subject
Business, 30.05.2020 15:57 nauticatyson9

Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $13.50 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021 (before adjusting and closing entries). What is the appropriate adjusting entry for patent amortization in 2021 to reflect the revised estimate

ansver
Answers: 2

Another question on Business

question
Business, 22.06.2019 06:50
On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500
Answers: 3
question
Business, 22.06.2019 10:30
6carla would like to buy a dress, a dresser for her bedroom, and a home theater system. she has one month's worth of living expenses in her emergency fund. carla decides to save for the home theater system. did carla make the right decision? why or why not? a. yes; her emergency fund is full and the other items will probably be less expensive. b. yes; she could save more for her emergency fund, but the home theater will be harder to save for. c. no; she should save more for her emergency fund because she has saved less than the recommended amount. d. no; she should have bought the dress and dresser first because she could afford them right away. reset next
Answers: 2
question
Business, 22.06.2019 11:00
Down under products, ltd., of australia has budgeted sales of its popular boomerang for the next four months as follows: unit salesapril 74,000may 85,000june 114,000july 92,000the company is now in the process of preparing a production budget for the second quarter. past experience has shown that end-of-month inventory levels must equal 10% of the following month’s unit sales. the inventory at the end of march was 7,400 units.required: prepare a production budget by month and in total, for the second quarter.
Answers: 3
question
Business, 22.06.2019 12:10
The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)
Answers: 1
You know the right answer?
Van Frank Telecommunications has a patent on a cellular transmission process. The company has amorti...
Questions
question
Computers and Technology, 01.09.2021 19:40
question
History, 01.09.2021 19:40
question
Computers and Technology, 01.09.2021 19:40
question
Mathematics, 01.09.2021 19:40
question
Mathematics, 01.09.2021 19:40
question
Mathematics, 01.09.2021 19:40
question
English, 01.09.2021 19:40