Financial & Managerial Accounting With Connect Plus Access Code: The Basis For Business Decisions
Financial & Managerial Accounting With Connect Plus Access Code: The Basis For Business Decisions
17th Edition
ISBN: 9781259183973
Author: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Publisher: McGraw-Hill/Irwin
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Chapter C, Problem 2DQ
To determine

Prepare a brief statement outlining the advantages and disadvantages of the potential partnership to Person M.

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Kate Corporation owns a patent on an automated system. The company has been amortizing the patent on a straight-line basis since 2013, when it was acquired at a cost of $60 million at the beginning of that year. Due to technological advancements, management has now decided that the patent will benefit the company for a total of five years instead of the original ten-year amortization period. This decision was made at the end of 2016 (before adjusting and closing entries). What is the appropriate 2016 amortization expense for the patent?
Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30 payment option. Two days after sale, the customer complained and they allowed them a $1,000 sales allowance. The customer paid the net amount within 8 days after the sale. The cash proceeds received by the seller are_. a. $20,000 b. $19,000 c. $18,620 d. $18,600
Fixed factory overhead:125000, variable factory overhead:175000
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