contreras corporation acquired a patent on may 1, 2020. contreras paid cash of $35,000 to the seller. legal fees of $1,500 were paid related to the acquisition. what amount should be debited to the patent account?
Answers
The amount that should be debited to the patent account is $36,500 ($35,000 + $1,500).
What is patent and patent account? A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention. The procedure for granting patents, requirements placed on the patentee, and the extent of the exclusive rights vary widely between countries according to national laws and international agreements. Typically, however, a patent application must include one or more claims that define the invention. A patent may include many claims, each of which defines a specific property right.Patent account is an accounting system used to track the costs associated with obtaining, maintaining and enforcing patent rights. It includes the tracking of patent applications, patent maintenance fees, legal fees and other expenses associated with protecting patent rights. It also includes the tracking of income from patent licensing and other sources of income derived from patent rights.To learn more about patent account refer to:
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Related Questions
Which elements do you think need to go in a fire prevention plan?
O Means of reporting fires and other emergencies
O Evacuation procedures and emergency escape route assignments
O Procedures for employees who remain to operate critical plant operations before they evacuate
O Vacation schedules for all employees
O Accounting for all employees after an emergency evacuation has been completed
O Rescue and medical duties for employees performing them
O Names or job titles of persons who can be contacted
Locations of supply closets
Answers
Answer:
I. Means of reporting fires and other emergencies.
II. Evacuation procedures and emergency escape route assignments.
III. Procedures for employees who remain to operate critical plant operations before they evacuate.
IV. Accounting for all employees after an emergency evacuation has been completed.
V. Rescue and medical duties for employees performing them.
VI. Names or job titles of persons who can be contacted.
Explanation:
Firefighting can be defined as a strategic approach or technique which typically involves the process of attempting to prevent and control the spread of an unwanted fire in buildings, vehicles or any other location (place).
Basically, the professionals or experts who are saddled with the responsibility of preventing or controlling this unwanted fire are known as fire fighters.
A fire prevention plan can be defined as a strategic framework or model which comprises of all the necessary actions to take in order to prevent fire in a particular location.
The elements that would need to go in a fire prevention plan includes;
I. Means of reporting fires and other emergencies.
II. Evacuation procedures and emergency escape route assignments.
III. Procedures for employees who remain to operate critical plant operations before they evacuate.
IV. Accounting for all employees after an emergency evacuation has been completed.
V. Rescue and medical duties for employees performing them.
VI. Names or job titles of persons who can be contacted.
Answer:
1,2,3,5,6,7
Explanation:
OSHA
The following table shows the salary of 7 people in an office last year.
Name Income Andy £9500 Bevan £25000 Cheryl £13250 Deva £72000 Elliott £12750 Frankie £29500 Grace £11000 a) Work out the mean income to 2 DP.
b) Deva was given a large bonus for 30 years service.
Excluding Deva's income, what was the mean income for the remaining 6 workers to 2 DP?
Answers
Answer:
£16,833.33
Explanation:
The computation of mean income is shown below:-
Mean income = Total sum of salaries ÷ Number of workers
= £9,500 + £25,000 + £13,250 + £72,000 + £12,750 + £29,500 + £11,000
= £173,000 ÷ 7
= £24,714.29
Now, the Mean income excluding Deva's salary:
Mean income = Mean income
= Total sum of salaries excluding Deva salary ÷ Number of workers
= (£9,500 + £25,000 + £13,250 + £12,750 + £29,500 + £11,000) ÷ 6
= £101,000 ÷ 6
= £16,833.33
We simply applied the above formulas
Being on time, which is expected in college, work, and society in general, is known as
Answers
Being on time, which is expected in college, work, and society in general, is known as punctuality. Being able to do a necessary work or fulfil an obligation before or at the time that was previously set is a sign of punctuality. On time and "punctual" are frequently used interchangeably.
Being late is an opposite personality attribute. Every culture has a common sense of what constitutes an appropriate level of punctuality. In most Western societies, being a few minutes late is often acceptable, although this is not the case for certain situations, such doctor's visits. Some cultures, such as those who use African time.
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Assignment Overview
The manufacturing sector of our economy is so large, and the career opportunities so varied, that we need a way to narrow down the field for easier exploration. One way to do that is to start with an industry within a manufacturing subsector.
Assignment Directions
Step 1:
Through online research, select one manufacturing industry within one of the subsectors listed in this lesson for further research. For example, in the food manufacturing subsector, you might choose dairy product manufacturing or seafood product preparation and packaging. You can find lists of industries in each subsector at the U.S. Department of Labor’s Bureau of Labor Statistics.
