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Unformatted text preview: 11. D. Research and development costs are not expensed when incurred, except when the research and development expenditures result in a successful patent. 12. B. 35000 of legal fees to defend the patent. 13. C. Totals of major classes of assets can be shown in the balance sheet, with asset details disclosed in the notes to the financial statements. 14. C. 180000/250000= .72 15. A. 35000+10000= 45000 16. D. In exchanges of assets in which the exchange has commercial substance both gains and losses are recognized immediately....
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This note was uploaded on 04/06/2011 for the course ACCT 11 taught by Professor Abatemarco during the Spring '11 term at Long Island U..
- Spring '11