During 2014, JenStar spent $2.90 million discovering a technical software innovation that will change the way...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2014, JenStar spent $2.90 million discovering a technical software innovation that will change the way people use their computers. This amount included $1.20 million in salaries of research staff. JenStar then spent $1.66 million on the development of the software product which includes $1.06 million in software development salaries. The product was completed by December 31, 2014 and immediately went into production generating $2.60 million in sales during 2015, its first year on the market. JenStar expects the product to be useful to the company for 4 years and generate $10 million in additional future revenues. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). (a) Record all necessary journal entries for 2014. Use December 31, 2014 as the assumed date, and assume that all expenditures were made in cash. Please make sure your final answer(s) are accurate to 2 decimal places. During 2014, JenStar spent $2.90 million discovering a technical software innovation that will change the way people use their computers. This amount included $1.20 million in salaries of research staff. JenStar then spent $1.66 million on the development of the software product which includes $1.06 million in software development salaries. The product was completed by December 31, 2014 and immediately went into production generating $2.60 million in sales during 2015, its first year on the market. JenStar expects the product to be useful to the company for 4 years and generate $10 million in additional future revenues. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). (a) Record all necessary journal entries for 2014. Use December 31, 2014 as the assumed date, and assume that all expenditures were made in cash. Please make sure your final answer(s) are accurate to 2 decimal places.
Expert Answer:
Answer rating: 100% (QA)
Date 31Dec2014 Record the expenditure for discovering the technical software innovation Debit Resear... View the full answer
Related Book For
Project Management The Managerial Process
ISBN: 9781260570434
8th Edition
Authors: Eric W Larson, Clifford F. Gray
Posted Date:
Students also viewed these accounting questions
-
Allarco Inc. uses a perpetual inventory system and identified the following inventory errors in 2015. a. On January 7, 2016, a freight bill for $6,000 was received. The bill relates to merchandise...
-
CHANGING OUR LIVES Introduction Thesis I have now chosen to go to college to have a better job, a better financial income, and personal reasons. how it impacted: I. First Main Point Employment...
-
On January 1, 2015, NorthCo purchased $90,000,000 in 9% bonds that will mature in 5 years. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk...
-
Two ball bearings from different manufacturers are being considered for a certain application. Bearing A has a catalog rating of 2.0 kN based on a catalog rating system of 3 000 hours at 500 rev/min....
-
The following information is available for the Dassler Company, which began its operations in 2007: 1. Installment method sales 2007 .....$520,000 2008 .......600,000 2. Gross profit percentage 2007...
-
In Problems 21 26, (a) Find the zero of each linear function (b) Graph each function using the zero and y -intercept. f (x) = 6x + 12
-
As a gambling facility, MGM Desert Inn, Inc., regularly holds and executes negotiable instruments. During a period of two months, patron William E. Shack Jr. entered MGM and delivered eight checks to...
-
Union Planters is a Tennessee bank holding company (that is, a corporation that owns banks). (Union Planters is now part of Regions Bank.) Union Planters manages $32 billion in assets, the largest of...
-
Discuss in detail some of the most common mistakes made when administering a database? Who is responsible for completing tasks needed to administer the database? What could have been done differently...
-
Q1. The structure shown consists of a S18 x 70 rolled-steel beam AB and two short members welded together and to the beam. (a) Draw the shear and bending-moment diagrams for the beam and the given...
-
Recall Meno's first attempt to answer Socrates's question, "what is virtue?": After Meno gives a list of a number of different ways in which a person can be virtuous, he says that virtue is thus...
-
Comparative balance sheets and an income statement for Joe Smith Company are presented below. Using the indirect method, prepare in proper financial statement format a statement of cash flows for the...
-
When there was a boom in the real-estate market, Michael sold his condo for $456,060, which is 120% of the amount he originally paid for it. Calculate the amount he originally paid for the condo....
-
Assume you have 10000 pure carbon (graphite) particles of a) 5 nm diameter, b) 500 nm diameter, and c) 50000 nm diameter. These particles are collected in a long cylindrical tube of sufficiently...
-
In a given market demand and supply behaviour is characterized by the following functions: D-1: P = 276 - 4Q s S: Q 6P+ 35. A new quantity tax 2 is introduces to be paid by the consumers. What is the...
-
Use the following data to answer the question 2012 2013 2014 Unit Data Beginning Inventory 0 ? ? Production 1000 800 1250 Sales 700 800 1500 variable costs manufacturing cost per unit produced...
-
Find a formula for the graph of the function f(x) given in the figure above with a=10. and b=5 Answer: f(x)=
-
The electric field due to a line charge is given by where l is a constant. Show that E is solenoidal. Show that it is also conservative. E =
-
Explain the difference between contingency reserves and management reserves.
-
What similarities do you see between the Ford Diesel team and the Mac team at Apple and the Skunk Works at Lockheed?
-
On June 23, 2018, in Thailand, a group of 12 boys aged between 11 and 17 from the local football team, named the Wild Boars, and their 23-year-old assistant coach entered the Tham Luang cave. Tham...
-
The IT implementation project is bogging down and falling behind schedule. The department heads are complaining that the project cannot help them if it is not implemented in a reasonable time frame....
-
This isnt what I need! objected the admissions officer at Northwest Regional Hospital. Judy sighed, But this is the software you asked us to create for you. I dont care what I said at the time, this...
-
Assume the network diagram shown in Figure 11.19. Megan is responsible for activities A and C. Use the critical chain methodology to resource-level the network. What are two options for redrawing the...
Study smarter with the SolutionInn App