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Entity Z is a newly established computer software company. During 20X4, the entity incurred and paid the following costs relating to a new computer software package that it expects to market in 20X5:
Coding costs to establish technological feasibility-300,000
Coding and testing costs after establishment of technological feasibility-100,000
Production of product masters-400,000
Entity expects total revenue of P5 million over the four-year life of the product. The entity began marketing the product in 20X5, earning revenues of P1 million during the year.
Problem 1: What are the journal entries for the costs incurred in 20X4?
Problem 2: What is the journal entry to record amortization of computer software for the year 20X5?
On March 31, 2013, Peppermint Patty Corp. sold $1,000,000 (par value) 8%, Calculate the amount of the gain or loss on retirement of the bonds
Required - Prepare the trial balance by listing the accounts in the correct order, with the balances in the appropriate debit or credit column
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
Jonathan also sold business land for a Section 1231 gain of $10,000. Calculate the amount and nature of Jonathan's gains and losses
Using the net present value method, show whether the company should sell the equipment. Prepare a schedule to support your conclusion
At the end of 2012, Roberts purchased some additional equipment for $20,000. Statement of Cash Flows, Direct Method Refer to the information for Roberts Company
What would the journal entries to record the appropriate payment if the entire invoice is paid on June 18, 2018 and July 8, 2018 look like?
1.determine the best way to address a 280k windfall from a business trip to las vegas in which you incurred 1846 in
Hull Inc. is considering the acquisition of equipment that costs $200,000 and has a useful life of 6 years with no salvage value. The incremental net cash flows that would be generated by the equipment are:
Calculate the annual depreciation allowances and end-of-the-year book values for this equipment
For the following independent transactions, make the appropriate journal entry to record the transaction - Paid a note payable of $16,000 on January 2
Patent D was purchased on July 1 for $34,770. Compute the total carrying amount of Marin' patents on its December 31, 2019, balance sheet
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