answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mariulka [41]
2 years ago
3

On January 1, 2017, Ivanhoe Company had a balance of $413,000 of goodwill on its balance sheet that resulted from the purchase o

f a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions.
Jan. 2 Purchased a patent (7-year life) $355,950.
July 1 Acquired a 9-year franchise; expiration date July 1, 2,026, $597,600.
Sept. 1 Research and development costs $177,000.

Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the problem statement)
Business
1 answer:
Hoochie [10]2 years ago
8 0

Answer:

The journal entries are made as follows;

Explanation:

Jan 2     Patent   Dr. $355,950

             Cash  Cr.$355,950

July 1  Franchise Rights   Dr.$597,600

          Cash                       Cr.$597,600

Sept 1  Research Development Expense Dr.$177,000

           Cash                                                Cr.$177,000

Dec 31. Amortization on patent (355,950/7)  Dr.$50,850

            Accumulated Amortization                 Cr.$50,850

Dec 31. Amortization on franchise rights (597,600/9)*6/12 Dr.$33,200

            Accumulated Amortization                                          Cr.$33,200

The research and development expenses will be charged to income statement as they were incurred in testing phase of intangible.Therefore it is assumed that they all have been incurred in research phase of intangible.

You might be interested in
You are a pricing analyst for QuantCrunch Corporation, a company that recently spent $15,000 to develop a statistical software p
sukhopar [10]

Answer:

Explanation:

Base on the scenario been described in the question

First strategy (per-unit price strategy):

According to the given information the demand function is given as:

Economics homework question answer, step 1, image 1

So, the price function can be rewrite as:

Economics homework question answer, step 1, image 2

The firm maximizes the profit at where the marginal revenue (MR) is equal to marginal cost (MC). The MR can be calculated as follows:

Economics homework question answer, step 2, image 1

Since MC is given as 1000, the profit maximization level of quantity can be calculated as follows:

Economics homework question answer, step 3, image 1

Thus, the quantity is 50.

In order to calculate the profit maximizing level of price, substitute the value of Q in price function as follows:

Economics homework question answer, step 3, image 2

Thus, the price is $1250.

8 0
2 years ago
The operations manager for Dogs R Us is trying to understand the bottleneck in the dog grooming process. Times below are given i
lubasha [3.4K]

Question (in proper order)

The operations manager for Dogs R Us is trying to understand the bottleneck in the dog grooming process. Times below are given in minutes per dog, and when there are two or more employees they can process two or more dogs simultaneously.

Process step                             Time(min./dog)                     Who

Verify customer information    5                           Front desk (2 employees)

Crate the dog                           2                           Front desk  (2 employees)

Wash and dry the dog            20                          Washers (3 employees)

Nails and teeth                        13                           Nail/teeth specialists (2)

Grooming                                 25                         Groomers (4 employees)

Call customer for pick-up       5                            Front desk (2 employees)

Assuming that demand and supply exceed capacity, what is the maximum flow rate (in dogs per hour) for this process?

a. 9.2

b. 9.6

c. 10

d. None of the above

Answer:

d. None of the above

Explanation:

average time taken to:

1. verify customer info = 5mins/2 employees = 2.5mins/dog

2. crate the dog = 2min/2 employees = 1 mins/dog

3. wash and dry the dog = 20 mins/3 employees = 6.67min/dog

4. work on nails and teeth = 13 mins/ 2 employees = 6.5 min/dog

5. groom the dog = 25 mins / 4 employees = 6.25min/dog

6. call customer for pick-up = 5 mins/ 2 employees = 2.5 mins/dog

The most time is spent to wash and dry dogs (6.67 mins)

it is therefore one bottleneck

for this process a dog is processed in 6.67 mins

one hour = 60 mins

⇒ (60/6.67) dogs will be processed in an hour

that is, 9 dogs (approx)

hence, none of the above is the right option

3 0
2 years ago
Mitchell has worked for a very large company for three years. During lunch one day he stood at the elevator and read the buildin
s344n2d4d5 [400]

Answer:

It is departmentalized in a functional way

Explanation:

Functional departmentalization is the type of organizational structure based on common job functions. In Mitchell's case all similar jobs, like legal or marketing, are grouped in one place or on the same floor. This type of organization provides space for further employee's specialization by putting staff in places where their skills can further develop.

8 0
2 years ago
Many firms include on their employment applications a box that job seekers are asked to check if they have ever been convicted o
maria [59]

Answer:

These two statements are correct:

A. Potential employers may have believed that those with black-sounding names had completed less education.

African Americans on average have less rates of graduation from tertirary education than White Americans.

This situation might lead some employers to develop streotypes about African Americans being less educated, when it is clearly an error, and unfair, to reject a potential employee because of stereotyping instead of making an individualized analysis of his or her abilities.

D. Hiring firms may have believed that those with black-sounding names were more likely to have a criminal conviction.

African Americans on average are incarcerated more often than other ethnic groups in the US. The reasons for this are complex but poverty and racial discrimination are two big factors. This situation causes some employees to develop streotypes, leading to unfair situations as described in the first answer.

5 0
2 years ago
Candace owns a small business that is financially struggling. In order to respond to economic pressures, Candace is now obliged
Inessa [10]

Answer:

The answer is both: B) organizational change or competition over resources

Explanation:

Organizational change usually takes place due to external or internal pressures. In this specific case, Candace´s business is not doing well, probably her sales are down. We don´t know the reason why, I can guess probably more competition, but we know she must act fast.    

Money is the most scarce resource of all. So if money is not flowing in like Candace would expect she must be able to make difficult decisions. Laying off a worker (out of how many?) is usually seen as a bad sign for the rest of the employees. Reducing labor days (Sundays) will probably also affect the rest of the employees negatively because they will simply work less hours and get paid less.

But the bottom line is Candace as the owner (probably also the manager) has to make the decisions that are necessary for her business to continue. It would always be worst for everyone involved (Candace and her employees) if they go out of business. That way everyone loses.

At this point Candace will need to communicate with her employees and let them know how bad the situation is and the necessary steps to be taken. Her actions will be unpopular but its her job to convince her employees that its for everyone´s best interest. Well, for everyone except the one employee already fired. Leaders must show up in difficult times and make tough choices.

4 0
2 years ago
Other questions:
  • For consumers, pizza and hamburgers are substitutes. a rise in the price of a pizza causes ________ in the equilibrium price of
    15·1 answer
  • There are two primary rules of thumb for deciding if intellectual property protection should be pursued for a particular intelle
    7·1 answer
  • U Do It Centers deposited $3,200 in an account two years ago and is depositing another $5,000 today. A final deposit of $3,500 w
    11·1 answer
  • Inside city limits, the minimum distance for parking cars from a warning cross indicating a railroad crossing is 50 meters (165
    7·1 answer
  • Trevor, an HR Manager at Maple Inc., wants to use the balanced scorecard to assess whether the organization is managing its bott
    9·1 answer
  • Your next task is to provide a pricing recommendation for the bookshelf system. The product comes with five equal-length finishe
    15·2 answers
  • Gary and Anna are arguing over the best way to organize the storage area. Gary thinks everything should be organized by product
    9·2 answers
  • A magazine ad designed for Target's new campaign shows a well-dressed shopper pushing her loaded Target cart to her Jaguar, show
    7·1 answer
  • Tara invests $2,500 today and another $1,500 a year from now. Her investments starting year 2 keeps increasing by $100 every yea
    8·1 answer
  • Suppose you pay $50 to enter into a raffle with $1,000 prize. If you have a 3% chance of winning comma the expected value of you
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!