It had an expected useful life of 4 years and a $8,000 salvage value. Based on this Which depreciation method should be used to most closely match the expense to the revenue stream the asset produces? $30,000 cash inflow from investing activities. \text{Utilities Payable} & \text{ } & \text{$5,000$}\\ The limo had a $8,000 salvage value. The fair market value of the assets of Restaurant X is 530,000 and the historical cost is 500,000. \text{Interest Expense} & \text{$9,000$} & \text{ }\\ b The marketing funnel considers the seller's journey. B In case of compound interest, the principal changes every year. Which of the following statements is MOST true? The purposive approach (sometimes referred to as purposivism, purposive construction, purposive interpretation, or the modern principle in construction) is an approach to statutory and constitutional interpretation under which common law courts interpret an enactment (a statute, part of a statute, or a clause of a constitution) within the context of the law's purpose. A CAPTCHA ( / kp.t / KAP-ch, a contrived acronym for "Completely Automated Public Turing test to tell Computers and Humans Apart" [1]) is a type of challenge-response test used in computing to determine whether the user is human. Title and attorney fees amounted to $3,000. Which of the following statements is true regarding this duty? Writings, musical compositions, works of art, and other intellectual property for the exclusive benefit of the creator or persons assigned the right by the creator are protected by a ______. Based on this information, the amount of depletion expense shown on the Year 2 Income Statement would be. If bonds are purchased at a premium, what will happen to the carrying value of the investment in bonds and the amount recorded for interest revenue over time? Costs related to long-term assets are expensed in the period incurred when they ______, Costs related to long-term assets are capitalized when they ______. The limo cost $48,000. The Black Limo Company (BLC) purchased a limo on January 1 of Year 1. You cannot access byjus.com. \text{Supplies Expense} & \text{$285,000$} & \text{ }\\ \text{Accumulated Depreciation} & \text{ } & \text{$\$200,000$}\\ STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH The United States Government may have certain rights in this application pursuant to a non-competitive ARS Grant No. PRODUCTS6. Assuming an annual discount rate of 9%, which of the four actors is actually being paid the most? Based on this, the depreciation expense recorded in Year 2 will be $_____. B) more than 75% of those surveyed do not allow companies to share their personal information with a third party. It had an expected useful life of 4 years and a $8,000 salvage value. OverpaymentForm of paymentLarge size of target firmInadequate post-merger due diligencePoor post-merger communication3. Two companies that experience the exact same accounting events could report different amounts of depreciation expense. During the year Ahnberg paid $60,000 cash dividends on the preferred stock. A patent cannot be applied for until an IND (investigational new drug) is applied for ALL human testing is done on patients exhibiting symptoms that the drug is attempting to cure On average, it takes less than a year from the time of initial discovery of a drug to FDA approval Less. C) The ability of individuals and organization to make sense out of information is limited. After the closing of the base, the fair value of the goodwill was deemed to be $10,000. As a result of the asset disposal, BLC will recognize a ______. B) The four types of inventions protected by patent law are machines, manmade products, compositions of matter, and processing methods. An appraiser determined the fair market value of computer to be 3000 and the desk to be 7000. \text{Utilities Expense} & \text{$42,000$} & \text{ }\\ When workers are treated as independent contractors, they do not get a W-2 form at tax time (they get a 1099 instead), they do not have any income taxes withheld, and they find themselves subject to self-employment taxes, by which they bear the brunt of both the employee and the employers share of FICA taxes. 1.2 Property Address 1.3 Name and address of client . (Enter one word per blank), the owners capital amount reported on a balance sheet is calculated as: capital account balance plus drawing account balance, less net income, In a job order cost accounting system, the effect of the flow of direct materials into production is to. $$ Goodwill appears on which of the following financial statements? No tracking or performance measurement cookies were served with this page. open a file for writing, if the file does not exist, an error occurs. Which of the following is not a trademark? The limo cost 48,000. The limo had a $8,000 salvage value. Prepare an income statement, statement of stockholders' equity, and classified balance sheet. Please Choose The Correct Option a The marketing funnel is a framework that may be different depending on the business. The Black Limo Company (BLC) purchased a limo on January 1, of Year 1. It had an expected useful life of 4 years and a 8,000 salvage value. 