Step 2:
Describe the industry, including what it does and its outlook for the future.
Step 3:
Summarize the types of jobs and career opportunities the industry offers.
Step 4:
Choose one career in the industry of your choice. Describe the career, including its role in the manufacturing process, the tasks a person in this career performs, the education and experience required to pursue this career, and its long-term prospects for employment and growth.
Submission Requirements
On 3 to 5 PowerPoint slides:
Select one manufacturing industry.
Describe the industry.
Summarize the types of jobs/career opportunities it offers.
Choose and describe one career in that industry.
Answers
The manufacturing sector of our economy is quite large and so we need a way to narrow down the field for easier exploration. So here, dairy product manufacturing sector is choosed.
In the manufacturing sector of our economy there are many different industries included, among which here, dairy product manufacturing sector is choosed to be discussed further.
Dairy product manufacturing is the process of fermentation of milk which is done by using suitable microorganisms to reach a desired level of acidity. Thus, the fermented products include yoghurt, dahi, koumiss, kurut, tarag, and kefir.
Hence, the dairy scientists tend to work to efficiently, safely in order to produce and process dairy foods such as cheese, milk, eggs and yogurt.
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Information related to Harwick Co. is presented below.
A. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.
B. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point.
2. On April 6, paid freight costs of $900 on merchandise purchased from Botham.
3. On April 7, purchased equipment on account for $26,000.
4. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise.
5. On April 15, paid the amount due to Botham Company in full.
E5-2 General Journal
Date Account Titles Debit Credit
(a)
Apr. 5
6
7
8
15
(b)
May 4
Answers
Answer:
A.
April 5
Dr Merchandise inventory $23,000
Cr Accounts payable $23,000
April 6
Dr Merchandise inventory $900
Cr Cash $900
April 7
Dr Equipment $26,000
Cr Accounts payable $26,000
April 8
Dr Accounts payable $3,000
Cr Merchandise inventory $3,000
April 15
Dr Accounts payable $20,000
Cr Cash $19,600
Cr Merchandise inventory $400
B. Dr Accounts payable $20,000
Cr Cash $20,000
Explanation:
A. Preparation of the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system.
April 5
Dr Merchandise inventory $23,000
Cr Accounts payable $23,000
April 6
Dr Merchandise inventory $900
Cr Cash $900
April 7
Dr Equipment $26,000
Cr Accounts payable $26,000
April 8
Dr Accounts payable $3,000
Cr Merchandise inventory $3,000
April 15
Dr Accounts payable $20,000
($23,000-$3,000)
Cr Cash $19,600
[$20,000*(100%-2%)]
Cr Merchandise inventory $400
($20,000-$19,600)
B. Preparation of the journal entry to record this payment Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15.
May 4
Dr Accounts payable $20,000
Cr Cash $20,000
($23,000-$3,000)
Businesses use firewalls to protect their networks from internal threats.
O True
False
Answers
Correct on ED2022
What is an example of SECONDARY market research
Answers
Answer:
News articles and Reports
Explanation:
its how they draw their data
Answer: Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.
Explanation: Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following: public and commercial sources
a company acquires equipment for $50,000 and expects to use the equipment for 5 years. salvage value at the end is expected to be $10,000. the amount of annual depreciation by the straight-line method is $
Answers
The amount of annual depreciation by the straight-line method is $8000.
What is annual depreciation?Annual depreciation is described as the rate at which an asset or equipment loses its value after it is purchased and used. It is important to mention that the fixed asset loses its value and the depreciation takes annually. It can also be highlighted that any asset can lose its value especially when it undergoes wear and tear, and due to its usage, it loses its original value.
Given that,
Cost of the equipment = $50,000
Salvage value = $10,000
Useful life = 5 years
As per the formula of annual depreciation by the straight-line method,
Annual depreciation = (cost of the equipment - salvage value)/life = (50,000 -10,000)/5 = 40,000/5 = $8000
It can be concluded that the amount of annual depreciation by the straight-line method is $8000.
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Fill in the blank: % of Yosemite is "designated wilderness" - free from roads and cars. 5. True or false? A permit is required for overnight visits in Yosemite. 6. How much does it cost to take the shuttle around Yosemite Valley? 7. True or false? The number one cause of death in Yosemite is getting attacked by a bear
Answers
The answers to the above prompt with regard to bear attacks are
5)"Approximately 94%"
6) True
7) Varies
8) False
What is the explanation for the above?Approximately 94% of Yosemite is designated wilderness, free from roads and cars.True, a permit is required for overnight visits in Yosemite.The cost to take the shuttle around Yosemite Valley varies, but as of my knowledge cutoff in September 2021, it was $15 per person.False, the number one cause of death in Yosemite is typically falls or other accidents, not bear attacks.Learn more about bear attacks at:
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Kitchen Creations is a company that offers low-fat, heart-healthy meals that customers can order ahead of time and have delivered weekly to their homes. Rather than seeing itself a just a producer of food products, Kitchen Creations positions itself as a firm dedicated to helping customers save time and eat healthy. Kitchen Creations has set ________ objectives.
