revenue
Q: issued cheque no 4026 for 5400 to this supplier for the invoice at the time of purchase
A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…
Q: Match each of the following cost items with the value chain business function where you would expect…
A: Expenses incurred directly for manufacturing is related to production. Any expenses incurred for…
Q: Emperor Pool Services provides pool cleaning and maintenance services to residential clients. It…
A: The journal entries are prepared to record the transactions of business on regular basis. The…
Q: Techno Ltd manufactures components for laptop computers. One of its top selling products is the new…
A: Target costing: In Simple sense, In Target costing, we first determine what price we think the…
Q: The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent…
A: Answer - Adjusting entries are required at the end of each accounting period to properly account…
Q: excess business loss
A: An excess business loss is the sum by which total deductions from your businesses or trades are more…
Q: Can you do the part D
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: a. Should labor variances be based on the planned volume of 8,700 dolls or the actual volume of…
A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…
Q: Finch Construction Company is a building contractor specializing in small commercial buildings. The…
A: Job costing is a type of accounting which tracks the revenue and cost of each job in order to…
Q: Campbell Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a…
A: Sales budgets helps in determining the volume of sales that shall be projected to happen in the…
Q: At the end of September 2005, Burgess Ltd. Had a bank balance of $275,000. Cash budgeting is…
A: A cash budget is an important aspect of a company’s master budget. Cash budget shows all budgeted…
Q: Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following…
A: Requirement:-1 Calculation of ending finished goods inventory budget for Play-Disc for the coming…
Q: b. Direct-laborers worked 56,000 hours at a rate of $16.00 per hour. c. Total variable manufacturing…
A: Variable overhead rate variance is based on standard rate of Variable overhead and Actual Rate of…
Q: Preble Company manufactures one product manufacturing overhead is applied to production based on…
A: Flexible budget as name suggests is flexible and is prepared for the actual units and hence…
Q: Using an 6 percent interest rate, the present value of the lease payments is $1,950,423. The first…
A: Given information: Interest rate = 6% present value of the lease payments is $1,950,423 Lease…
Q: Required: Prepare a Statement of Cash flows from the relevant information provided
A: In the given question it has been asked to prepare cash flow statement of the classic collectors for…
Q: Required: 1. Compute the plantwide overhead rate using direct labor hours as the allocation base. 2.…
A: Solution:- 1)Computation of the plantwide overhead rate using direct labor hours as the allocation…
Q: On June 30 of the current tax year, Sal sells her 40% interest in the STU Partnership to new partner…
A: Partnership is a form of business where two or more people share ownership as well the…
Q: The Gourmand Cooking School runs short cooking courses at its small campus. Management has…
A: The income and variable costs in the planning budget must be changed to reflect what is anticipated…
Q: The inventory of Royal Decking consisted of five products. Information about ending inventory is as…
A: NRV is also written as net realizable value which is calculated by deducting the sales commission…
Q: Kaplan, Inc. produces flash drives for computers, which it sells for $20 each. The variable cost to…
A: Breakeven level of sales is the level of sales where net income/ net profit will be nil. It can be…
Q: The following information relates to a joint production process for three products, with a total…
A: A split-off point seems to be a point in a manufacturing process where jointly made items are now…
Q: Suppose an individual makes an initial investment of $1,400 in an account that earns 7.0%,…
A: Future value refers to the value of the current asset at some future date due to the following…
Q: Lindsey Vater's weekly gross earnings for the week ended March 9 were $3,950, and her federal Income…
A: The net pay is the calculation of the deduction of expenses allowed to be deducted by the company…
Q: Question Content Area Amortize discount by interest method On the first day of its fiscal year,…
A: Bonds are fixed income earning instruments where the investor lends money to the company in exchange…
Q: The shareholders equity section of Batangas Corporation Statement of Financial Position at the end…
A: Issued shares are those shares which are sold or held by any shareholders irrespective of whether…
Q: what is the effective interest rate on a 3-month noninterest-bearing note with a stated value of…
A: An effective interest rate is a real rate of return on an investment which pays a fixed income over…
Q: Years Budgeted unit sales Stock at the end Total needs 2023 4000 1000 5000 Stock at the beginning…
A: Direct Labor Budget is prepared to determine the cost that will be incurred to produce the required…
Q: Prepare journal entries to record the following under (a) the direct write-off method and (b) the…
A: JOURNAL ENTRIES Journal entries is the process of recording all Financial & Non Financial…
Q: Benton Company's sales budget shows the following expected total sales: Month Sales January $17,000…
A: Cash Budget : Cash Budget is prepared to analyze the cash transaction or cash flow of the business.…
Q: Credit card discounts are deducted from gross sales to calculate net sales revenue. False True
A: Discount is the amount which is deducted from the price of goods to arrive at the net amount paid by…
Q: Required: a. At what price should the builder sell the properties to earn, in effect, the market…
A: Loan is the amount of money borrowed by a party from a bank or financial institution with a promise…
Q: Assumed Mr. A turned 70 on March 15, 2022. Please calculate Mr. A’s maximum CPP contribution limit…
A: The typical age to take your CPP benefits is at 65, but you can take your retirement pension as…
Q: Adams Company reports the following balance sheet accounts as of December 31 Salaries payable…
A: Balance sheet is the financial statement which is prepared in order to indicate the financial…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: Apr 3 Inventory 21…
A: A perpetual inventory system seems to be a system that assesses your inventory on a constant basis…
Q: Harpo Limited has traded for a number of years. financial statement of the company is as follows:…
A: The cash flow produced by a company's regular operations is known as operating cash flow. Using the…
Q: What are the stages in the life cycle of a long-term operational asset?
