Wriglee, Inc. went to court this year and successfully defended its patent from infringe-ment by a competitor. The cost of this defense should be charged to
a. patents and amortized over the legal life of the patent.
b. legal fees and amortized over 5 years or less.
c. expenses of the period.
d. patents and amortized over the remaining useful life of the patent.
Answer: d. patents and amortized over the remaining useful life of the patent.
Business
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If fixed costs decrease, but variable cost and price remain the same, the break-even point:
A) decreases. B) increases. C) remains the same. D) may increase or decrease depending on sales.
Business
If a partnership is formed without an agreement, the partnership is automatically subject to the:
A) Certification of Incorporation laws. B) Uniform Partnership Act. C) Limited Liability Company Act. D) Revised Uniform Limited Partnership Act.
Business