![Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a software](http://img.homeworklib.com/questions/9356e0a0-2313-11ea-bfdb-836e480d36c1.png?x-oss-process=image/resize,w_560)
Homework Answers
SOLUTION
| Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| 2021 | Research and development expense | 2,310,000 | |
| Cash | 2,310,000 | ||
| (To record the expenses incurred on research and development) | |||
| 2022 | Research and development expense | 910,000 | |
| Software and development expense | 510,000 | ||
| Cash | 1,420,000 | ||
| (To record the software development costs incurred) |
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Exercise 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021. Athens Software began developing a sof...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022 Development costs were incurred as follows: $2,310,000 910,000 510,000 September 30 through Deccember 31, 2021 January 1 through February 28, 2022. March 1 through April 30, 2022 Athens expects a useful life of five years...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,370,000 970,000 570,000 Athens expects a useful life of four years for...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to...
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Exercise 10-26 (Algo) Research and development (LO10-8] In 2021. Space Technology Company modified its model Z2...
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Brief Exercise 10-19 (Algo) Software development costs; cloud computing arrangements [LO10-8] Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $60,000 to Accurite immediately, and in return. Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time. Garrett Corporation can freely remove its records and...
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Exercise 2-8 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
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Exercise 2-8 (Algo) Adjusting entries (LO2-6) The following transactions occurred during December 31, 2021, for the...
Exercise 2-8 (Algo) Adjusting entries (LO2-6) The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
Exerclse 10-32 (Algo) Software development costs [LO10-8] On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022 Development costs were incurred as follows: $2,310,000 910,000 510,000 September 30 through Deccember 31, 2021 January 1 through February 28, 2022. March 1 through April 30, 2022 Athens expects a useful life of five years...
Exercise 10-32 Software development costs [LO10-8) On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,370,000 970,000 570,000 Athens expects a useful life of four years for...
Check my work 17 On September 30, 2018, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2019, and the program was available for release on April 30, 2019. Development costs were incurred as follows: 10 points September 30 through December 31, 2018 January 1 through February 28, 2019 March 1 through April 30, 2019 $2,310,000 910,000 510,000 00:5307 eBook Athens expects a useful life of five...
Exercise 10-26 (Algo) Research and development (LO10-8] In 2021. Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent Total $2,200,000 720,000 340,000 64,000 240,000 44,000...
Brief Exercise 10-19 (Algo) Software development costs; cloud computing arrangements [LO10-8] Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $60,000 to Accurite immediately, and in return. Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time. Garrett Corporation can freely remove its records and...
Cupola Fan Corporation issued 8%, $410,000, 10-year bonds for $394,000 on June 30, 2021. Debt issue costs were $1,600. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2022), the corporation exercised its call privilege and retired the bonds for $405,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs. Required: 1. to 4. Prepare the journal entry to record the issuance of...
Exercise 2-8 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
Saved Help Save & Exit Submit Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project (LO6-9) On February 1, 2021, Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8,390,000. During 2021, costs of $2.130,000 were incurred with estimated costs of $4,130,000 yet to be incurred. Billings of $2,630,000 were sent, and cash collected was $2,380,000. In 2022, costs incurred were $2,630,000 with remaining costs estimated...
Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September 2021 through March 2022. Grossman's fiscal year ends on December 31. 2021: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $9,700,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $7,700,000 cash and issued a 5-month promissory note with 12% Interest payable at...
Exercise 2-8 (Algo) Adjusting entries (LO2-6) The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
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