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Problem 1: During 2015, Fides Design Company spent 220,000 on research and development costs for a new product. This product was patented January 1, 2016, at a small cost that was expensed in 2016. The patent had a legal life of 17 years and an estimated useful life of 8 years. In January 2020, Fides paid 20,000 for legal fees in successful defense of the patent. The amortization of the patent for 2020 should be:
Option 1: 0-Option 2: 5,000Option 3: 27,500Option 4: 32,500
Compute the inventory turnover ratio for the fiscal year 2012. Also compute it for the fiscal year 2011. What conclusions can you make?
During 20x7, plateau sales earned revenues of $590,000 on account. Under accrual accounting, what are the balances for revenue, expenses, and net income?
The next day, the directors issued a prospectus inviting applicants.Prepare general journal entries to record the above data. Enter the above data into ledgers.
Jonathan’s credit card company determines his minimum monthly payment by taking 2.5% of any outstanding principal and adding it to interest charges on new monthly purchases. The credit card company charges an interest rate of 0.05623% per day. On Dec..
Give an example of when a change in accounting needs to be treated prospectively. Why do you think the FASB requires these different treatments?
Prepare a double entry accounting system: finding out the two accounts affected, what kind of accounts are they, do account balances increase or decrease, and do we debit or credit the accounts
Calculate the debt to assets ratio for each year. Calculate the current ratio for each year. Calculate earnings per share for each year.
Jerome Dowell thinks the total real return on this investment will be only 7 percent. What does Jerome believe the inflation rate will be over the next year?
Joey Co. reported a deferred tax liability of $8 Million for the year ended December 31, 2014, related to a temporary difference of $20 Million. The tax rate is 40%. The temporary difference is expected to reverse in 2016 at which time the deferred t..
Determine the consolidated balance for each of the following accounts as of December 31, 2011:Goodwill ..... Buildings (net)Equipment (net) . Dividends PaidCommonStock
If you are to be acquired by another company, what will be the least preferred defense maneuver of your choice? Explain the defense you will least likely use
Determine the cost of goods manufactured during the current year. direct materials used: $20,200 direct labor used: $25,700 factory overhead: $49,100 beginning work in process: $11,900 ending work in process : 12,500
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