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A patent is purchased for $40,000 by a company that estimates that the patent has a useful life of 5 years. Because the majority of intangibles are amortized on a straight-line basis, the company decides to amortize the $40,000 patent over a five year period on a straight-line basis. I know that on a straight-line basis, periodic amortization amounts to $8,000 (i.e. $40,000/5). My question is, if that same patent was estimated to have a useful life of 5 years, but was actually outdated by 3 years how would the company account for this error by way of a journal entry?
Discuss briefly the broad responsibilities of the aforementioned parties and conclude with a 500 word overview of the alleged corporate governance failures that surrounded most of the financial failures
nbspredrafting contribution margin statements.austins shooters inc. operates a paintball course where customers can
Prepare any journal entries that National Chocolate Corp. should make as the result of information in the preceding report. Assume that the company has 1.0 million shares outstanding on March 5, the par value is $0.01 per share, and the stock pric..
how the cashier attempted to hide the theft?the jamison cardstock company did not spend a lot of time or money
Discuss fully the tax consequences of this gift to him, the partnership, his son, and the American Red Cross. Be sure to include the allocation of the current year’s partnership income.
frederic chopin corporation is preparing its december 31 2008 balance sheet. the following items may be reported as
As of January 1 of last year, Dylan's outside basis and at-risk amount for his 40% interest in the DEF Partnership were $60,000. Dylan and the partnership use the calendar year for tax purposes.
What was Gross Profit for Randy's Spa Supplies in February and What was the Gross Profit rate for Randy's Spa Supplies in February
calculation of cash received from customers.the following balance sheets are provided for victor foodsnbspend of
What kind of duty agent own to principle, What problem of agency in the case and explain the nature of the agency problem that exists in MegaMart,
During 2008, Sparrow Corporation, a calendar year C corporation, had operating income of $425,000, operating expenses of $210,000, a short-term capital loss of $45,000, and a long-term capital gain of $125,000. How much is Sparrow's tax liability ..
Profitability Ratios-profit margin, asset turnover, return on assets, debt-to-equity ratio, return on equity-long-term Solvency Ratios-debt-to-equity ratio, debt to total assets, times interest earned, cash debt coverage
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