In Year 1, Hinkle Corporation Co. acquired a patent from a competitor for $275,000. At the time of purchase, it had 12 years of its legal life remaining; however, due to competition, Hinkle believes that the patent will only be useful for 8 years. Required:Prepare the general journal entry to recognize amortization expense for Year 1.
What will be an ideal response?
| Amortization expense | 34,375 | ? |
| Patent | ? | 34,375 |
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Asset turnover represents
a. The ability of the firm to generate income from operations for a particular level of sales. b. The ability to generate sales from a particular investment in assets. c. The ability to manage the level of investment in assets for a particular level of assets. d. The number of days, on average, it takes management to turnover assets.
The Discount on Bonds Payable account is:
a. an adjunct-liability account. b. a contra-liability account. c. a contra-asset account. d. an income statement account. e. a retained earnings statement account.
Which of the following is not associated with a knowledge-intensive economy:
a. service employment b. post-industrialism c. upskilling d. routine work
Which of the following statements is true?
A) A computer program can be copyrighted in Canada. B) A computer program cannot be copyrighted in Canada. C) A computer program can be copyrighted in Canada, but not its "interface". D) An icon – a distinctive graphic image – in a program can itself be copyrighted. E) Both A and D