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A patent is purchased for $40,000 by a company that estimates that the patent has a useful life of 5 years. Because the majority of intangibles are amortized on a straight-line basis, the company decides to amortize the $40,000 patent over a five year period on a straight-line basis. I know that on a straight-line basis, periodic amortization amounts to $8,000 (i.e. $40,000/5). My question is, if that same patent was estimated to have a useful life of 5 years, but was actually outdated by 3 years how would the company account for this error by way of a journal entry?
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
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Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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