Janes Company provided the following information on intangible assets: A patent was purchased from the Lou Company for $1,100,000 on January 1, 2019. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou’s accounting records at a net book value of $430,000 when Lou sold it to Janes. During 2021, a franchise was purchased from the Rink Company for $580,000. The contractual life of the franchise is 10 years and Janes records a full year of amortization in the year of purchase. Janes incurred research and development costs in 2021 as follows:Materials and supplies $ 148,000 Personnel 188,000 Indirect costs 68,000 Total $ 404,000 Effective January 1, 2018, based on new events that have occurred, Janes estimates that the remaining life of the patent purchased from Lou is only five more years. Required:1. Prepare the entries necessary for years 2016 through 2018 to reflect the above information.2. Prepare a schedule showing the intangible asset section of Janes’s December 31, 2018, balance sheet.

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.

Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.