Compute the items for rattlesnake corporation

Assignment Help Accounting Basics
Reference no: EM131033802

Problem: In early January 20X6, Rattlesnake Corporation applied for a patent, incurring legal costs of $30,000. In January 20X7, Rattlesnake incurred $9,000 of legal fees in a successful defense of its patent. on January 20X6, the patent was expected to have a useful life of ten years.


(1) Compute the following items for Rattlesnake Corporation. Show supporting computations. Round all calculations to the nearest whole dollar.

(a) Patent amortization expense for 20X6.

(b) Carrying value of the patent at December 31, 20X6.

(c) Patent amortization expense for 20X7.

(d) Carrying Value of the patent at December 3,20X7.

(2) Compute the 20X8 patent amortization expense and the December 31, 20X8 carrying value of the patent, assuming that at the beginning of 20X8, based on new market research, Rattlesnake determines that the fair value of the patent is $27,500. Estimated future cash flows from the patent are $30,000 on January 3, 20X8. Round all calculations to the nearest whole dollar

Reference no: EM131033802

Previous Q& A

  Information about lisa and the details associated

Information about "Lisa" and the details associated with how it will help the business would be found in which section of a business plan?

  Work smarter not harder mean when applied to time management

We often need to balance our time between the demands of work, school, family, friends, and other areas. Discuss best practices in personal time management. Possible topics include but are not limited to: Evaluate techniques to prioritize time and ef..

  Define market research objectives for screws

Prepare a draft set of research objectives based on the market research needs you identified in the previous tasks using SMART principles - Draft a preliminary project scope, ensuring it includes both what the project will and won't encompass

  How are mary and marjanes struggles similar

Antigone, Mary and Marjane: How are their struggles similar? How are their struggles different? To what degree do you find yourself reacting differently to each character?

  Discussing at least two different types of operating systems

Write an essay using Microsoft Word identifying and discussing at least two different types of operating systems. Include the advantages, disadvantages, and security concerns of each type of operating system. Your paper should be at least two pages i..

  Who needs to be given opportunity for input

Currently your practice is receiving hospital reports by fax or mail. Your practice has no process in place regarding what to do with these reports when they come into the practice. Sometimes the reports are sent to the nurse, sometimes to the Physic..

  Annual cost of holding single bag of fertilizer in stock

The RedClay Garden Store stocks a profitable line of fertilizers that sell for $9.5 for a 50 pound bag. The lead time to order the fertilizer is 3 weeks. The demand is pretty steady and the weekly sales are 1,200 bags. Currently, what is the annual c..

  Problem regarding the monthly instalment plan

According to the same report, users can use the two smartphones simply by signing a 24-month lease agreement and by paying the monthly instalment plan (Solinap, 2016). Earnings in some organisations are a key.

  Mortgage on the building

Indicate how the following data should be reported in a statement of cash flows. A company paid USD 500,000 cash for land. A building was acquired for USD 2,500,000 by assuming a mortgage on the building.

  How can you optimize your listening skills

How can you optimize your listening skills? Develop a plan to become more assertive and provide the results. List and explain in your own words the major tips for conducting meetings. Why are problem solving and creativity important? How will you ens..


Write a Review


Similar Q& A

  Management has the opportunity to investinmonthly

mollys cupcakes managementistrying to decide whetherto stay in business. they are currently losing money andwantto know

  You are the cfo of ford motor company the company

you are the cfo of ford motor company the company considering taking on a project that requires 10 million in

  Discuss liquidity issues of competitive companies

Discuss potential liquidity issues based on your calculations of the current and quick ratios. Are there any factors that could be erroneously influencing the results of the ratios Discuss liquidity issues of competitive companies within the same ..

  Unethical in the president actions

Kelli Rice, president of LR Industries, wishes to issue a press release to bolster her company's image and maybe even its stock price, which has been gradually falling. As controller, you have been asked to provide a list of 20 financial ratios an..

  Product versus period costs-fixed versus variable costs

Write a memo to your partner covering all of the following: Write a description of the difference between product and period costs and examples of each. Explain how the financial results of a business would be reported differently if costs were not..

  Using exhibit 7-13 as a guideprepare a quantitative

1. using exhibit 7-12 as a guide compute the product margin for the ex300 and the tx500 under the companys traditional

  Worked on this homework almost done but cant figure out

worked on this homework almost done but cant figure out these qs on october 15 the school agreed to teach a four-month

  Prepare a table showing income before depreciation

Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value.

  Problem regarding the method of handling situation

State whether you agree or disagree with Faith's method of handling each situation and explain your answer.

  What is the process time and inspection time

What is the wait time, what is the process time and what is the inspection time

  Write a short memo to the management team explaining the

cricket company produces many different types of pet toys. you have been hired as a cost accountant to do some basic

  A company has already incurred a 24000 cost in partially

a company has already incurred a 24000 cost in partially producing its two products. their selling prices when

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd