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Question - Lettuce Company acquired a patent for a drug with a remaining legal and useful life of six years on January 1, 2018 for P8,400,000. The entity used straight-line amortization. On January 1, 2020, a new patent is received for an improved version of the same drug. The new patent has a legal and useful life of twenty years. How much is the amortization expense for 2020?
Describe each of these responsibilities of the management accountant and identify examples of practices and techniques
Which of the following is not treated as a change in accounting principle? A) A change from LIFO to FIFO for inventory valuation B) A change to a different method of depreciation for plant assets
The following information was used to prepare adjusting entries for the company as of August 31, the end of the company's fiscal year.
cedars hospital has average revenue of 180 per patient day. variable costs are 45 per patient day fixed costs total
Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each year
Ditka must then repay the balance of the loan plus interest to GMCC. How should Ditka report the acquisition and repayment transactions in its Statement
Discuss the debit/credit rules. Do not over analyze these rules. You should just memorize them. You should also be familiar with the recording process
Bill Corporation currently manufactures a subassembly for its main product. What is the difference between the two alternatives
Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trialbalance.
shaws garden was started on may 1 with an investment of 45000 cash. following are the assets liabilities and common
The company granted options to certain executives to purchase 9,000 of its ordinary shares at 70 each. What is the total number of shares to be used
Explain the relevance of changes in net income to investors. Determine the total value of assets
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