A: An asset can be defined as an item, thing, or entity that has the potential to give actual value to…
Q: The spending variance for "Other Expenses" for March would have been closest to?
A: Lets understand the basics. Spending variance is a variance between the expenses budgeted against…
Q: What would be the excel formula for "Cash received from sale of equipment?" I know it is $10,000,…
A: The cash flow statement provides a picture of how a business is operating, where its funds are…
Q: Below were selected transactions of FDNACCT Services during the month of September: • Received…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: Why might one firm have positive cash flows and be headed for financial trouble, whereas another…
A: One firm might have positive cash flows and be headed for financial trouble if it is not generating…
Q: Provide 3 examples of accumulated comprehensive income and their components.
A: The components of accumulated comprehensive income are net income, other comprehensive income, and…
Q: Following is selected financial information from General Mills, Inc., for its fiscal year ended May…
A: An income statement is a financial statement that shows a company's income and expenses. It also…
Q: If the bank experience a $50,000 sudden liquidity drain, what will be the impact on the bank’s…
A: The capacity of a corporation to convert assets into cash or to get some money—through a loan or…
Q: e on April 1 of the current fiscal year, which ends on December 31. When required, round your…
A: Answer :Depreciation expenses = (Equipment cost - Residual value) / Useful life Depreciation…
Q: s per unit of output able overhead rate pertain to operations for the last month: 8.8 hours $ 15.20…
A: Variable overhead efficiency variance measures the difference in Actual variable overhead costs…
Q: Required information [The following information applies to the questions displayed below.] Wardell…
A: Journal entry is the procedure for initially documenting commercial transactions in the books of…
Q: Suppose a firm has had the following historic sales figures. Year: 2009 2010 2011 2012 2013 Sales…
A:
Q: amarack Company purchased a plant from one of its suppliers. The $1,000,000 purchase price included…
A: Introduction:- Cost of fixed assets includes purchase price and any other costs incurred to bring…
Q: What was the issue price per share of ordinary shares?
A: The ordinary share is a share whose shareholders are known as the company's real owners. These…
Step by step
Solved in 2 steps
- On January 1, 2021, Entity A granted a franchise to Entity B involving a food stall. The franchise agreement requires Entity B to pay nonrefundable initial franchise fee amounting to P1,000,000 within ten days from the signing of document evidencing the franchise agreement. Moreover, the franchise agreement requires Entity B to pay contingent franchise fee equivalent to 10% of its sales revenue to Entity A. Entity B paid the initial franchise fee on January 10, 2021. In relation to initial franchise fee, Entity A is required to render the following separate and distinct performance obligations: a. To construct the food stall of Entity B which has stand-alone selling price of P500,000. b. To allow Entity B to use its registered trademark and tradename for a period of 20 years starting January 1, 2021 which has stand-alone selling price of P200,000. c. To supply 5,000 units of raw materials to Entity B which has stand-alone selling price of P300,000. On June 30, 2021, Entity A completed…On December 31, 2018, Turks Company signed an agreement to operate as franchisee of Wendy's for a franchise fee of P80,000. Of this amount, P30,000 was paid upon signing of the agreement and the balance is payable in five annual payments of P10,000 each beginning December 31, 2019. The present value of the five payment, at an appropriate rate of interest, is P56,000 at December 31, 2018. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The collection of note receivable is reasonably certain. Wendy's Company should report unearned revenue from franchise fee in its December 31, 2019 balance sheet at: Select the correct response: P80,000 P66,000 P30,000A Franchisor entered into a franchise agreement with B, franchisee, on March 31, 2021. The total franchise fee is P500,000, of which P100,000 is payable upon signing and the balance in four equal annual installments. The down payment is refundable in the event the franchisor fails to render services and none thus far had been rendered. When B's prepares its financial statements on March 31, 2021, the franchise fee revenue to be reported is?