1. \text{Accounts Payable} & \text{ } & \text{$31,000$}\\ The depreciable cost of an asset is the cost of the asset ______. ____________________ is the value attributable to favorable factors such as reputation, location, and superior products. The cost of a long-term asset includes ______. Buck Company purchased a computer and a desk for 9000 cash. \text{Salaries Payable} & \text{ } & \text{$28,000$}\\ The recognition of depletion affects the ______. A In case of compound interest, the principal is fixed. A) It is more difficult to obtain a copyright than it is to obtain a patent. Explorations in Media Ecology . 43) Which of the following statements about patents is nottrue? A patent may be renewed by U.S. Patent and Trademark Office for an additional period of twenty years. Statements of changes in stockholders' equity; Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Fundamentals of Financial Management, Concise Edition. Farm and Garden. In preparing the statement of stockholders' equity, note that during the year the company issued additional common stock for $30,000. From an open PDF Portfolio, do any of the following: In the left pane, click Add Files and select Add Files, Add Folder, or Add Web Content.To create a folder, click the Create Folder icon in the secondary toolbar. When a business abuses this issue, how is the independent contractor hurt? The limo cost 48,000. C) It reduces cultural diversity in products. c. Patents are cheap to create and enforce. BLC expected to drive the limo for 100,000 miles before disposing of it. Deep Tunnel Coal paid $2,000,000 cash to purchase a mine with an estimated 8,000,000 tons of coal. Ahnberg Corporation had 800,000 shares of common stock issued and outstanding at January 1. Kate Company submitted an offer to purchase a plot of land that was listed at $120,000. If Jim agreed to purchase the restaurant for 600,000, what is the amount of goodwill? BLC uses the straight-line depreciation method. answered expert verified All of the following statements about patents are true except: a. in order to be patented, an invention must be nonobvious. The balance in the Limo account will be zero; for minor repairs are expensed int he period incurred; The recognization of depreciation expense will affect which of the following financial statements? English language. The Waikato Argus. After recognizing the asset disposal. Republicans have targeted the Biden administration and Democratic policies as a primary cause of decades-high inflation. Because double-declining balance depreciation recognizes depreciation expense faster than straight-line, it is called a(n) ____ method. This question hasn't been solved yet Ask an expert Ask an expert Ask an expert done loading The limo cost $48,000. B Stores information about the user's web activity C Stores information about the user's web activity D None of these Medium Solution Verified by Toppr Correct option is B) Was this answer helpful? Which of the following statements regarding copyrights are true? Select one or more: a. Chen Company paid $80,000 cash and assumed $50,000 of liabilities to acquire a restaurant that had assets with an appraised market value of $90,000. Failure of the recipient to comply with any of the Bayh-Dole regulations cited at 37 CFR Part 401 or other requirements may result in the loss of patent rights or the suspension, termination or withholding of NIH funding support. Assume BLC uses straight-line depreciation. Which of the following statements is true? They are expecting significant revenue in Year 1. Many small businesses have to squeeze down costs any way they can just to survive. total accumulated depreciation will be the same regardless of the depreciation method used. D) It creates potentially very persuasive messages that may reduce reliance on multiple independent sources of information. Recognizing an impairment loss affects the ______. This amount is included in the amount for Common Stock in the adjusted trial balance. 3. It had an expected useful life of 4 years and a $8,000 salvage value. BLC uses the straight-line deprecation method. It had an expected useful life of 4 years and a 8,000 salvage value. At the end of the useful life of an asset, ______. \text{George} & \text{$500,000$} & \text{1 year}\\ What were Ahnbergs basic and diluted earnings per share for the year? The Black Limo Company(BLC) purchased a limo on January 1 of Year 1. Inc. B) display of third-party advertisements in floating windows. The estimated use the company expects to obtain from an asset before disposing of it is referred to as the life of the asset. PURCHASES AND . \text{Salaries Expense} & \text{$160,000$} & \text{ }\\ \end{matrix} The four actors below have just signed a contract to star in a dramatic movie about relationships among hospital doctors. Which of the following statements regarding franchises are true? Substantial amounts spent to improve the quality or extend the life of an asset are called _____ expenditures. D) In order to be patented, an invention must be nonobvious. Assume