In January 2020, Ford Co. purchased a patent from a research institution for $400,000. The patent was estimated to have a useful life of 12 years. In December 2021, Ford Co. defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate. Legal expenses were $32,000. Determine the carrying value of the patent on December 31, 2021. Note: Carry all decimals in calculations; round the final answer to the nearest dollar

Answers

Answer 1

The carrying value of Ford Co.'s patent on December 31, 2021, is equal to $362,424.

Data and Calculations:

Cost of patent purchased in January 2020 = $400,000

Estimated useful life = 12 years

Annual amortization expense = $33,333.33 ($400,000/12)

Accumulated Amortization on December 31, 2020 = $33,333.33

Carrying value on December 31, 2020 = $366,666.67 ($400,000 - $33,333.33)

Capitalized legal expenses to defense title = $32,000

New value of patent = $398,666.67 ($366,666.67 + $32,000)

Remaining useful life of patent = 11 years

New annual amortization expense = $36,242.42 ($398,666.67/11)

Carrying value of patent on December 31, 2021 = $362,424.25 ($366,666.67 - $36,242.42)

Therefore, the accumulated Amortization on Dec. 31, 2021 is $69,575.75 ($33,333.33 + $36,242.42).

Thus, the carrying value of Ford Co.'s patent on December 31, 2021 is equal to $362,424.25 ($400,000 + $32,000 - $69,575.75).

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Related Questions

what is Communication, ​

Answers

Communication is where you have contact with other people for example a conversation is a form of communication

Shout Magazine focuses its marketing efforts on reaching teen-aged girls interested in fashion and celebrity culture. The firm believes that they are positioned to profitably serve this group of consumers. Shout utilizes the strategy of

Answers

Considering the situation described above, Shout utilizes the strategy of Concentrated Marketing.

Concentrated Marketing is a type of Marketing strategy whereby firms or companies direct all endeavors and resources to develop and market a product for a particular target group segment.

Thus, when Shout Magazine focuses its marketing efforts on reaching teenaged girls interested in fashion and celebrity culture, this is a form of Concentrated Marketing.

Concentrated Marketing is often referred to as Niche Marketing, and it is considered more effective in small businesses.

Hence, in this case, it is concluded that the correct answer is "Concentrated Marketing."

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What do you call to the agreement between the company and the establishment that allows certain staff to charge back the costs and expenses to the company?​

Answers

Answer:

The Service Level Agreement (SLA)

Explanation:

A service-level agreement (SLA) is a contract between a service provider and its customers that documents what services the provider will furnish and defines the service standards the provider is obligated to meet. A service-level commitment (SLC) is a broader and more generalized form of an SLA. The two differ because an SLA is bidirectional and involves two teams. In contrast, an SLC is a single-directional obligation that establishes what a team can guarantee its customers at any given time.

Hope this helps!

Choose an example of a company you could start, and decide which business structure would make the most sense for that type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation). Explain why this structure would be good for this type of company.

Answers

Answer:

nonprofit corporation - literally anything involving donations - your welcome

Explanation:

Bear State Bank has decided that tellers must rotate through a new weekend shift on Saturday afternoons because several of its financial competitors have recently begun to offer additional hours to customers. Bear State Bank is implementing a(n) ________ change. Multiple Choice adaptive reactive innovative radically innovative

Answers

In this scenario of the bank rotating a new weekend shift, then, we can say the bank is implementing an innovative change.

In organization development, innovative changes are very important because its helps to creates or captures a new organizational value in a new way.

Normally, there will have been series of operation innovation performed in the organization, but here, the is a change in innovation because of the adjustment and rotation of new weekend shift.

In conclusion, the Option B is correct because bank is implementing an innovative change.

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if, after reflecting on the nature of leadership you decide that all leaders must treat their followers with respect, then you have identified a leadership model.

Answers

Answer:

Behavioral

Explanation:

what career cluster do you get to design build and destroy thing

Answers

Answer:

Construction

Explanation:

Construction bc you can build and demolish everything (lol sounds like a fun job)

On August 1, Harris Co. determines that it cannot collect $200 from its customer, L. Dash. Harris Co. uses the direct write-off method, so they will record the write-off of this account by debiting:

Answers

Answer:Bad Debt Expense

Explanation:

Accounts receivable would be credited under the allowance method

During an interview, in addition to asking the questions you prepared in advance, make sure that you ask Question 3 options: closed questions. open questions. primary questions. secondary questions.

Answers

In addition to asking questions prepared in advance, applicant must make sure they ask Closed-ended questions

Closed-ended questions refers to the questions which can only be answered from selection of limited number of options.

Examples of closed-ended question during an interview is "When should i expect a mail from you sir?", What are the ideal quality of staffs you are seeking for?" etc.

Hence, during an interview, in addition to asking questions prepared in advance, applicant must make sure they ask Closed-ended questions

Therefore, the Option A is correct.

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what is the general rule for recognizing revenues in governmental funds?

Answers

Revenues should be recognized when available and measurable.
*Revenues should be recognized when available
and measurable.*
I got right but you can search more info on internet

What is it called when one power controlled the trade exports?

