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Maas LLP developed software that helps farmers to plow their fields in a manner that prevents erosion and maximizes the effectiveness of irrigation. Sunny Dale paid a licensing fee of $24,000 for a copy of the software. Although Sunny Dale can use the software as long as it wants, Maas expects that Sunny Dale will use the software for approximately 5 Years. Maas does not anticipate any further interaction with Sunny Dale following transfer of license.
How much revenue should Maas recognize in the first year of the contract?
Brad has a basis of $15,000 in the partnership interest, including his shaer of partnership liabilities. The partnership expects to report substantial income in future years. Illustrate what rules are used to compute Brad's ending basis in his pa..
Matt is happy with the steady rental average of 6,400 per year. For this number of rentals, what price should Matt charge per rental for the business to make a 20 percent life-cycle return on investment?
Prepare a budgeted income statement for the quarter ending March 31, xxxx - 11 and calculate ending balances as of March 31,
Firm B produces gadgets. The price of gadgets is $2 each. Firm B has total fixed costs of $300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 40%. What is the breakeven number of gadgets B must sell to make a zero after tax ..
Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2016, assuming that an interest rate of 10% properly reflects the time value of money in this situation.
Suppose you tell Matthew Barnhill of the error in your analysis. Why might the consequences not be as bad as you fear? Should Barnhill take any responsibility for your error?
decision making regarding addition of new facilities for a business.you are considering adding a new conference room to
Prepare the adjusting journal entries for each of the 5 items above - Show all supporting computations. Use the answer sheet provided.
under FASB, for a private not-for-profit health care entity - discuss the accounting requirements for each of the following: Please describe what happens when a charitable lead trust is irrevocable? What is the accounting treatment? what are some ex..
The following information is available for Pet Store Company and its two divisions, Pet Supplies and Training. Whole Pet Supplies Training Company Division Net sales $170,000 $70,000 $100,000 Fixed costs: Compute the contribution margin for the Pet S..
Using the Consolidated Statement of Income (may also be called Statement of Earnings or Statement of Operations) of a publicly-traded company of your choosing, answer the following questions in the 1.4 Discussion: Income Statement forum: What are the..
Kei Products uses a predetermined overhead application rate of $18 per labor hour. A review of the company's accounting records revealed budgeted manufacturing overhead for the period of $621,000, applied manufacturing overhead of $590,400, and overa..
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