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Help / Matching (Revenue & Expenses) - Timing Issues
Page: 1
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
During 1994, Jase Co. incurred research and development costs of $136,000 in its laboratories relating to a patent that was granted on July 1, 1994. Costs of registering the patent equaled $34,000. The patent's legal life is 17 years, and its estimated economic life is 10 years. In its December 31, 1994 balance sheet, what amount should Jase report as patent, net of accumulated amortization?
a. $32,300
b. $33,000
c. $161,500
d. $165,000
a. $32,300
b. $33,000
c. $161,500
d. $165,000
[quote] -- 8/28/06 05:24pm
Team Robot - Second Place
A special badge for the second-place winner of the amazing robots vs. monsters mixtape contest. Uncanny skills, precision mixing and laser vision truly makes them worthy of second. Robot rock.
awarded on 2006-10-18
level 23
162 posts
B
[quote] -- 8/28/06 05:26pm
The Shirt Badge
This badge is reserved for two super-special individuals who went out of the way to make MTC shirts for the creators. Massive brownie points.
awarded on 2006-07-01
level 15
17 posts
The answer is a A because the amount of amortization will be based off of the usefullness of the patent which spans 10 years. The value of the patent will depreciate at a rate of $3400 a year. At the end of a six month period the patent will have lost $1700 dollars making it's value $32,300. All that and an anthropology degree.
[quote] -- 8/28/06 10:10pm
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
...and direct help from me.
[quote] -- 8/28/06 10:11pm
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
Sun, Inc. is a wholly owned subsidiary of Patton, Inc. On June 1, 1993, Patton declared and paid a $1 per share cash dividend to stockholders of record on May 15, 1993. On May 1, 1993, Sun bought 10,000 shares of Pattons common stock for $700,000 on the open market, when the book value per share was $30. What amount of gain should Patton report from this transaction in its consolidated income statement for the year ended December 31, 1993?
a. $0
b. $390,000
c. $400,000
d. $410,000
a. $0
b. $390,000
c. $400,000
d. $410,000
[quote] -- 9/01/06 05:12pm
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
Wright Corp. has several subsidiaries that are included in its consolidated financial statements. In its December 31, 1992, trial balance, Wright had the following intercompany balances before eliminations:
Debit Credit
Current receivable due from Main Co. $ 32,000
Noncurrent receivable from Main 114,000
Cash advance to Corn Corp. 6,000
Cash advance to King Co. $ 15,000
Intercompany Payable to King 101,000
In its December 31, 1992, consolidated balance sheet, what amount should Wright report as intercompany receivables?
a. $152,000
b. $146,000
c. $36,000
d. $0
Debit Credit
Current receivable due from Main Co. $ 32,000
Noncurrent receivable from Main 114,000
Cash advance to Corn Corp. 6,000
Cash advance to King Co. $ 15,000
Intercompany Payable to King 101,000
In its December 31, 1992, consolidated balance sheet, what amount should Wright report as intercompany receivables?
a. $152,000
b. $146,000
c. $36,000
d. $0
[quote] -- 9/01/06 05:17pm
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
dang, that formatting didnt work right. under "debit credit" the first 3 lines are debits and the last 2 are debits.
[quote] -- 9/01/06 05:20pm
The Shirt Badge
This badge is reserved for two super-special individuals who went out of the way to make MTC shirts for the creators. Massive brownie points.
awarded on 2006-07-01
level 15
17 posts
Patten should post A. 0 becuase the company was basically buying the stock from itself so no money was made or lost.
[quote] -- 9/02/06 11:07am
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
Correct, sir. nice job.
[quote] -- 9/02/06 11:20am
The Badge of Mystery
Huh?!? Where did this come from?
awarded on 2008-08-14
level 26
554 posts
This thread should die. Me + Numbers = NOFUN.
[quote] -- 9/04/06 11:10pm
The Badge of Mystery
Huh?!? Where did this come from?
awarded on 2008-08-14
level 26
554 posts
And by that I mean, good luck in your CPAing endeavors, booty.
[quote] -- 9/04/06 11:11pm
The MLK Badge
Because Civil Rights rock (and roll).
awarded on 2009-03-07
level 27
174 posts
GAAAAAAAAAH flashbacks to Accounting class... yesterday morning.
[quote] -- 9/27/06 07:46pm
The Valentine's Day 2007 Badge
Happy Valentine's day from the MTC staff. We really love you guys. That said, put your pants on and get out before we call the cops.
awarded on 2007-02-14
level 18
55 posts
this is why galaxiepi and i will never be rich. (although we're immensely richer than most of the world)
[quote] -- 9/28/06 02:42pm
The MLK Badge
Because Civil Rights rock (and roll).
awarded on 2009-03-07
level 27
174 posts
This thread has killed the "Help" forum
[quote] -- 10/03/06 10:22pm
The Level 21 Badge
You're finally legal! Huzzah! We all know you've been boozing since you were 13, but don't worry, we'll keep quiet.
Now, get off the damn computer and go hit up the bars.
Now, get off the damn computer and go hit up the bars.
awarded on 2007-06-23
level 28
176 posts
i'll take that as a compliment and get back to searching for unrecorded liabilities.
[quote] -- 10/05/06 10:19pm
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