Business High School

The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here.
Patents ($71,800 cost less $7,180 amortization) $63,400
Copyrights ($50,500 cost less $39,400 amortization) 11,100
Total $74,500
The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.
Jan. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by another company.
Jan.- June Paid $43,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October.
Sept. 1 Paid $43,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October.
Oct. 1 Acquired a copyright for $257,000. The copyright has a useful life and legal life of 50 years.
Prepare journal entries to record the 2023 amortization expense for intangible assets.

Answers

Answer 1

Answer:

Journal entries to record the 2023 amortization expense for intangible assets.

Date        Accounts Titles and Explanation       Debit       Credit

Dec 31     Amortization Expense—Patents         $14,180

              ($71,800*1/10 + $45,000 * 1/9

                + $40,000*1/10*6/12)

                           Patents                                                       $14,180  

               (To record amortization of patents)    

Dec 31     Amortization Expense - Copyrights    $6,335

               ($50,500*1/10 + $257,000*1/50*3/12)

                         Copyright                                                       $6,335

               (To record amortization of copyrights)

Related Questions

does anybody know how to make a legit website from scratch and for free?
if you have a business and have made a website using a free online web builder let me know what site you used and some tips.
- thanks

Answers

Answer:

Wix

Explanation:

I once made a website for free on Wix. However, the url was long and was the email that I used. If you do use wix, create an email with what you want your email to be. I hope this helps you out.

The following information is available for Cheyenne Corp..
2022 2021
Current assets $ 56,880 $ 39,625
Total assets 242,000 207,000
Current liabilities 23,700 31,700
Total liabilities 70,180 84,870
Net income 81,700 51,615
Net cash provided by operating activities 91,700 57,700
Preferred dividends 9,705 9,705
Common dividends 4,700 3,200
Expenditures on property, plant, and equipment 28,700 13,700
Common shares outstanding at beginning of year42,000 31,700
Common shares outstanding at end of year 77,000 44,500
(a) Compute earnings per share for 2022 and 2021 for Cheyenne. (Round Earnings per share to 2 decimal places, e.g. $2.78.) 2022 2021
Earnings per share
$enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places
(b) Compute the current ratio and debt to assets ratio for each year. (Round ratio answers to 2 decimal places, e.g. 15.25 and percentage answers to 0 decimalplaces, e.g. 15%.)
2022 2021
Current ratio
enter current ratio rounded to 2 decimal places :1 enter current ratio rounded to 2 decimal places :1
Debt to assets ratio
enter percentages rounded to 2 decimal places % enter percentages rounded to 2 decimal places %
(c) Compute free cash flow for each year.
2022 2021
Free cash flow
$enter a dollar amount $enter a dollar amount

Answers

Answer:

(a) Earnings per share for 2022 and 2021 for Cheyenne are as follows:

Earnings per share for 2002 = $1.21

Earnings per share for 2001 = $1.10

(b) The current ratio and debt to assets ratio for each year are as follows:

Current ratio for 2002 = 2.40

Current ratio for 2001 = 1.25

Debt to assets ratio for 2002 = 29%

Debt to assets ratio for 2001 = 41%

(c) Free cash flow for each year are as follows:

Free cash flow for 2002 = $63,000

Free cash flow for 2001 = $44,000

Explanation:

(a) Compute earnings per share for 2022 and 2021 for Cheyenne. (Round Earnings per share to 2 decimal places, e.g. $2.78.)

These can be calculated using the following formula:

Earnings per share = (Net income - Preferred dividends) / Average shares outstanding ..................... (1)

Where;

Average common shares outstanding = (Common shares outstanding at beginning of year + Common shares outstanding at end of year) / 2

Using equation (1), we have:

Earnings per share for 2002 = (81,700 - 9,705) / ((42,000 + 77,000) / 2) = $1.21

Earnings per share for 2001 = (51,615 - 9,705) / ((31,700 + 44,500) / 2) = $1.10

(b) Compute the current ratio and debt to assets ratio for each year. (Round ratio answers to 2 decimal places, e.g. 15.25 and percentage answers to 0 decimal places, e.g. 15%.)

These can be calculated using the following formula:

Current ratio = Current assets / Current liabilities ................... (2)

Debt to assets ratio = (Total liabilities / Total assets) * 100 .............. (3)

Using equation (2), we have:

Current ratio for 2002 = 56,880 / 23,700 = 2.40

Current ratio for 2001 = 39,625 / 31,700 = 1.25

Using equation (3), we have:

Debt to assets ratio for 2002 = (70,180 / 242,000) * 100 = 29%

Debt to assets ratio for 2001 = (84,870 / 207,000) * 100 = 41%

(c) Compute free cash flow for each year.

These can be calculated using the following formula:

Free cash flow = Net cash provided by operating activities - Expenditures on property, plant, and equipment .................(4)

Using equation (4), we have:

Free cash flow for 2002 = $91,700 - $28,700 = $63,000

Free cash flow for 2001 = $57,700 - $13,700 = $44,000

discuss four circumstances under which state control of private business are justified​

Answers

To prove this, let the reader examine almost any of the new or recently re- ... power in the state to control and regulate private property and private ... were neither numerous, nor, under the circumstances of the country ...
Other Questions
Select ALL the options that have the same value as 3 1/2% of 20. Antibodies, certain hormones, and hemoglobin are all: b. How would you characterize the size of the French claim? Which three professionals are demonstrating that they are a responsible leader? Sara accepts that she is answerable for the increase in safety incidents in her department. Ray arranges for a training on soft skills for the staff. Sean likes to watch his staff closely as he thinks they may do something wrong. Jade ensures that everyone gets the night shift in rotation. Warren withholds important information from his team so his team can never do without him. The arts did not become important during the Middle Kingdom, as pharaohs did not orderthe building of new temples, tombs, and other structures.TrueoFalse An area of a country that is inland is called the: I really need help, please James used the airport people-mover to get between terminals. He moved 6600 feet in 2 minutes. After 3 minutes, he had moved 9900 feet. The unit rate is measured in feet per minute. What is the constant of proportionality? O A. 1100 O B. 6600 O C. 3300 O D. 2200 HINT SUBMIT What is the 100th term of the sequence if the first term is 5and the common difference is 2? What is the difference between tone and mood? Please help no one has answered this I really do appreciate answers! Considerando que cada semana se van acumulando los amigos de la semana anterior. Cuntos amigos se fueron uniendo por semana ? Suponiendo que cada semana fueran nuevos amigos cuntos tendra en total? En este mismo supuesto En qu semana alcanzara ms de la mitad de Seguidores que acumulo en las doce semanas? PLEASE SOME HELP ASAP!!!!!What are the caracters in the story looking forA.)a dead pet birdB.)a motive for the crimeC.)a weapon used to killD.) a quilt Mrs. Wright made m < JH I= (2x+7) and m what is (3+7)x 6+4 using pemdas A ticket for the spring musical is $4.50. Which table show the relationship between the number of tickets purchased and the total price paid? how can we build up strong analytical skill discuss Three customers have accounts owing money. The table shows the account balances.Which customer owes the least amount of money? (Side note I feel like if I choose Jordan Im gonna get it wrong) HOW WOULD LIFE LOOK LIKE WHEN WE ACCEPT EACH OTHER?please no google answers or stupid answers I want expert answer Astrology is pseudoscience. What can you conclude about the claims made by astrology? A. They are based on logical reasoning B. They are based on unscientific methods. C. They are based on critical thinking, D. They are based on repeated evaluation.