Chapter 1, Problem 6Q

Kindly help me with accounting questions

Summit Corp. purchased a patent on January 1, 2022, for $500,000. The company expects to derive economic benefits from the patent for 10 years, although its legal life is 20 years. Additionally, during 2022, Summit incurred $200,000 in research and development costs. What is the carrying amount of the patent as of December 31, 2022? a) $450,000 b) $475,000 c) $490,000 d) $300,000

Mrs. Adams is employed as a graphic designer by XYZ Creative Agency. This year, she paid a $250 fee to renew her professional design certification and $1,500 for work-related software and materials. Mrs. Adams received no reimbursement from her employer. Her AGI is $50,000, she itemizes deductions, and her marginal tax rate is 22%. Compute Mrs. Adams' after-tax cost of these employment-related expenses.

A company has a net income of $250,000, a profit margin of 9.2%, and accounts receivable balance of $150,000. Assuming 60% of sales are not credit, what is the company's days' sales in receivable?

Blockbuster Co is building a new state of the art cineplex at a cost of $3,500,000.They received a capital investment of $1,500,000. The remainder of funds will haveto be borrowed so they decided to issue bonds. They have issued 10.5%, 5-yearbonds. These bonds were issued on January 1st, 2020, and pay semi-annual intereston July 1st and January 1st. The bonds yield 10%. The year end is December 31st Assume that on July 1 2023, Blockbuster Co. retires the bond at a cost of1,065,000 plus accrued interest, if applicable. Prepare the journal entryto record this retirement

Get correct answer with accounting question

Do fast answer of this question general accounting

Summit Enterprises signs a $200,000, 6%, 9-month note payable with City Bank on July 1. What is the total cash paid at maturity of the note? A) $209,000 B) $212,000 C) $209,500 D) $206,000

What is the warranty liability at the end of the month?