Answers
By positioning itself to emphasize and serve the health needs of customers, Kitchen Creations has set its Marketing Objectives. The keywords here are Positioning and Marketing Objectives.
What is a Marketing Objective?This refers to the set goals or targets that a brand or a business has decided to achieve just as we have in the example of Kitchen Creative, that are strategic to its overall objectives.
Positioning is the strategic image that a business has decided to create for itself and or its products in relation to other products and or businesses that are similar to its own.
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the question is in the picture, please help!!
Answers
Answer: At a trial in a U.S. District Court, witnesses give testimony and a judge or jury decides who is guilty or not guilty — or who is liable or not liable. The appellate courts do not retry cases or hear new evidence. They do not hear witnesses testify.
Explanation:
How do you approach Marketing design for a production?
Answers
2. A prototype
3. Final product
The entity’s manufacturing division, whose assets constituted 75% of its total assets at September 30, Year 5 (end of year), was sold on November 1, Year 5. The new owner assumed the bonded indebtedness associated with this property. How should this event be presented in the financial statements?
Answers
The event should be presented in the financial statements as follows:
1. The assets side of the balance sheet will be reduced by 75%, with its accompanying accumulated depreciation.
2. The bonded liability on the balance sheet is eliminated by the relevant amount.
3. The journal entry should debit the Bonded Liability and accumulated depreciation, while the assets worth 75% are credited.
4. If the bonded indebtedness is more than 75% of the assets, the company records a profit on disposal on the income statement. Otherwise, it records a loss. If they are equal, there is no profit or loss.
Thus, the difference between the debit and credit entries constitutes either profit or loss on disposal.
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can regional level employment be converted into national level
employment? Why? Why not ?
Answers
Answer:
The work or occupation for which one is used and often paid is known as employment. If employment is generated in a particular region or a locality only, it is termed as regional level employment and if employment is generated at the national level, it is termed as national level employment.
Explanation:
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What is the purpose of Journals in the accounting cycle?
A. Provide proof of all transactions
B. Record transactions for a business
C. Determines if credits and debits are equal
D. Records transactions in accounts
Answers
Answer:
b. record transactions for business
Explanation:
A journal is a detailed account that records all the financial transactions of a business, to be used for the future reconciling of accounts and the transfer of information to other official accounting records, such as the general ledger.
Blue Spruce Analysts purchased $366,000 of its bonds on June 30, 2014, at 101 and immediately retired them. The carrying value of the bonds on the retirement date was $359,100. The bonds pay semiannual interest and the interest payment due on June 30, 2014 has been made and recorded. Prepare the journal entry for the retirement of the bond.
Answers
To prepare the journal entry for the retirement of the bonds, we need to account for the purchase cost, carrying value, and any gain or loss on retirement.
Here's how the journal entry would look:
Date: June 30, 2014
1. To record the retirement of the bonds:
Bonds Payable $366,000
Loss on Bond Retirement $6,900
Cash $359,100
Explanation:
- The Bonds Payable account is debited for the face value of the bonds, which is $366,000.
- The Loss on Bond Retirement account is debited for the difference between the carrying value ($359,100) and the purchase cost ($366,000), which is a loss of $6,900. This represents the loss incurred on the retirement of the bonds.
- Cash is credited for the carrying value of the bonds, which is $359,100. This represents the amount paid to retire the bonds.
Please note that the interest payment due on June 30, 2014, has already been made and recorded separately, so it is not included in this journal entry for the bond retirement.
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is the agent for an undisclosed principal personally liable for breach of a contract the agent signed on behalf of the principal?
Answers
In general, when an agent signs a contract on behalf of an undisclosed principal, the agent is not personally liable for the breach of that contract.
The undisclosed principal refers to a situation where the agent acts on behalf of a principal without revealing the identity of the principal to the other party involved in the contract.
Under the doctrine of undisclosed principal, the agent acts as an intermediary, and the contract is considered to be directly between the undisclosed principal and the other party.
As a result, the undisclosed principal assumes the rights and liabilities under the contract, rather than the agent.
