Some companies incur significant research and development costs. This will often result in successful patents. Since patents have future benefit should the research and development costs be capitalized as assets. Explain.

Is it ever appropriate to classify a note payable (10 year term) that will mature during the current year as a long term liability? Explain your answer.

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A note payable is a promissory note in writing A borrower obtains a specific amount of money from a ... View the full answer