User Account

All Pages

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.

Requirement:

(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

Questions Cloud

Did the oldest cruise ship have the largest crew size : The times taken to assemble a car in a manufacturing plantfollow a normal distribution with a mean of 20 hours and a standard deviation of 2 hours. Use this information to answer the following questions. Show your working, including an appropriat..
Customers sense of ownership and involvement in the process : Jennifer is very passionate about her company's core values and her customers' sense of ownership and involvement in the process of creating their handbags. Which of the following characteristics of a successful entrepreneur does this reflect?
Characteristics associated with successful entrepreneurship : What Jennifer just described demonstrates one of the characteristics associated with successful entrepreneurship—the ability to adapt and __________.
Approach to sales also sets them apart from competition : If their "approach to sales also sets them apart from their competition," it represents what for the members of the 1154 team?
Compute the items for rattlesnake corporation : Compute the following items for Rattlesnake Corporation. Show supporting computations. Round all calculations to the nearest whole dollar.
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?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the amount of uncollectible accounts expense

Determine the amount of uncollectible accounts expense recognized during the period.

  During the entire period the outstand stock of the company

during the entire period the outstand stock of the company was composed of 10000 shares of 4 preferred stock 50 par and

  Find the smallest number such that if its rightmost digit

find the smallest number such that if its rightmost digit is placed at its left end the new number so formed is

  Calculate the net present value for the lease

Calculate the net present value (NPV) for the lease and purchase option and make a recommendation as to which alternative is best. (Show workings)

  What is cost of goods manufactured

work in process inventory on december 31,2011, is $42,000. work in process inventory decreased 40% during 2011. total manufacturing cost incurred in 2011 amount to $260,000. what is cost of goods manufactured?

  What is the general theme of these arguments

Explain the concept of the Time Value of Money (TVM). Does the TVM generally imply that "money today" is worth more than "money tomorrow"? Please explain, providing one or more examples that apply the concept of TVM.

  Hanover toy store has budgeted sales of 48000 for its

hanover toy store has budgeted sales of 48000 for its electronics department in november. management wants to have

  The following information is available regarding the total

the following information is available regarding the total manufacturing overhead of bursa mfg. co. for a recent

  Explain what accountants are generally referring to when

there is a high school accounting intern working in your office for the summer. in the lunchroom she overhears people

  Finished goods inventory at the end of last december was

jasper company manufactures wooden drawers. the estimated number of drawer sales for the first three months of the

  What is the retention ratio for 2013

Please refer to the selected financial information for Boss Stores above. What is the retention ratio for 2013?

  Recording pension expenditures

Record pension expenditures are not always influenced by actuarial computations.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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