Borgquist Corporation purchased a patent on January 2, 2008, for $400,000. Its original life was estimated to be 10 years. However, in December of 2011, Borgquist’s controller received information proving conclusively that the product protected by the Borgquist patent would be obsolete within three years. Accordingly, the company decided to write off the unamortized portion of the patent cost over four years beginning in 2011. How would the change in estimate be reflected in the accounts for 2011 and subsequent years?
Corporation A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fusion Advertising purchasedapatentonJanuary 2 for $ 25,000. Thepatent has a useful lifeof 5 yearsanda legal lifeof 20 years. Record the journal entry forthe purchase ofthepatentandthe adjusting entry at December 31 to recognize amortization.View Answer
Acompany develops apatentonJanuary 1, 2010, andthe costs involved with patent approval are...... ... will provide useful benefits for only 12 years. At January 1, 2012, thecompany discovers thata competitor will introduce a new product, making this patent useless in five years.How much...View Answer
OnJanuary2,2011, David Corporationpurchasedapatentfor $500,000. The remaining legal life is...... ... years.InJanuary 2013, thecompany incurred legal fees of $45,000 in successfully defending apatent infringement suit. The successful defense did not changethe company\'s estimate of...View Answer
Complete this question by entering your answers inthe tabs below. Stmt of Owners EqtyBalance Sheet Prepare a statement of owner’s equity for the month of September 30, 2019. CANTU WEALTH MANAGEMENT CONSULTING Statement of Owner’s Equity Month Ended September 30, 2019 0 $0View Answer
The genetic origin and properties of maize (modern-day corn) was investigated in Economic Botany...... ... paired spikelets 74% ofthe time.a. Find the probability that a randomly selected maize ear seed carries a single spikelet and produces ears with single spikelets.b. Find the probability that...View Answer
Casey Corporation is a manufacturing company that makes small electric motors it sells for $25 per...... ... manager believes that sales would increase dramatically if the price were reduced to $20 per unit. How many units of product must Casey make and sell to earn a $114,000 profit, if the sales...View Answer
A ball of unknown mass, m hangs from two strings attached tothe ceiling, A and B, both with...... ... cut, and at the bottom ofits motion the ball is observed to have a speed of 4.1056059236123 m/s while the remaining string has Tension of 35.2 N. Determine the Tension, in Newton, of each string...View Answer
What type of syndicate data will be useful in addressing the marketing research problem?View Answer
P&G has developed a new toothpaste that provides tooth and gum protection for 24 hours after each...... ... 24 hours after each brushing. It would like to determine consumers\' response to this new toothpaste before introducing it inthe marketplace. If a survey is to be conducted to determine...View Answer
You can lead a horse to water, but you can\'t make it drink. How might this adage be relevant to expansionary (as opposed to contractionary) monetary policy?View Answer
Cancun Chemicals, Inc., which uses the process cost system, has two departments: A and B. In both...... ... of units being processed by 25%. Labor and factory overhead are incurred uniformly throughout the process in all departments. A record ofthe factory operations for May follows:...View Answer
Use the project activities that follow to determine the following:a. Construct a Gantt chart; indicate the project completion time and slack for each activity.b. Construct the CPM/PERT network, compute the length of each path inthe network, and indicate the criticalpath.View Answer
The sales department of S. Miller Manufacturing Company has forecast sales for its single product...... ... price is $25 per unit. The desired ending inventory on June 30 is 2,000 units, and the expected beginning inventory on June 1 is 3,000 units. Prepare the following: a. A sales budget for...View Answer
Go to Deckers Outdoor Corporation’s latest annual report information on its Web site. Deckers...... ... 3. Locate the income statement. How much gross profit is reported for the most recent year? What is the gross profit percentage? Have these amounts increased or decreased compared with the...View Answer
At December 31, 2012, Warm Weather Travel has an Accounts Receivable balance of $91,000. Allowance...... ... Revenue for 2012 was $600,000. Warm Weather estimates that doubtful-account expense for the year is 1% of sales. Make the year-end entry to record Doubtful-Account Expense. Show how Accounts...View Answer