In 2010 Ghostbusters Corp. spent $420,000 for goodwill visits by sales personnel to key customers. The purpose
Question:
In 2010 Ghostbusters Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to gain insight into the problems and needs of the companies served. How should this expenditure be reported?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
Companies cannot capitalize s...View the full answer
Answered By
Mercy Kangai
I provide creative and detailed administrative, web search, academic writing, data entry, Personal assistant, Content writing, Translation, Academic writing, editing and proofreading services. I excel at working under tight deadlines with strict expectations. I possess the self-discipline and time management skills necessary to have served as an academic writer for the past seven years. I can bring value to your business and help solve your administrative assistant issues. I have extensive experience in marketing and small business management.
4.80+
27+ Reviews
86+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
In 2020, Ghostbusters Corp. spent $420,000 for goodwill visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to gain...
-
In 2012, Ghostbusters Corp. spent $420,000 for goodwill visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to gain...
-
How can companies build flexibility into their plans?
-
According to the 2020 Global Study on Occupational Fraud and Abuse, a tip is the most common way to report fraud. What should be the ethical considerations for employees before deciding whether to...
-
Atomic Electronics is considering instituting a plan whereby managers will be evaluated and rewarded based on a measure of economic value added (EVA). Before adopting the plan, management wants you...
-
Kyuquot Corp. (Kyuquot) produces fad toys for children. In 2017, Kyuquot purchased a new stamping machine to produce the latest fad toy. The machine cost $60,000 plus taxes of $10,000 ($7,800 of the...
-
Clarkson Inc. purchased \(10 \%\) of the 10,000 shares of common stock in Nashville Inc. for \(\$ 40,000\) in January 2020. Shelton Inc. purchased 35\% of the 10,000 shares of common stock in...
-
The bank portion of the bank reconciliation for Langer Company at November 30, 2014, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The...
-
MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process Inventory was 80% complete with...
-
(a) Use the small increments formula to estimate the change in z = x 3 2xy when x increases from 5 to 5.5 and y increases from 8 to 8.8. (b) By evaluating z at (5, 8) and (5.5, 8.8), work out the...
-
Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles?
-
What are factors to be considered in estimating the useful life of an intangible asset?
-
Investigate howyouwould buy a domain name (like mycooldomainname.org) and register it so that other users could find it. How long does it take your new domain name to be recognized across the...
-
In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is...
-
The speed limit on the New York State Thruway is 65mph, exactly. Considering that 1.00mi=1.61km, a) What would the speed limit be in kph (kilometers per hour) if the United States were to convert to...
-
How does our strategic approach account for and adapt to emerging trends and technological disruptions ?
-
The American Revolution was fought between 1776 and 1781 along the eastern seaboard of North America. Describe one battle that was fought in the American Revolution, and describe one of the...
-
Installment sales Cost of installment sales Instructions: Cash collections on 2018 sales Cash collections on 2017 sales 2017 $160,000 Foothills Pie and Cake Co. began operations on January 1, 2017...
-
An airship is to operate at \(20 \mathrm{~m} / \mathrm{s}\) in air at standard conditions. A model is constructed to 1:20 scale and tested in a wind tunnel at the same air temperature to determine...
-
The Pletcher Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using...
-
True or False An error will occur if you use a subscript on an empty String variable.
-
Assume the bonds in BE14-2 were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Colson Company records straight-line amortization semiannually.
-
Assume the bonds in BE14-2 were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Colson Company records straight-line amortization...
-
Assume the bonds in BE14-2 were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Colson Company records straight-line amortization...
-
Assume that you are attempting to find the present value of a 60- period, $100 annuity, where the first payment takes place at Period 1, and the last payment takes place at Period 60 (some people...
-
For purposes of the law, an excess attributable to the failure of the ACP test is called an A excess distribution. B excess deferral. C excess aggregate contribution. (D) excess contribution.
-
Please answer with reason for all why the option is correct and why the other options are incorrect,, Please help with this Accounting type Question: Realisation concept would apply when: A . Money...
Study smarter with the SolutionInn App