical Company purchased a machine from a supplier which trade discount of…
A: Non-current asset: It implies to the fixed asset having an expected useful life of more than one…
Q: Based on the following data, which company is the most profitable? Company A Company B Company C…
A: The question is related to most Profitable company. The details are given regarding the same.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for 72,000. The patent has a remaining legal life of 9 years. Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the straight-line method over the life of the asset.Petes Petroleum, Inc., an SEC registrant with a calendar year-end, is in the business of constructing and operating offs] lore oil platforms. Petes Petroleum is required legally to dismantle and remove the platforms at the end of their useful lives, which is estimated to be 10 years. On January 1, 2019, Pete constructed and began operating an offshore oil platform off the coast of Brazil. The total capitalized cost to construct the platform was 3,700,000. In addition, while the future cost of dismantling the oil platform is difficult to estimate, Pete believes there is a 40% chance that the future cost will be 1,425,000, a 40% chance it will be 1,650,000, and a 20% chance that it will cost 2,125,000. The appropriate discount rate is 12%, and Pete uses the straight-line method of depreciation. Required: 1. Prepare the journal entries that Pete should record in 2019 related to the oil platform. 2. Prepare an amortization schedule for the asset retirement obligation. 3. Next Level Prepare a table showing the effect of accounting for the asset retirement obligation on assets, liabilities, shareholders equity, and net income relative to accounting for the associated costs at the end of the assets service life when the expenditure is made.On January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The remaining life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2020, an entity acquired a competing patent for P1,500,000. The competing patent has a remaining life of 15 years but it is not used because it was intended to protect the original patent. Assume that the company is an SME. What is the carrying amount of the patent on December 31, 2020?
- On January 1, 2020, Cecilia Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2021, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2022, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life of 15 years but it is not to be used because it was intended to protect the original patent. What is the carrying amount of the patent on December 31, 2022?On January 1, 2018, Don Company purchased a patent from an original patentee for 2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid 550,000 in successfully defending the patent in an infringement suit files against the entity. On January 1, 2020, the entity acquired a competing patent for 1,500,000. The competing patent has a remaining legal life of 15 years but it is not to be used because it was intended to protect the original patent. What is the carrying amount of the patent on Dec 31, 2020? Question 33 options: 3,150,000 3,600,000 3,200,000 3,500,000On January 1, 2018, Sneezy Company purchased patent at a cost of P1,920,000 at which date the remaining legal life was 16 years. On January 1, 2020, the useful life of the patent was determined to be only 8 years from the date of acquisition. On January 1, 2020, the entity paid P800,000, of which three-fourths was for a trademark, and one-fourth was for the other entity's agreement not to compete for a 5-year period in the line of business covered by the trademark. The entity considered the life of the trademark indefinite. Moreover, the entity agreed to pay P50,000 to the other entity as consulting fee each year for 5 years payable every January 1. What is the amortization of intangible assets for 2020?
- Gray Company was granted a patent on January 1, 2018 and appropriately capitalized P450,000 of related costs. The entity was amortizing the patent over the useful life of 15 years. During 2021, the entity paid P150,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, the entity sold the patent to the plaintiff for P750,000. The policy is to take no amortization in the year of disposal. What amount should be reported as gain from sale of patent in 2021? a. 150,000 b. 240,000 C. 270,000 d. 390,000On January 1, 2019, Jericho Company purchased a patent for P7,140,000. The patent is being amortized over the remaining legal life of 15 years expiring on January 1, 2034. During 2022, the entity determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported for the patent, net of accumulated amortization, on December 31, 2022? A. 4,282,000 B. 4,896,000 C. 5,050,000 D. 5,236,000On January 1, 2009, Jonalyn Company purchased a patent from an original patentee for P2,400,000. The remaining legal life of the patent is 15 years but the useful life is only 12 years. On January 1, 2010, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2011, the entity acquired a competing patent for P1,500,000. The competing patent has a remaining legal life 15 years but it is not to be used because it was intended to protect the original patent. Question: What is the carrying amount of the patent on December 31, 2011?
- On January 1, 2018, Joel Company purchased a patent for P7,140,000. The patent is being amortized over its remaining legal life of 15 years. During 2021, Joel determined that the economic benefits of the patent would not last longer than 10 years from the date of acquisition. What should be reported in the statement of financial position as carrying amount of patent on December 31, 2021?Katana Company purchased a patent on January 1, 2014 for P6,000,000. The original life was estimated to be 15 years. However, in December 2019, Iceberg's controller received information proving conclusively that the product protected by the Katana patent would be obsolete within five years. Accordingly, the entity decided to write off the unamortized cost of the patent over five years beginning in 2019. 5. How much would be the patent amortization for the year 2019? a. 1,200,000 b. 1,000,000 c. 800,000 d. 400,000 IAS 36 Breathless Company acquired equipment on January 1, 2018 for P5,000,000. The equipment had a 10-year useful life and no residual value. On December 31, 2019, the following information was obtained: Expected value of undiscounted cash flows Fair value estimated with in-use premise 3,600,000 3,700,000 Fair value estimated with in-exchange premise 3,500,000 6. What amount should be recognized as impairment loss for 2019? a. 300,000 b. 400,000 c. 500,000 d. Silver Company…Yellow Company acquired a trademark for P10,000,000 from Orange Company on January 5, 2021. The trademark is carried in the accounting records of Orange at an amortized cost of P7.6 million. Yellow Company's consultant has estimated that the useful life of the trademark to be indefinite. What amount should Yellow report as accumulated amortization at Dec. 31, 2021?