subject
Business, 10.12.2021 20:30 azaz1819

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:September 30 through December 31, 2021$2,200,000January 1 through February 28, 2022 800,000March 1 through April 30, 2022 400,000Athens expects a useful life of four years for the software and total revenues of $5,000,000 during that time. During 2022, revenue of $1,000,000 was recognized. Required:Prepare a journal entry in each year to record development costs for 2021 and 2022.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 07:00
Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.
Answers: 1
question
Business, 22.06.2019 08:30
Blank is the internal operation that arranges information resources to support business performance and outcomes
Answers: 2
question
Business, 22.06.2019 11:30
10.     lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal. student d   incorrect
Answers: 2
question
Business, 22.06.2019 14:20
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
Answers: 3
You know the right answer?
On September 30, 2021, Athens Software began developing a software program to shield personal comput...
Questions
question
English, 01.04.2021 01:00
question
Physics, 01.04.2021 01:00
question
Computers and Technology, 01.04.2021 01:00
question
Mathematics, 01.04.2021 01:00
question
Mathematics, 01.04.2021 01:00
question
Mathematics, 01.04.2021 01:00
question
Social Studies, 01.04.2021 01:00
Questions on the website: 13722361