WhiteWinterRose
10.02.2021 •
Business
In 2003, Congress passed laws to encourage private charitable organization to provide social services. They would compete for
government funds to carry out community services through their own networks. Do you think this is an effective way to address social
issues? Why or why not? Use economic concepts, such as markets, efficiency and opportunity cost in developing your response.
Solved
Show answers
More tips
- S Style and Beauty Choosing a Hair Straightener: Specific Criteria to Consider...
- F Family and Home How to Remove Tar Stains: Tips and Recommendations from Experts...
- F Family and Home How to Remove Fading from Clothes: Tips and Tricks...
- S Sport How to Do a Jumping Split...
- H Health and Medicine How Did Inna Lose Weight on Dom 2?...
- F Family and Home How to Properly Fold Napkins in a Napkin Holder?...
- F Food and Cooking How to Set Up Ventrilo - The Ultimate Guide...
- S Science and Technology How to Make a Homemade Smoker: The Ultimate Guide...
- A Auto and Moto Battle for the Relocation of The Cherkizovsky Market: Who Won?...
- C Computers and Internet How Do You Refill Cartridges?...
Answers on questions: Business
- B Business A mobile veterinary business, Portable Paws, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic...
- B Business Bank A has $100 million in deposits, $15 million in required reserves, and $85 million in loans. Bank A s reserve ratio is:...
- B Business In general, the tax rate schedules and tax tables are set up to tax higher levels of income at higher tax rates than lower levels of income. Group startsTrue or False...
- B Business On January 1, Year 2, Kincaid Company s Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $73,200 and $3,400, respectively. During Year 2, Kincaid...
- B Business Maple Moving Company has provided you their unadjusted account balances to before year-end adjustments. The Controller has asked you to prepare the Adjusted Trial Balance and...
- B Business State the need for consumer protection...
- B Business Project managers often confront the challenge of reducing excessive time commitments and overloads among project resources. All of the following methods can be used to reduce...
- B Business A particular computer software manufacturer creates a product that all computers are required to use. The exclusive product allows the manufacturer to dictate prices, standards...
- B Business The interest rate on short-term U.S. government bonds is 4 percent. The risk premium for any asset with a beta = 1.0 is 6 percent. What is the average expected rate of return...
- H Health Identify three sources of fiber and the recommended daily intake requirement...
Ответ:
Answer and Explanation:
As per the data given in the question,
The journal entries are shown below:
A. On the date of transaction
1. Franchise A/c Dr. $400,000
To Cash Cr. $400,000
(Being cash paid is recorded)
2. Research and development expense A/c Dr. $600,000
To Cash Cr. $600,000
(Being cash paid is recorded)
3. Patents A/c Dr. $180,000
To Cash Cr. $180,000
(Being cash paid is recorded)
4. Patents A/c Dr. $140,000
To Cash Cr. $140,000
(Being cash paid is recorded)
5. Legal fees expense A/c Dr. $480,000
To Cash Cr. $480,000
(Being cash paid is recorded)
6. Patents expense A/c Dr. $252,000
To Patents Cr. $252,000
(Being patent expense is recorded)
7. Research and development expense $104,000
To Cash Cr. $104,000
(Being cash paid is recorded)
B. Journal entries on Dec-31, 2018
1. No journal entry is needed
2. No journal entry is needed
3. Amortization expense A/c Dr. $18,000
To Patents Cr. $18,000
(Being the amortization expense is recorded)
4. Amortization expense $35,000 ($140,000 ÷ 4 years)
To Patents Cr. $35,000
(Being the amortization expense is recorded)
5. No journal entry is needed
6. No journal entry is needed