Question: Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 13) The exclusive
13) The exclusive right to produce and sell an invention such as a smart phone requires a: A) trademark B) copyright C) license. D) patent 14) At the end of the year, a company makes a journal entry to accrue the interest expense on a short-term note payable. As a result of this transaction: A) current liabilities increase and current assets increase. B) current liabilities increase and stockholders' equity increases. C) current liabilities decrease and stockholders' equity decreases. D) current liabilities increase and stockholders' equity decreases 15) The following account balances were extracted from the accounting records of Thomas Corporation the end of the year: Accounts Receivable $1,104,00 Allowance for Uncollectible Accounts $39,000 What is the net realizable value Uncollectible-Account Expense $63,000 of the accounts receivable? A) $1,143,000 B) $1,065,000 C) $1,104,000 D) $1,167,000 16) At January 1, 2019, the Estimated Warranty Payable is $1100. During 2019, the company recorded Warranty Expense of $19,500. During 2019, the company replaced defective products in accordance with product warranties at a cost of $12,000. What is the Estimated Warranty Payable at December 31, 2019? A) $8600 B) $7500 C) $20,600 D) $19,500 SA 17) Potential liabilities that depend on future events arising out of past events are called: A) long-term liabilities. B) estimated liabilities. C) contingent liabilities. D) current liabilities
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
