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Problem: Comfy Home's best-selling candle was one that Randolf and Tenisa developed two years earlier after having purchased a patent for a special candle-making process. Thanks to the patent, they were able to drop tiny pine cone bits into the wax mixture in addition to adding other elements to the special recipe. It resulted in a marvelously smelling candle.
At the end of 2017, a large manufacturer of candles showcased a new candle for the holiday season that was very similar to Randolf and Tenisa's own candle, likely using a different, superior process. Randolf and Tenisa have evidence that the competitor's new candle will cut into future revenues from the sale of the candles covered by their own patent.
Presently the patent was being amortized over 20 years. Which of the following statements best describes how Comfy Home would most likely account for this?
Net purchases were $131,590 at cost and $181,700 at retail. Net markups were $11,100; net markdowns were $8,200; and sales revenue was $158,900.
Prepare the journal entry to record amortization expense for 2010. Prepare the intangible assets section of Montana Matt's Golf Inc. at December 31, 2010. (No impairments are required to be recorded in 2010.)
evaluate the amount of sales revenue dorough will report on the first 2012 quarterly pro forma income statement and create a cash receipts schedule for the first quarter of 2012
Calculate Ratio of Sales to Assets for company you chose and interpret the result in your post. In your opinion, is company performing well in this category?
The matching principle matches all revenues with the expenses generated to earn those revenues during the accounting period. Explain how the matching principle relates to accrual accounting.
Explain the circumstances under which each of the following types of ownership would be most desirable. Which of the union's arguments for "employee" status are most compelling?
Ryan is debating whether to continue making 2,000 units of product A or to outsource the manufacture of this product. The total cost (variable and fixed) to Ryan to make Product A is $16 a unit. Ryan can buy Product A from the outside for $15 a unit...
Calculating the project's net present value and evaluate each project's net present value
In May of 2011 Daemon Financial Services became involved in a penalty dispute with the EPA. At December 31, 2013, the environmental attorney for Daemon indicated that an unfavorable outcome to the dispute was probable.
What is the total of budgeted cash collections for December? How much is the book value of accounts receivable at the end of December? How much is the income (loss) before income taxes for December? What is the projected balance in inventory on Decem..
What is the entry made by Nadeau at the maturity date, assuming Nicole pays the note and interest in full at that time?
Kaitlyn's company needs to obtain funds in order to keep the business going; however, she does not want stockholders influencing the direction of her company. Illustrate what type of financing should Kaitlyn acquire?
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