BLC uses straight-line depreciation. Based on this information, depreciation expense for Year 4 was ______. The term used when recognizing expense for intangible assets with identifiable useful lives is _____. \text{Accounts} & \text{Debits} & \text{Credits} & \text{ }\\ \hline 7) Which of the following statements about patents is true? The limo cost $48,000. The understatement of the beginning inventory balance causes: What are Sales Returns and Sales Discounts accounts. - Patent rights are normally controlled by state government authorities. amortized over the shorter of their useful or legal lives. Annual property taxes amounted to $5,000 per year. The term used to recognize expense for property, plant, and equipment is, Natural resources are normally classified as, The term used when recognizing expense for intangible assets with identifiable useful lives is called, Which of the following would be included in the cost of equipment, Which of the following are common cost components that are included in the historical cost of a long term assets. Patents are negative legal rights that act as stop signs to prevent non-innovators from making, using, or selling inventions without expressed permission from inventors. D In case of simple interest, the principal changes every year. Legal costs incurred to successfully defend an internally developed patent should be capitalized and amortized over the patent s remaining economic life. At the beginning of Year 3, BLC changed the estimated useful life from 4 years to 7 years. Question: Which of the following statements about patents is not true? Unlike rules for regular employees, a business does not have to pay Social Security (FICA) taxes and unemployment insurance payments for independent contractors. Requested URL: byjus.com/question-answer/which-of-the-following-statements-is-true-173/, User-Agent: Mozilla/5.0 (Windows NT 6.1; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/103.0.0.0 Safari/537.36. Which of the following financial statements are affected when impairment loss is recognized? At the beginning of Year 3, BLC changed the estimated salvage value from 8000 to 4000. Actual miles driven per year were as follows: 30,000 in Year 1, 40,000 in Year 2, 20,000 in Year 3, and 25,000 in Year 4. At the beginning of Year 3, BLC changed the estimated salvage value from $8,000 to $4,000. Kate paid $10,000 to remove an old structure in order to make the land ready for use as a building site. Refresh the page or contact the site owner to request access. Single Choice Question. 58-1275-5-013, awarded by the USDA. The salvage value of an asset is the ______. \begin{matrix} A) It increases the likelihood of information crime. a. What assumption is implicitly made about cost behavior when actual results are directly compared to a static planning budget? When an intangible asset with an identifiable useful life is amortized, ______. Based on this information, the amount of double-declining-balance shown on the Year 2 income statement will be, The Black Limo Company(BLC) purchased a limo on January 1 of Year 1. Courses in English run all year. It had an expected useful life of 4 years and a $8,000 salvage value. Based on this information, the cost of the land as shown on the balance sheet equals ______. As a result of the EUs General Data Protection Regulation (GDPR). If the fair value of goodwill is lower than its book value, an impairment loss must be recognized; Although they may be represented by physical document, ______________ assets are, in fact, rights or privileges that cannot be seen or touched. Legal fees and other direct costs incurred in registering a patent should be capitalized and amortized on a We are not permitting internet traffic to Byjus website from countries within European Union at this time. [3] \text{Cash} & \text{$\$16,000$} & \text{ }\\ Operations Management questions and answers, All of the following statements regarding patents are true, except? Kindly login to access the content at no cost. Actual miles driven per year turns out to be 30,000 miles in Year 1, 40,000 miles in Year 2, 20,000 miles in Year 3, and 25,000 miles in Year 4. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. We review their content and use your feedback to keep the quality high. Infringem Property, plant and equipment is sometimes called plant assets or _____ assets. No common shares were issued during the year, but on January 1 Ahnberg issued 100,000 shares of convertible preferred stock. d. recognizes total revenue and total cost of goods sold in the period of sale. The limo cost $48,000. Which of the following statements regarding patents are true? Assuming BLC uses straight-line depreciation, depreciation expense for Year 2 is ______. expected market value of an asset after it is fully depreciated, Assume that Jason Company purchased a newly granted for 60,000 cash. What do you think will usually happen to open interest as maturity approaches? The IRS has a 20 factor test that determines whether a worker should be considered an employee or a contractor, but many businesses ignore those rules or