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Question - Sydney, Inc., a manufacturer of chocolate-coated mint candy acquired a patent on June 25, 2018 for P720,000. Management expects that the patent will be useful to the company for its remaining useful life of 10 years. On January 10, 2020, the company spent P120,000 in successfully defending the patent against a competitor. During 2021, management determines that the estimated remaining life of the patent should be reduced to only five years, including the current year. The company's policy is to amortize the cost of Intangible assets using straight-line method to the nearest month.
Required - What is the amortization expense for the year 2021?
Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Lester has 2,600 pounds of clay mix in beginning inventory and wants to have 3,000 pou..
Determine the effect of the change and prepare the appropriate journal entry to record Bronson's income tax expense in 2011. What adjustment, if any, is needed to revise retained earnings as a result of the change?
Suppose you are the senior controller for Spine Line and you plan to perform a variance analysis of the massage chairs manufactured to determine if the standards are being met.
Income before income tax expense was $3,000,000, and income taxes were $1,200,000 for the current year. Determine times interest earned ratio
Prepare the Journal entry to record amortization expenses for 2018 related to the copyrights
Compute the working capital, the current ratio, and the quick ratio after each of the following transactions and record the results in the appropriate columns
What the entry or entries Gideon makes to record the recovery of the bad debt is? Gideon Company uses the direct write-off method
Distinguish between explanatory sequential mixed methods and exploratory sequential mixed methods explaining when each type of research design might be appropriate.
Morro Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials, at the budgeted price of $3 per pound, and 9 hours of dir..
CustomTee's normal accounting policy requires a written and signed sales agreement. Does CustomTee have an enforceable contract
The estimated amount of depreciation on equipment for the current year is $11,500. Journalize the adjusting entry to record the depreciation
At Ace Company, overhead is assigned to production departments at the rate of $5 per machine hour. In July, machine hours were 3,000 in the Machining Department and 2,400 in the Assembly Department. Prepare the entry to assign overhead to producti..
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