On January 2, 2019, Adelphi Company purchased a patent for $275,000 plus $9,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 5 years after which time it will be worthless. How much is the annual amortization expense for 2019?
Q: Get Answer of this one please use General Accounting Method of solve this Question
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Hello Tutor Answer Give please
A: Step 1: Define Total Fixed Assets:Total fixed assets are the sum of fixed assets and current assets.…
Q: Solve this accounting problem
A: Step 1: Define Gross ProfitGross Profit measures the company's profitability. It shows the…
Q: Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to…
A: First, let's calculate the percentage of completion for 2023 using the cost-to-cost basis:Total…
Q: 4 3 Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: Need help with this general accounting question
A: Step 1: Formula Gain/(Loss) on exchange = New truck market value - [(Old truck cost - Accumulated…
Q: Solve this accounting problem not use ai
A: Step 1:- Define Operating LeverageOperating leverage indicates the percentage change in operating…
Q: Need Help with General Accounting Question solve this Question need
A: Step 1: Introduction to the Cash Flows: The cash flows of a firm can be categorized into cash flows…
Q: Fill this accounting problem out for me. Please list everything organized in the way it should be in…
A: Since the Actual cost is more than the standard rate the direct labor rate variance is…
Q: Problem: 1.7 A particular security's default risk premium is 1 percent. For all securities, the…
A: To find the security's equilibrium rate of return, add up all the given components:Default Risk…
Q: Carla Vista Windows manufactures and sells custom storm windows for three-season porches. Carla…
A: Step 1:Journal:-Recording transactions in the books of account is the first step in accounting…
Q: Accounting Question please solve
A: Step 1: Formula Price-earnings ratio = Market value per share/Earnings per share Step 2:…
Q: Give true answer this general accounting question
A: Step 1: Define Labor CostLabor expenses refer to the total cost paid for the labor hours used in the…
Q: What is the journal entry for this transaction no this accounting question?
A: Step 1:- Introduction to the Promissory NoteThe business relationship between the buyer and seller…
Q: Situation 1: Headland Cosmetics acquired 10% of the 187,000 shares of common stock of Martinez…
A: For the first scenario, this a situation that is an investment in stocks that does not have any…
Q: Following are the transactions of JonesSpa Corporation, for the month of January. a. Borrowed…
A: Assets ($)=Liabilities ($)+Stockholder's Equity ($)a.Cash20500=Notes Payable20500+ b.Notes…
Q: Financial Accounting Question
A: Explanation of Sales Revenue:Sales Revenue is the total amount of money a company earns from selling…
Q: Want answer
A: Explanation of Beginning Inventory: Beginning inventory refers to the value of goods that a company…
Q: Accounting solve question not use ai
A: Step 1:- Define Cash Flow StatementThe cash flow statement (CFS) is a company's financial statement…
Q: Right answer
A: Step 1:Concept All the accounts which are the part of profit and loss account i.e. all income and…
Q: Answer in table format
A: Explanation of Available-for-Sale Investments: Available-for-sale investments are a category of…
Q: Аклобане 202420 BAC104 Assignment Template... Search File Home Insert Draw Page Layout Formulas Data…
A: Step 1: Step 2: 1. Sales Budget (July, August, September)Sales Forecasted Units:July: 31,200…
Q: General Accounting
A: The question pertains to bond valuation.Bond valuation is a technique for determining the…
Q: Accounting Theorycal Question
A: Explanation of Gross Profit: Gross profit is the amount a company earns from its core business…
Q: On September 15, 2024, the Hanmei Company board of directors declared a 10% stock dividend on common…
A: Given a 10% stock dividend on 1,250,000 shares, the total number of shares to be distributed as…
Q: Orange Incorporated, headquartered in Cupertino, California, designs, manufactures, and markets…
A: Step 1:Journal entries are used to record accounting transaction in chronological order under double…
Q: Ans
A: Step 1: Identify direct materials cost.Step 2: Identify direct labor cost.Step 3: Identify…
Q: Step by step Answer
A: Explanation: Equivalent units are an expression of partially completed units in terms of finished…
Q: General Accounting
A: Step 1: Define Direct Labor CostThe direct labor cost is the cost of labor wages involved in…
Q: Business 123 Introduction to Investments May I please have the concepts and objective solution of…
A: 2. Liquidity RatiosConcept: Liquidity ratios determine a company's ability to cover its short-term…
Q: hfd
A: 1. Assembly Building Overhead Calculation (Assembling)Cost per machine hour: $30Machine hours…
Q: Need Answer
A: Step 1: Define Inventory :-Inventory is the stock of goods and materials a business holds for resale…
Q: Need help accounting question
A: Step 1: Determine the total future payment (par value + interest) Step 2: Calculate the present…
Q: Provide answer the following requirements for this accounting question
A: Step 1:- Introduction to the Accrual basis and cash basis of accountingThe accrual basis of…
Q: Metro builds and operates traditional shopping malls. It reports a $25,000,000 deferred tax asset…
A: Step 1: Understand the ProblemBecause of tax loss carryforwards, Metro, a firm that runs…
Q: I want correct answer
A: Explanation of Net Income:Net income is the profit a company earns after subtracting all expenses,…
Q: Serfass corporation's contribution format income statement for July appears below:
A: Step 1: Identify key data from the income statement Step 2: Write down the formula for DOL• DOL =…
Q: None
A: Step 1: Define Pre-determined OH RateThe predefined overhead rate's calculation is entirely…
Q: Pharoah Construction Company enters into a contract with a customer to build a warehouse for…
A: The base contract price is the amount agreed upon for the construction of the warehouse, which is…
Q: Financial accounting Question
A: Explanation of Financing Activity:Financing activities in the Statement of Cash Flows involve…
Q: Provide correct solution for general accounting question
A: Step 1: Define Budget SurplusIn economics, a country is said to maintain a budget surplus of its…
Q: How much is total stockholder's equity for this accounting question?
