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Tandem Industries purchased a patent on January 1, 2014, for $2,000,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, 2014, the company paid legal costs of $135,000 in successfully defending the patent in an infringement suit. Prepare the journal entry to amortize the patent at year end on December 31, 2014.
Wilson Corporation is budgeting its equipment needs on an ongoing basis, with a new quarter being added to the budget as the current quarter is completed. This type of budget is most commonly known as a:
Assume that you have decided that there are significant weaknesses in the physical controls over inventory that would be reduced with a new AIS that supports JIT inventories. Write a memorandum to the CFO describing how this might affect the inven..
What standard of care applies to Able & Henderson's accounting work for Hambones, Inc.? Does Able & Henderson face any negligence liability to First State Bank or Sauce Supply in a state that has adopted the Ultramares rule? In a state that has adopt..
on 1st may 2013 green corporation issues 1000000 of 12 bonds dated 1st january 2013 for 975000 plus accrued interest.
Provide the entries for the purchase and lease in the books of Anderson ltd as at 1 July 2015 Provide the entries in the books of Lisa Ltd as at 30 June 2025. Provide the entries in the books of Anderson Ltd as at 30 June 2025.
. It also paid $55,000 for a fence around the property, $14,000 for the company sign near the property entrance, and $8,000 for lighting of the grounds. Determine the cost of Ayer’s land, land improvements, and building.
at the beginning of 20x3 jong ltd. acquired 80 of the outstanding shares of nye co. for 1400000.nbsp at the acquisition
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 57,000 actual direct labor-hours and incurred $345,000 of actual manufacturing ..
Gander determines that a $500,000 distribution to its shareholders is appropriate at some point during the year, what is the maximum amount of the distribution that could potentially be treated as a dividend?
Also on August 17, the customer returned goods costing $1,000 (with a sales price of $1,500). The customer reported that the goods did not meet the required specifications.
multiple choice question based on basic accounts.1.a company started the year with 400 of supplies. during the year the
Pro forma balance sheet construction - Use the following industry average ratios to construct a pro forma balance sheet, for Carlos Menza, Inc.
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