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Banana Corporation had the following transactions relating to a patent:
January 1, 2010: Purchased patent for $2,000,000. The patent had fifteen years remainnig although Banana expected to use it for only ten.January 1, 2012: Successfully defended patent in a lawsuit. Spent $250,000 on attorney fees.January 1, 2013: Banana determined that the patent would become useless at the end of 2018.
Evaluate the balance in the patent account as of December 31, 2013. Show your calculations.
priple of accounting
Smith Corp. has determined that its contribution margin, (P - MC)/P, is 40%. A recent market research study found the following relationship between adverting outlays and sales rev
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A sound foundation is necessary for success in any task from building a house to putting on make up. In terms of U.S Accounting standards it is necessary to have a sound foundatio
a factory operates a small canteen but its annual operation has consistently shown a loss:
Question: Suppose that the stock now sells at $80, and the price will go up by 5% or down by 5% at the end of first six month (t = ½). Then, the price will either go up by 10%
Daisy Ltd has a net profit after tax of $3 400 000 for the year ending 30 June 2012. For the entire financial year Daisy Ltd had two million $1.00 cumulative preference shares on
2001 2002 sale 3200 units 3500 units selling prise Rs.60 Rs.65 unit produced 3400 units 3600 units direct metrial Rs 23 25
Bedovin Company manufactures office tables and chairs using the job order cost system
Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs t
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