Apatent was purchased from the lou company for $700,000 on january 1, 2019. janes estimated the remaining useful life of the patent to be 10 years. the patent was carried on lou’s accounting records at a net book value of $350,000 when lou sold it to janes.2.during 2021, a franchise was purchased from the rink company for $500,000. the contractual life of the franchise is 10 years and janes records a full year of amortization in the year of purchase.3.janes incurred research and development costs in 2021 as follows: materials and supplies$140,000personnel180,000ind irect costs60,000total$380,0004.effective january 1, 2021, based on new events that have occurred, janes estimates that the remaining life of the patent purchased from lou is only five more years. required: 1.prepare the entries necessary for years 2019 through 2021 to reflect the above information. 2.prepare a schedule showing the intangible asset section of janes’s december 31, 2021, balance sheet.

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is:

The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was