13. A startup technology company is in business for the purpose of producing and selling hardware and software. During the current year, the company paid $56,000 related to coding software, $92,000 for planning and design of software, $45,000 for production of software master copies, $120,000 for materials related to discovery of new hardware, $200,000 for equipment to be used for research over a 5 year life, $20,000 for patent filing fees, $90,000 for testing software, $95,000 for salary to the patent attorney, $100,000 production costs related to software products, $25,000 to market the software, $250,000 for salaries working to develop the hardware, and $55,000 for research salaries working on a new improved version of a currently selling product. Make the journal entry(ies) to record the above expenditures for the company.

13. A startup technology company is in business for the purpose of producing and selling hardware and software. During the current year, the company paid $56,000 related to coding software, $92,000 for planning and design of software, $45,000 for production of software master copies, $120,000 for materials related to discovery of new hardware, $200,000 for equipment to be used for research over a 5 year life, $20,000 for patent filing fees, $90,000 for testing software, $95,000 for salary to the patent attorney, $100,000 production costs related to software products, $25,000 to market the software, $250,000 for salaries working to develop the hardware, and $55,000 for research salaries working on a new improved version of a currently selling product. Make the journal entry(ies) to record the above expenditures for the company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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