A: Step 1: Define Stockholders EquityIn accounting, stockholders' equity, or the owners' equity, refers…
Q: bhaves
A: Assumptions: For simplicity, I'll use hypothetical 2024 tax brackets, as follows:Married Filing…
Q: 4 Comprehensive income includes all changes in equity during a period EXCEPT ______________…
A: Detailed explanation: Comprehensive income is a measure that shows all the net changes in a…
Q: Need help with this accounting question not use chatgpt and ai
A: Step 1:- Introduction to the Cash BudgetA cash budget is used to track and manage cash inflows and…
Q: Business 123 Introduction to Investments May I please have an explanation on how to research and…
A: ReferenceBrock, W., Lakonishok, J., & LeBaron, B. (1992). The profitability of technical trading…
Q: Need help
A: Step 1: Define Managerial AccountingManagerial accounting refers to an accounting framework that…
Q: Explanation
A: Option a: This option is incorrect because owner withdrawals decrease assets (cash) and equity…
Q: None
A: Step 1: Define Finished Goods InventoryAside from work-in-process, and raw materials, manufacturing…
Q: A company has net income of $100,000, depreciation expenses of $20,000, and an increase in accounts…
A: Explanation of Cash Flow:Cash flow refers to the net movement of cash into and out of a business…
How much is the annual amortization expense for 2019 on accounting question?
Step by step
Solved in 2 steps
- On August 1, 2019, Kern Company leased a machine to Day Company for a 6-year period requiring payments of 10,000 at the beginning of each year. The machine cost 40,000 and has a useful life of 8 years with no residual value. Kerns implicit interest rate is 10%, and present value factors are as follows: Present value for an annuity due of 1 at 10% for 6 periods4.791 Present value for an annuity due of 1 at 10% for 8 periods5.868 Kern appropriately recorded the lease as a sales-type lease. At the inception of the lease, the Lease Receivable account balance should be: a. 60,000 b. 58,680 c. 48,000 d. 47,910For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense: A. A patent with a seventeen-year remaining legal life was purchased for $850,000. The patent will be usable for another six years. B. A patent was acquired on a new tablet. The cost of the patent itself was only $12,000, but the market value of the patent is $150,000. The company expects to be able to use this patent for all twenty years of its life.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
- Ayayai Corporation purchases a patent from Blossom Company on January 1, 2025, for $63,000. The patent has a remaining legal life of 14 years. Ayayai estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Ayayai's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation (To record purchase of patents) (To record amortization of patents) Debit CreditTaylor Swift Corporation purchases a patent from Salmon Company on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Patents cash (To record purchase of patents) Amortization Expense Patents (To record amortization of patents) Debit 24,000 8400 Credit 24,000 24,000On September 1, 2019, Jordan, Inc. acquired a patent for $600,000. The patent has 16 years remaining in its legal life. However, Jordan, Inc. expects the patent's technology to have a useful life of 8 years. Prepare the journal entries to record the acquisition of the patent and the amortization expense for 2019. Date Account Debit Credit
- During 2022, Brownie Company incurred research and development cost of P272,000 relating to the patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only. On December 31, 2022, what amount should be reported as patent, net of accumulated amortization?What is the interest income for 2019?ylor Swift Corporation purchases a patent from Salmon Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2020 amortization.
- Indigo Corporation purchases a patent from Sandhill Company on January 1, 2020, for $54,000. The patent has a remaining legal life of 12 years. Indigo feels the patent will be useful for 10 years. Prepare Indigo’s journal entries to record the purchase of the patent and 2020 amortization.Hips Company purchased an asset with a list price of P130,000 to be delivered on July 1, 2021 with the following payment terms: A deposit of P26,000 is due on June 1, 2021 and cash on delivery of P26,000 is due on July 1, 2021. Three annual payments of P26,000 starting July 1, 2022 and thereafter. The seller waived its normal interest charge of 6% per year. The equipment is expected to last 5 years, with a residual value of P26,000. Hips has a December 31 yearend. What should be the depreciation expense for the year ended December 31, 2021A company buys a Platform for $800,000 on January 1, 2019. The e of the rig is 10 years and the expected cost to domande the platform at the end of 10 years is $200,000 (present value at 10% is $77,110) 10% is an appropriate interest rate for this company What journal entry related to endronmental abilly should be recorded on January 1, 2019, as a result of these events? OA Debit Environmental Expense for $200,000 and credit Environmental Liability for $200,000 OB. Debit Environmental Loss for $200,000 and credit Environmental Liability for $200,000. OC. Debit Platform for $200,000 and credit Environmental Liability for $200,000 OD. Debit Platform for $77,110 and credit Environmental Liability for $77,110