The Perma Company spent $300,000 on research and development during Year 8 to generate new product lines. One of the three projects looks like it will ultimately be technologically feasible while the other two projects resulted in unsuccessful efforts. For the project which may become technologically feasible, a total of $125,000 was incurred during Year 8 . Under U. S. GAAP, how much of the
$300,000 should be recognized as an expense in Year 8?
a. $300,000
b. $225,000
c. $175,000
d. $50,000
e. $0
A
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The introduction of a business report should
A) discuss your conclusions or recommendations. B) include all of your information sources. C) carry the full weight of your message. D) help readers understand the context of the report. E) propose a solution.
Summarizing is the act of estimating a population fact from a sample finding
Indicate whether the statement is true or false
Prepare the statement of partner's equity for the year ending December 31, 2020.
A partnership began on January 1, 2020, with two partners Kelly Simmons and Dawn Jones. The partnership is called Simmons and Jones Partnership. Kelly contributed $40,000 cash and Dawn contributed equipment with a fair market value of $70,000. The partners share profits and losses 50:50. Partners' withdrawals were $10,000 by Kelly and $5,000 by Dawn. Net income for 2020 was $60,000.
Which of the following conditions is not a requirement by the SEC for the recognition of revenue?
a. Delivery has occurred or services have been rendered. b. Collectability is reasonably certain. c. A written agreement has been signed. d. The seller's price to the buyer is fixed or determinable.