During the period from 2013 to the end of 2014, Excellence, Inc spent $90,000 on research and development for an invention that was patented on January 1, 2015. Excellence estimated that the patented invention would be useful in its production for 10 years. At the beginning of 2017, Excellence paid $16,000 in legal fees in a successful defense of the patent. What is Excellence's patent
amortization expense for 2017?
A) $25,000
B) $11,000
C) $10,600
D) $2,000
D
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A drawback to applying actual overhead to production is the delay in assigning costs to jobs or products
Indicate whether the statement is true or false
Which of the following is true of corporate bylaws?
A) They only contain rules on how the corporation can deal with the government. B) They are only adopted by the shareholders of the corporation. C) They are not binding on the directors, or shareholders of the corporation. D) They do not have to be filed with any government official.
Miranda, who works in the marketing department at a consumer electronics firm, is part of a team assigned to develop an advertising campaign for the firm's newest electronic product. Miranda and her team have decided that they will take out advertisements in certain magazines that best reach their target market. Miranda will also advertise heavily on the firm's website and social media pages. Finally, they agree that they should take out 30-second television advertisements that will run for two weeks on a pulsing schedule. At what stage are Miranda and her team in the development of the advertising campaign?
A. Creating the advertising platform B. Defining the advertising objectives C. Determining the advertising appropriation D. Developing the media plan E. Creating the advertising message
Eastview Company uses a periodic LIFO inventory system, and has the following purchases and sales: January 1150 units were purchased at $9 per unit.January 17120 units were sold.January 20160 units were purchased at $11 per unit.January 29150 units were sold. What is the value of cost of goods sold?
A. $380. B. $2,670. C. $2,750. D. $2,730. E. $440.