However, there are exceptions to this general rule. If the agent acts outside the scope of their authority, exceeds their power, or fails to disclose that they are acting on behalf of a principal, they may be held personally liable for the breach.
Additionally, if the contract explicitly holds the agent personally liable, or if the other party expressly relies on the credit or reputation of the agent, the agent may also be personally liable.
It is advisable to seek legal counsel and review the specific circumstances and applicable laws to determine the extent of personal liability in a given contractual situation involving an undisclosed principal.
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There are many costs associated with owning a car. Which of these is not something you'll need to pay for?
A
Maintenance.
B
Registration.
C
Inspection.
D
Arbitration.
Answers
The answer will be -B-
The cost is the defined amount or sum of money that is incurred in the firm from the stage of production to the stage of selling and distributing the goods and services to the market for the customers.
The correct answer is C Inspection.
Option C Inspection is correct because it does not incur any of the expenses while owning a car. This is because the inspection is done free of cost at the service center to look after the condition of the vehicle.
Options A, B, and D are the wrong ones because they are to be paid at a certain period of time because it is the expense that we incur while owning a car.
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producer surplus is question content area bottom part 1 a. the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. b. the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item. c. the total difference between the total amount that consumers are willing to pay for an item and the total amount that producers would like to receive. d. the total difference between the total amount that producers actually receive for an item and the total amount that they would have been willing to accept.
Answers
Producer Surplus is:
The total difference between the total amount that consumers are willing to pay for an item and the total amount that producers would like to receive.
The correct option is (c)
What Is a Producer Surplus?Producer surplus is the difference between how much a person would be willing to accept for a given quantity of a good versus how much they can receive by selling the good at the market price. The difference or surplus amount is the benefit the producer receives for selling the good in the market.
A producer surplus is generated by market prices in excess of the lowest price producers would otherwise be willing to accept for their goods.
The Formula for Producer Surplus Is:
Total revenue - marginal cost = producer surplus
The correct option is (c).
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The complete question is:
Producer surplus is :
a. the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item.
b. the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item. c. the total difference between the total amount that consumers are willing to pay for an item and the total amount that producers would like to receive.
d. the total difference between the total amount that producers actually receive for an item and the total amount that they would have been willing to accept.
A tax credit of $100 for a person in a 24 percent tax bracket would reduce a person's taxes owed by:
Answers
A tax credit of $100 for a person in a 24 percent tax bracket would reduce a person's taxes owed by $24.
Tax credit amount = $100
Tax rate (tax bracket) = 24%
Reduction in taxes owed = Tax credit amount × Tax rate
= $100 × 0.24
= $24
A tax credit is a direct reduction in the total tax liability, subtracted from taxes owed. It can be refundable or non-refundable. Tax owed is the final tax liability based on taxable income and applicable rates after deductions, credits, and exemptions.
If credits exceed taxes owed, the taxpayer may get a refund otherwise, they must pay the remaining amount. Credits incentivize certain behaviors or activities, promoting economic and social objectives.
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Requiring managers to prepare the budgets from scratch or zero-base may help them to overcome the problem of:
Answers
Answer: Excessive cost
Explanation:
Zero-based budgeting is the sort of budgeting where when income is subtracted from expenses it gives zero. This sort of budgeting puts a measure of the expenses, it ensures the expenses matches the income. The purpose of the budget plan is to justify expenses and optimize cost, thereby look out for cost effective ways to plan and avoid inflated budgets. It primarily guides against excessive costs on projects.
1. Which of the following is NOT true?
Group of answer choices
All of these choices are true
One way to value a company is to take the sum of the present value of all of its expected future cash flows
2. Even though Buffett owns many different companies in different industries, he doesn’t actually believe in diversification.
Group of answer choices
True
False
Many of the concepts that we learn from our textbooks are based upon the ideas of the Efficient Market Hypothesis
Diversification is one way we can reduce risk but it cannot eliminate all risk
Asking the question "I could choose this or that" takes into account the opportunity cost of a decision
Answers
None of the statements in the s are false.2.
1. which of the following is not true?
all of these choices are true.
the statement "all of these choices are true" means that all the statements provided are indeed true. even though buffett owns many different companies in different industries, he doesn’t actually believe in diversification.
false.
the statement "false" indicates that the claim is incorrect. warren buffett, a renowned investor, does believe in diversification. while he may have investments in various companies across different industries, he still recognizes the importance of diversifying his portfolio to manage risk.
note: the other statements provided in the s are unrelated to the question asked and do not pertain to the given statement.
