Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 10.00

rapid turnover

P9-8B Due to rapid turnover in the accounting department, a number of transactions involving
intangible assets were improperly recorded by Wasp Company in 2011.    
                 
1. Wasp developed a new manufacturing process, incurring research and development costs of
$110,000.The company also purchased a patent for $50,000. In early January,Wasp capitalized
$160,000 as the cost of the patents. Patent amortization expense of $8,000 was recorded based
on a 20-year useful life.            
                 
2. On July 1, 2011, Wasp purchased a small company and as a result acquired goodwill of
$200,000.Wasp recorded a half-year’s amortization in 2011, based on a 50-year life ($2,000
amortization).The goodwill has an indefinite life.        
                 
Instructions              
Prepare all journal entries necessary to correct any errors made during 2011. Assume the books
have not yet been closed for 2011.          
   

 

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 12:08 AM My Price 10.00

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