Accounting Amortization Schedule And Journal Entry Homework Help
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1. A patent is purchased for $40,000 by a company that estimates that the patent has a useful life of 5 years. Because the majority of intangibles are amortized on a straight-line basis, the company decides to amortize the $40,000 patent over a five year period on a straight-line basis. I know that on a straight-line basis, periodic amortization amounts to $8,000 (i.e. $40,000/5). My question is, ifthat same patent was estimated to have a useful life of 5 years, but was actually outdated by 3 years how would the company account for this error by way of a journal entry?
2. Given the following data, prepare an amortization schedule (use the straight line method). 1/1/10 – issued $800,000, 9%, 3 year bonds, interest paid annually on 12/31 to yield 8%.
3. I recall hearing people say that you make a purchase and pay off this purchase. What I am wondering is if I am supposed to pay it off during the first statement or second statement. Say, for instance, I purchase something for $50 on November 2. The billing cycle is on every first of the month and therefore, the $50 will be charged for the month ending on December 1. Do I pay this off on December 1, or the next billing cycle ending on January 1? My ultimate goal is to avoid as much interest as possible and to build credit. Is keeping accounts at $0 owed, while actually making purchases and paying them completely off monthly, by any means bad for credit? My apologies for the naive questions. A sibling added me as an authorized user for multiple cards and told me to build my credit and am wondering how to approach it correctly.
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4. Speed World Cycles sells high-performance motorcycles and Motocross racers. One of the Speed World’s most popular models is the Kazomomma 900 dirt bike. During the current year, Speed World purchased eight of these cycles at the following costs: Purchase date July 1 July 22 Aug 3 Units Purchased 2 3 3 8 Unit Cost 4,950 5,000 5,100 Total Cost 9,900 15,000 15,300 40,200 **(It wouldn’t show the table for these things so I had to list them this way but assume they line up with one another in a table; such as July 1 had 2 units purchased at a unit cost of 4,950 making it a total cost of 9,900) On July 28th, Speed World sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes reained in inventory at September 30, the end of Speed World’s fiscal year.
5. Which of the following statements regarding the recording of interest on notes receivable is true? Interest on notes receivable is recorded as revenue only when the cash is received. When a company receives an interest payment on a note, the entire payment is recorded as revenue when received. Interest on notes receivable is recognized when it is earned which is not necessarily when the interest is received in cash. Interest earned but not yet received must be recorded in an adjusting entry which includes a debit to interest revenue.
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