Answers

Explanation:

This is called colonization. It is not in order when one power controls the trade exports of another, Every individual and every given state has got power to transact its businesses at any time without being forced or discriminated by any of the systems in power.

Acme Partnership reported the following items of income and expense: Sales $200,000 Cost of goods sold 115,000 Interest expense on bank line of credit 13,000 Charitable contributions 2,000 Administrative expenses 50,000 Long-term capital gain 10,000 What amount should be reported as ordinary income

Answers

The amount that ACME Partnership should report as ordinary income is $83,000.

Data and Calculations:

Sales Revenue =          $200,000

Cost of goods sold =       115,000

Gross profit =                 $85,000

Administrative expenses  2,000

Operating income =    $83,000

Interest expense             13,000

Taxable income           $70,000

Charitable contributions 2,000

Long-term capital gain  10,000

The operating income is the ordinary income before determining the eligibility of the charitable deductions and the long-term capital gain.

Thus, the ordinary income of ACME Partnership is $83,000.

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How does Truth-in-lending benefit consumers when shopping for a loan? a. Truth-in-lending allows consumers to be frank with the lenders and talk about very personal things. B. Truth-in-lending requires all lending institutions to eventually convert all of their loans to fixed interest rates. C. Truth-in-lending requires consumers to admit whether or not they can actually afford the loan they’re applying for. D. Truth-in-lending allows consumers to know every cost that is associated with the loans they research and apply for, and helps them reach the optimal decision.

Answers

Answer:

A

Explanation:

Truth-in-lending allows consumers to be frank with the lenders and talk about very important things

Answer: D

Explanation:

Truth-in-lending allows consumers to know every cost that is associated with the loans they research and apply for, and helps them reach the optimal decision.

taking the test rn edge 21-22

For her purchase, Nadine selects the best deal from two coupon codes offered by a store, one that she received by email and one from a text. Which marketing technique is Nadine benefiting from

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Considering the situation described above, the marketing technique Nadine is benefiting from is known as the "Omnichannel strategy."

This is because the Omnichannel strategy allows business firms to meet their customers' needs right at the point where they are.

Thus, in this case, where Nadine selects the best deal from two coupon codes offered by a store, one that she received by email and one from a text, is a form of Omnichannel strategy.

This is because Nadine got her products or sales right without necessarily moving to the store.

Hence, in this case, it is concluded that the correct answer is the Omnichannel strategy.

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An increase in accounts receivable will result in a(n) ______ in cash from sales revenue when using the direct method to determine cash flows from operations.

Answers

When using the direct method for cash flows, one will notice that an increase in accounts receivable would result in a DECREASE in cash.

When an accounts receivable increases:

It means that more debt has been incurred by debtors It means that less money entered into the company as people took goods but did not pay cash for them

Because the people did not pay cash for the goods yet took the goods, the company will see a reduction in its cash balance as the cash value of the goods left the company and there was no cash inflow from that activity.

In conclusion, an increase in accounts receivable leads to a decrease in cash.

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which of the following occurs when a real estate agent or buyer persuades an owner to sell their property at a deflated amount, based on the notion that other houses in the neighborhood are being acquired by individuals of another race or class?

Answers

Blockbusting is known to occur when real estate agent persuades the owner to sell its property at a deflated amount.

Blockbusting is also referred to as panic selling.

Blockbusting is referred to as illegal practice where a buyer or estate agent convinces homeowners to sell their property below the fair market value by scaring them of false facts..

Hence, term called "Blockbusting" is known to occur when real estate agent persuades the owner to sell its property at a deflated amount.

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clarisse wants to pick up her new air fryer at target. the air fryer had been out of stock, but customer service assured clarisse that she could pick it up on tuesday after 1 pm. what do target employees use to ensure the air fryer will be in stock at the store and ready for pick up?

Answers

Mobile Task Manager (MTM) is simply known to be well customize application or software. Target employees will make use of mobile task management technology to ensure the airfryer will be in stock at the store and ready for pick up.

The Mobile Task Manager is known to assist or helps engineers and property team members to manage service request and also work order and preventative maintenance tasks on the fly or easy way.

It is said to have new features to improve functionality and its use.

A project management software also as a mobile app helps one to view one's software from your mobile device from anywhere at any time.

The full question is below

Clarisse wants to pick up her new air fryer at target. the air fryer had been out of stock, but customer service assured clarisse that she could pick it up on tuesday after 1 pm. what do target employees use to ensure the air fryer will be in stock at the store and ready for pick up. What do Target employees use to ensure the airfryer will be in stock at the store and ready for pick up?

O product development software

O mobile task management technology O advanced shipping notices fulfillment centers

O routing systems

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what is the maximum number of characters allowed in the account number field?

Answers

Answer:

The following is a list of the maximum number of characters (letters, numbers and so on) that you can enter in the fields specified: Account Name: 31 Account Numbers: 7 Amount: 99,999,999.99 (Maximum number allowed)

Explanation:

In the _____ stage of the advertising development process, Fallon account managers and clients must set the campaign budget. Campaign budgets can range from a few thousand dollars for online advertising to a few million for a network television advertisement.