interpret them loosely in their favor. \end{matrix} Based on this information, the amortization charge is, Chen Company paid 80,000 cash and assumed 50,000 of liabilities to acquire a restaurant that had assets with an appraised market value of 90,000. A) The possibility of invasion of solitude increases. BLC expected to drive the limo for 100,000 miles before disposing of it. Solution The correct option is B Actual miles driven per year were as follows: 30,000 in Year 1, 40,000 in Year 2, 20,000 in Year 3, and 25,000 in Year 4. See the answer Based on this information, at the end of Year 2, the accumulated depreciation shown the balance sheet was. This E-mail is already registered with us. The Black Limo Company (BLC) purchased a limo on January 1 of Year 1. Jason Company purchased a newly granted patent for $60,000 cash. Patents grant an indefinite monopoly in return for registering and publishing an invention. Just before the procedure, the client tells the nurse she is considering not going forward with the treatment. [PUBLISHED DAILY.] An investor group borrowed the money . It had an expected useful life of 4 years and a 8,000 salvage value. BLC expected to drive the limo for 100,000 miles before disposing of it. See also Section 8.5.2 for additional remedies for noncompliance of the Bayh-Dole Act. Complete if on JOHNSTOWN CALENDAR: I certify that the cause of action arose inCounty and that the resides in County. Complete if on ERIE CALENDAR: I certify that the cause of action arose in 4. c. . Which of the following statements concerning patents is correct? 44) Which case was instrumental in paving the way for Internet business methods patents? C) Computer programs can be patented. Based on this information, the amount of depreciation expense shown on the Year 2 income statement will be, Which of the following financial statements would be affected by the recognization of cash paid for a capital expenditure that improves the quality of an existing assets, The Black Limo Company(BLC) purchased a limo on January 1 of Year 1. 2. Regardless of whether a company uses straight-line, double-declining-balance or units-of-production depreciation, the total amount of depreciation expense recognized over the useful life of an asset is the same. Part-time courses available in the evenings\days. 1) Which of the following statements about patents is true? \begin{matrix} A mergerAn acquisitionA divestitureA consolidationAll of the above2. what is the open interest on a futures contract? \text{Notes Payable (due in 5 years)} & \text{ } & \text{$150,000$}\\ Which of the following are generally considered restructuring activities? At the beginning of Year 3, the limo is sold for $30,000 cash. \text{Service Revenue-remodeling} & \text{ } & \text{$280,000$}\\ INTELLECTUAL PROPERTY RIGHTS3. A nurse is caring for a client who has given informed consent for ECT. The Black Limo Company (BLC) purchased a limo on January 1 of Year 1. When selling partnership accounts receivable at a loss, what accounts are affected b. Different companies may use different depreciation methods for identical assets. What happens to the partners capital accounts when noncash assets are sold at a loss? \begin{array} {c}\text{BOILERMAKER UNLIMITED} \\ \text{Adjusted Trial Balance} \\ \text{December 31, 2018 (concluded)}\end{array} Which of the following statements are true? Which of the following statements is true about ''cookie'' A Stores the commands used by the user. Are Mr. Kellys accounting procedures and records correct? When a company incurs costs for minor repairs to keep an asset in good working order, the costs ______. A patent granted in Canada or the United States provides you with no protection outside the country in which it was originally granted The patenting process is complex, costly, and time-consuming OOOO If your patent application is granted, the onus will be entirely on you to protect your This problem has been solved! In year 3, the military base located close to the restaurant was closed, leading to a significant and permanent decline in the revenue generating capacity. Kate's offer was 10% below the list price and was accepted. At the beginning of Year 3, BLC changed the estimated salvage value from 8000 to 4000. 46) Disputes over federal trademarks involve establishing: 47) Registering a domain name similar or identical to trademarks of others to extort profits from legitimate holders is an example of: 48) All of the following are data elements that are often gathered by e-commerce sites except: 49) Registering a domain name similar or identical to trademarks of others to divert Web traffic to their own sites is an example of: 50) Registering the domain name google.com with the intent to divert Web traffic from people misspelling google.com is an example of: 51) The display of a third-party's Web site or page within your own Web site is called: 52) A 2012 TRUSTe/Harris Interactive survey on privacy found all of the following except: A) targeted advertising makes the vast majority of those surveyed uncomfortable.
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