Question
You have been assigned to examine the financial statements of Mari, Inc. for the year ended December 31, 2023. You discover the following situations in
You have been assigned to examine the financial statements of Mari, Inc. for the year ended December 31, 2023. You discover the following situations in February 2024.
A trademark was acquired January 2, 2022 for $40,000. No amortization has been recorded since its acquisition. The maximum allowable amortization period is 10 years.
Instructions
- Assume the trial balance has been prepared but the books HAVE NOT been closed for 2023. Assuming all amounts are material, prepare journal entries showing the adjustments that are required. (Ignore income tax considerations).
- Assume the trial balance has been prepared but the books HAVE been closed for 2023. Assuming all amounts are material, prepare journal entries showing the adjustments that are required. (Ignore income tax considerations).
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The Partnership And Alliances Audit
Authors: David Connell, Peter J. LaPlaca, Kenneth Wexler
1st Edition
1907766065, 978-1907766060
