P10-4 the horstmeyer corporation commenced operations early in 2021. a number of expenditures were made during 2021 that were debited to one account called intangible asset. a recap of the $144,000 balance in this account at the end of 2021 is as follows: date transaction amount february 3 state incorporation fees and legal costs related to organizing the corporation $ 7,000 march 1 fire insurance premium for three-year period 6,000 march 15 purchased a copyright 20,000 april 30 research and development costs 40,000 june 15 legal fees for filing a patent on a new product resulting from an r& d project 3,000 september 30 legal fee for successful defense of patent developed above 12,000 october 13 entered into a 10-year franchise agreement with franchisor 40,000 various advertising costs 16,000 total $144,000 required: prepare the necessary journal entry to clear the intangible asset account and to set up account

How does knowing about supply and demand

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.

Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?