Answers

Answer:

Planning Phase

Explanation:

besides the u.s. dollar, what is the only major currency to feature bills all of the same size?

Answers

Answer:

Canadian dollar - Bills are often differentiated by size for the visually impaired. Larger denominations in Australia, for instance, are both taller and wider with strong contrasting colors. Euros also follow this logic, while larger notes – like the €200 and €500 – feature tactile marks too. The U.S. and Canadian dollars are currently the only major currencies with same-size notes. The Canadian dollar, however, features tactile marks on the upper righthand corner of bills, and the notes are also different colors to aid the visually impaired. While most other countries are ahead of the U.S. in making their currencies more accessible for the visually impaired, that may soon change with a new proposed $10 bill that would be the first U.S. dollar to feature tactile markings.

When Burger World considered adding Italian beef to its menu, the company made the sandwiches available in some of its more established markets to determine customer reactions. That process is called

Answers

This process that Burger World embarked on in order to test customer reactions is known as Test Marketing

Test Marketing:

Involves a limited release of a new product Is done to check how customers will react to the product

If customers like the product then the company will start producing it in a higher quantity because it means that the product will likely be successful.

In conclusion, Burger World was engaging in Test marketing.

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Goods that are excludable include both A. club goods and public goods. B. public goods and common resources. C. common resources and private goods. D. private goods and club goods.

Answers

The goods that are excludable are private goods and club goods. The correct answer to this question is option D.

The club goods are those goods that can be artificially scarce. These goods are non rival in nature but the excludability is quite high.

Private goods on the other hands are those goods that have their usage and consumption restricted to only one person or group.

Such goods can only be used by one party.

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A printer will produce 80 wedding invitations for $210. The price to produce 120 invitations is $290. The printer uses a linear function to determine the price for producing different amounts of invitations. How much will the printer charge to produce 60 invitations? $120. 00 $145. 00 $157. 50 $170. 0.

Answers

Answer:

120.00

Explanation:

The marginal product of labor is the
a. value marginal product of labor multiplied by the price of the good produced.
b. total output of labor divided by the quantity of labor used.
c. additional output resulting from employing one additional unit of labor.
d. same as the marginal revenue product of labor in price-taker markets.

Answers

i dont know sorry

Explanation:

how did the telecommunications act of 1996 change the media landscape?

Answers

It opened the way for the consolidation of media ownership

if you save $2 per day for a year how much will you have by the end of one year?​

Answers

Answer:

1 day = 2$

1 year = 365 days

365 x 2 = 730.

will have 730$ by the end of an year

Answer:

$730

Explanation:

Conduct a SWOT analysis between public and private universities of Bangladesh. Use the
internet to locate organizations charts for five different organizations. (or use the data from
the internet to draw the organization charts yourself.) look for similarities and differences
among them and try to account for what you find.

Answers

There are 53 public universities in Bangladesh, 97 private universities and 3 international universities. The organizational structure of these universities is functional, where resources are organized by departments.

They also have a linear, matrix, hybrid and project-based structure. The similarities between public and private universities are related to the functional structure.

Public universities are controlled by the government and are subsidized, while private universities are run by the private sector and all are affiliated with a commission created in accordance with the presidential order, called the University Grants Commission.

SWOT analysis is a tool that allows an organization to analyze the characteristics of its internal and external environment that impact its development.

In the micro environment, strengths can be related to the faculty, growth rates, student body and weaknesses therefore can be related to structure, centralized command and educational and institutional policies.

In the macro environment, opportunities may be related to foreign investment and educational development programs. On the other hand, threats related to social inequality, which prevent students from entering university, bureaucracy and insecurity.

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When determining a product mix where there is a constraint resource, a company should consider ________.

Answers

it is advisable that a company considers the contribution margin per unit of the constraint resource when determining the product mix.

The Product mix refers to the complete set of products offered by the firm.

The constrained resource means the resources that a firm have a limited amount of.

Therefore, it is advisable that a company considers the contribution margin per unit of the constraint resource when determining the product mix.

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under the indirect method, the operating activities section of the cash flow statement begins with net income.

Answers

It should be noted that under the indirect method, the operating activities section of the cash flow statement starts with net income, therefore, the statement is true.

The cash flow from operating activities is a vital benchmark to determine the financial success of a company.

In the indirect method of depicting cash flow from operating activities, it starts with a net income from the income statement which is then added to the non-cash items in order to arrive at a cash basis figure.

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suppose the government decides to intervene to bring the economy back to the natural level of output by using

Answers

Government are known to set u different policies to regulate the economy. Suppose the government decides to intervene to bring the economy back to the natural level of output by using Expansionary monetary policy.

Expansionary monetary policy is known to expand the money supply faster than normal or even lower short-term interest rates.

It is known to be set up by central banks and comes about through open market operations. etc

This monetary policy often increases the money supply in an economy.

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