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Question
intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.
Answer
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Below is a series of cost of goods sold sections for Mikey Inc., Nancie Co., and Oscar Inc.InstructionsFill in the lettered blanks to complete the cost of goods sold sections.
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the difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a.market value of the asset b.blue book value of the asset c.book value of the asset d.depreciated difference of the asset
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which of the following errors, each considered individually, would cause the trial balance to be out of balance? a.a payment of $148 to a creditor was posted as a debit to accounts payable and a debit of $148 to cash. b.cash of $530 received from a customer on account was posted as a debit of $350 to cash and as a credit of $350 to accounts payable. c.a payment of $59 for supplies was posted as a debit of $95 to supplies and a credit of $95 to cash. d.a transaction was not posted.
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The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
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On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.Instructions:(a) Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 2 of the next year.