User Account

All Pages

Prepare the entries Salem made in related to the patent

Assignment Help Accounting Basics
Reference no: EM132527276

Question - During 2019, Salem Company spent $1,400,000 in research and development costs. As a result of its R&D activities, Salem patented a new product on September 30, 2019. On September 30, 2019, Salem incurred and paid $24,000 of legal costs related to its new patent. The patent had a five-year legal life. Salem only prepares adjusting journal entries once each year as of 12-31 (year-end).

Required -

a. Prepare the entries Salem made in 2019 related to the R&D activities and the patent.

b. Prepare the entries Salem made in 2020 and 2021 related to the patent.

c. On June 30, 2022, Salem spent $12,000 to defend its patent rights. Salem's defense was successful. Prepare the entries Salem made in 2022 related to the patent.

Reference no: EM132527276

Questions Cloud

Prepare the journal entries that should be made in records : Prepare the journal entries that should be made in the accounting records after the above bank reconciliation is prepared
Explain difference in class and individual charactersitics : Explain the difference between class and individual characteristics. What class and individual characteristics would an examiner look for in fingerprints?
Building of the bridge will result in an estimated : A proposed bridge on the interstate highway system is being considered at the cost of 3 million dollars.
What is the budgeted cost of purchasing material : Material A and 6,000 ounces of Material B in inventory on December 31. What is the budgeted cost of purchasing Material B in the upcoming year?
Prepare the entries Salem made in related to the patent : On June 30, 2022, Salem spent $12,000 to defend its patent rights. Salem's defense was successful. Prepare the entries Salem made in 2022 related to the patent
What was old standard for the admissibility of confessions : What was the old standard for the admissibility of confessions and admissions? Explain why that standard was difficult to apply. How did Miranda v. Arizona.
Fulfilling critical community needs : Indefinite economic growth is no longer plausible, so how do we shift societal planning from being designed to fulfill consumptive desires to fulfilling critica
Prepare the entry to reflect the estimated loss : Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items
Demonstrate the direct materials quantity variance : Data pertains to the month of October for ElmCo. Determine the direct materials quantity variance. (Negative numbers indicate a favorable variance.)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd