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Lexicon Inc. bought a patent for $600,000 on January 2, 2007, at which time the patent had an estimated useful life of ten years. On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?
a. $140,000
b. $120,000
c. $105,000
d. $60,000
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
Prepare the Journal Entries in the General Journal, Post Journal Entries to the General Ledger, Post Adjusting Entries to the General Ledger
Distinguish between liquidity and profitability.
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation? Is there an instance where either of these two practices wo..
For the credit sales, 50% are collected in the month of sale, and 50% the next month. The total expected cash receipts during September are:
LaGrange Corp. has forecasted that over the next four years the average annual after-tax income will be $45,731. The average book value of the manufacturing equipment that is used is $167,095. What is the accounting rate of return?
Actual selling price: $7.50, $10.50. Budgeted selling price: $5.50, $10.50. Actual Sales Mix: 69%, 31%. Budgeted Sales Mix: 75%, 25%. What is the total sales-volume variance of revenues?
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Prepare the appropriate journal entry to be made by Bayfield Company for the first lease payment. Prepare the journal entry to record the lease agreement on the books of Josh inc. on January 1, 2008
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
What is the danger in allocating common fixed costs among product lines or other segments of an organization?
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