Closer & Co. incurred the following costs for internal-use software: $12,000 in the preliminary stage of development, $17,000 in external direct material and service costs used in developing the internal-use software, $23,000 in payroll costs for employees working on the project, and $3,500 in interest costs while developing the software. Prepare Closer & Co.’s initial journal entry(s) to record its internal-use software.
Answer to relevant QuestionsHook Corp. incurred the following start-up costs:Legal fees ........... 75,000Accounting fees .......... 35,000Promotional fees ......... 15,000Staff training fees ....... 13,000Prepare Hook’s journal entry to record the ...On January 4, 2010, the Franc Company purchased for $27,000 a patent that had been filed eight years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2011, the ...Lee Manufacturing Corporation was incorporated on January 3, 2009.The corporation’s financial statements for its first year’s operations were not examined by a CPA. You have been engaged to examine the financial ...Grider Company has several divisions. During the current year, Grider Company had total revenues of $300,000 and total profit (pretax) of $100,000. At the end of the year, Grider had total assets of $520,000. One of ...Acorn, Incorporated, estimates that 2.5% of its sales will be uncollectible. In the current year Acorn made sales of $488,000. Prepare the journal entry to accrue Acorn’s bad debt expense at the end of the year.
Post your question