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Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2011, the company expends $332,790 on a research project, but by the end of 2011 it is impossible to determine whether any benefit will be derived from it. (a) The project is completed in 2012, and a successful patent is obtained. The R&D costs to complete the project are $132,480. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2012 total $33,900. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) In 2013, the company successfully defends the patent in extended litigation at a cost of $43,360, thereby extending the patent life to December 31, 2020. What is the proper way to account for this cost? Also, record patent amortization (full year) in 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
What is the method of accounting for uncollectible accounts that is required when bad debts are significant in size?
A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts.
Based on this information, what type of adjusting entries does Ritz manor have? how are amounts of these adjustment determined? Which accouts are affected?
Why is a knowledge of accounting concepts and terminology useful to anyone in a business activity?
On January 1, 2009, American Eagle borrows $65,000 cash by signing a four-year, 8% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.
Using the FIFO inventory method, the amount allocated to COST OF GOODS SOLD for July is ??
nbspcrane company makes four products in a single facility. data concerning these products appear belowproductnbspnbsp
select a management function planning directing and motivating or controlling and explain how that function relates to
Record the payroll for the two employees at December 31 and record the employer's share of payroll tax expense for the December 31 payroll. Two journal entries required.
For the expenditure cycle at Hewlett-Packard or any other company, what's your suggestion for the following recommendations to have good internal control of the purchase order processing?
A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land wo..
Prepare a memo for your firm's client files describing the results of your research, including tax laws and regulations.
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