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An asset that has no physical substance is referred to as a(n) _____ asset.
a. intangible
b. tangible
c. current
d. long-lived
Answers
An intangible asset is one that has no physical substance.
An intangible asset is something that has value but cannot be touched or seen. Examples include patents, trademarks, copyrights, and goodwill. Intangible assets are often created through research and development, advertising and marketing, or through the acquisition of another company. They are an important part of a company's overall value and can be bought, sold, licensed, or traded like other assets. Unlike tangible assets, intangible assets cannot be physically touched or seen, which can make their valuation and management more challenging. Properly accounting for and managing intangible assets is important for companies of all sizes and industries.
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For which of the following types of industries is a multidomestic strategy most common?
A. machine-tool industries
B. genetic industries
C. food industries
D. capital goods industries
Answers
A multidomestic strategy is most common for C. food industries. This is because food preferences and tastes often vary significantly across different countries and cultures, making it essential for food companies to adapt their products and marketing strategies to cater to local tastes and preferences.
In the context of multinational corporations, a multidomestic strategy refers to a localization approach where a company adapts its products and marketing strategies to fit the local market conditions of each country it operates in.
The objective of this strategy is to maximize the company's competitiveness by leveraging local resources, meeting local preferences and regulations, and building strong relationships with local customers and suppliers. Among the options given, the food industries are the most common type of industry where a multidomestic strategy is employed. For example, fast food chains like McDonald's and KFC have tailored their menus to fit local preferences in various countries. Similarly, multinational food corporations like Nestle and Unilever have established local production facilities and adapted their product lines to meet regional demands. On the other hand, industries like machine-tool, genetic, and capital goods are less likely to adopt a multidomestic strategy because their products are more standardized and have fewer variations based on local factors. Machine-tool and capital goods industries rely on economies of scale and technology leadership, while genetic industries are highly regulated and subject to global standards. Therefore, a global standardization strategy may be more appropriate for these industries. In summary, a multidomestic strategy is most common in food industries where localization and adaptation are key drivers of competitiveness.Know more about the multidomestic strategy
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Which of these describes information that can appear in a consumer’s credit report?
A. The name of a company that gave the consumer a car loan two years ago
B. The amount of money that the consumer loaned to a family member
C. The amount of money the consumer will need to borrow in the next five years
D. The name of a store where the consumer pays cash for all purchases
Answers
Answer:
A. The name of a company that gave the consumer a car loan two years ago
Explanation:
A credit report is the statement that contains the information related to your credit activity & the present credit situation like history of loan payment, the status of your credit accounts. This would help lenders to use these reports whether they will give you loan and if they are agree than what rate of interest they would offer you
So according to the given situation, the option A is correct
What system did merchants in early centuries use to make commercial transactions easier
Answers
In the early centuries, merchants made use of the Mercantilism system for commercial transactions.
What is Mercantilism?In simple terms, it is an economic theory and practice known as "mercantilism," which was prevalent in Europe from the 16th to the 18th century.
Mercantilism advocated governmental regulation of a country's economy with the goal of enhancing state power at the expense of competing for national powers.
According to the theory, a strong nation should have a sizable population because a sizable population would offer a supply of labor, a market, and soldiers.
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If an american-based firm opens and operates a new clothing factory in honduras, then it is engaging in:.
Answers
What will be the nature of balance of trade if imports are of manufactured goods?
A)Neutral
b)Positive
c)Negative
Answers
Answer:
b). Positive
Explanation:
The nature of the balance of trade if imports are of manufactured goods is POSITIVE
Considering that Balance of trade is a term that is used to describe the difference between the imports and exports value of a country over a given period.
Hence, when a country manufactured goods instead of importing them, the balance of trade is believed to be Positive.
On the other hand, when a country imports goods instead of manufacturing them, the balance of trade is believed to be negative.
the factors that shift the savings and consumption schedule include all of these except A. household debt. B. wealth. C. tastes and preferences from durable goods and nondurable goods. D. taxes.
Answers
The factors that shift the savings and consumption schedule include all of these except: Household debt does not shift the savings and consumption schedule. The correct option is A.
The savings and consumption schedule represents the relationship between disposable income and the amount of income that households save or consume. Several factors can shift this schedule, influencing the saving and consumption decisions of households.
Option A, household debt, does not directly affect the savings and consumption schedule. Household debt refers to the amount of money that households owe to lenders or financial institutions. While household debt can impact individual households' ability to save or consume, it does not directly shift the overall savings and consumption schedule. The correct option is A.
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What is a swot anaylasis
Answers
I hope this helped!! <3
Answer:
a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
Explanation:
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