These are selected 2022 transactions for flounder corporation: jan. 1 purchased a copyright for $96,000. the copyright has a useful life of 6 years and a remaining legal life of 30 years. mar. 1 purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $39,000. sept. 1 purchased a small company and recorded goodwill of $126,000. its useful life is indefinite.
prepare all adjusting entries at december 31 to record amortization required by the events.
(credit account titles are autom entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the
date account titles and explanation debit credit
dec. 31 |amortization expense 16000
16000
(to record amortization of copyrights)
dec. 31 amortization expense
(to record amortization of patents)
dec. 31 (to record amortization of goodwill)

Salty sensations snacks company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. the company has budgeted the following costs for the upcoming period: 1 factory depreciation $33,782.00 2 indirect labor 84,456.00 3 factory electricity 8,446.00 4 indirect materials 40,356.00 5 selling expenses 26,900.00 6 administrative expenses 17,200.00 7 total costs $211,140.00 factory overhead is allocated to the three products on the basis of processing hours. the products had the following production budget and processing hours per case: budgeted volume (cases) processing hours per case tortilla chips 3,600 0.25 potato chips 5,300 0.11 pretzels 2,300 0.49 total 11,200 required: a. determine the single plantwide factory overhead rate.* b. use the factory overhead rate in (a) to determine the amount of total and per-case factory overhead allocated to each of the three products under generally accepted accounting principles. refer to the amount descriptions list provided for the exact wording of the answer choices for text entries.* * if required, round your answers to the nearest cen

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

Frolic corporation has budgeted sales and production over the next quarter as follows. the company has 4100 units of product on hand at july 1. 10% of the next months sales in units should be on hand at the end of each month. october sales are expected to be 72000 units. budgeted sales for september would be: july august september sales in units 41,500 53,500 ? production in units 45,700 53,800 58,150