- On January 1, 2018, an entity granted a franchise to a franchisee. The franchise agreement required the franchisee to pay a nonrefundable upfront fee in the amount of P800,000 and on-going payment of royalties equivalent to 5% of the sales of the franchisee. The franchisee paid the nonrefundable upfront fee on January 1, 2018. In relation to the nonrefundable upfront fee, the franchise agreement required the entity to render the following performance obligations: · To construct the franchisee’s stall with stand-alone selling price of P400,000. · To deliver 20,000 units of raw materials to the franchisee with stand-alone selling price of P500,000. · To allow the franchisee to use the entity tradename for a period of 10 years starting January 1, 2018 with stand-alone selling price of P100,000. On June 30, 2018, the entity completed the construction of the franchisee’s stall. On December 31, 2018, the entity was able to deliver 6,000 units of raw…On January 1, 2022, ABC Company granted a franchise to a franchisee. The franchise agreement required the franchisee to pay a nonrefundable upfront fee in the amount of P600,000 under the following payment scheme: January 1, 2022 P100,000 January 1, 2023 300,000 January 1, 2024 150,000 January 1, 2025 25,000 January 1, 2026 25,000 The franchise agreement also provides that interest of 2% per annum will be paid every January 1 based on the unpaid balance. The effective interest rate is 2.5%. Under the franchise agreement, the franchisor is required to do the following: Construct the franchisee’s stall with a stand-alone price of P400,000. Deliver equipment and supplies to the franchisee with a stand-alone price of P150,000. Allow the franchisee to use the tradename for a period of five years starting in 2022 with a stand-alone price of P250,000. ABC Company considers each of the following items above as a distinct performance obligation that is…Pizza Pie Inc. entered into a franchise agreement on December 31, 2029, giving Freshly Bake Corp. the right to operate as a franchise of Pizza Pie for 5 years. Pizza Pie charged Freshly Bake an initial franchise fee of P50,000 for the right to operate as a franchisee. Of this amount P20,000 is payable when the food fight signs the agreement, and the note balance is payable in five annual payments of P6,000 each starting on December 31, 2020, as part of the arrangement. Pizza helps locate the site, negotiate the lease or purchase of the site, supervise the construction activity, and provide employee training and the equipment necessary to be a distributor of its products. Similar training services and equipment are sold separately. Freshly Bake also promises to pay ongoing royalty payments of 1% of its annual sales (payable each Jan. 31 of the following year) and is obliged to purchase products from pizza at its current stand-alone selling price at the same time of purchase. The credit…
- 1. On December 31, 2020, Rice, Inc. authorized Graft to operate as a franchisee for an initial franchise fee of P150,000. Of this amount, P60,000 was received upon signing of the agreement and the balance, represented by a note, is due in three annual payments of P30,000 each beginning December 31, 2021. The present value on December 31,2020 of the three annual payments appropriately discounted is P72,000. According to the agreement, the non- refundable down payment represents a fair measure of the services already performed by Rice; however, substantial future services are required of Rice. Collectability of the note is reasonably certain. a. in Rice’s December 31, 2020 balance sheet, unearned franchise fees from Graft’s franchise should be reported as?1. On December 31, 2020, Rice, Inc. authorized Graft to operate as a franchisee for an initial franchise fee of P150,000. Of this amount, P60,000 was received upon signing of the agreement and the balance, represented by a note, is due in three annual payments of P30,000 each beginning December 31, 2021. The present value on December 31,2020 of the three annual payments appropriately discounted is P72,000. According to the agreement, the non-refundable down payment represents a fair measure of the services already performed by Rice; however, substantial future services are required of Rice. Collectability of the note is reasonably certain. a. in Rice’s December 31, 2020 balance sheet, unearned franchise fees from Graft’s franchise should be reported as? 2. Levi and Zeke agreed on a joint venture to purchase and sell car accessories. Their contract stipulates that the participants shall contribute P25,000 each to be used in purchasing the merchandise, share equally in any gain or…On June 1, 2020, Chesnaught entered into a franchise agreement with Quilladin Inc. to sell their products. The agreement provides for an initial franchise fee of P3,000,000 which is payable as follows: P1,000,000 cash to be paid upon signing the contract, and the balance in four equal annual installments every December 31, starting in 2020, Chesnaught signs a non-interest bearing note for the balance. The credit, rating of the franchisee indicates that the money can be borrowed at 10%. The present value factor of an ordinary annuity at 10% for 4 periods is 3.1698. The agreement further provides that the franchisee must pay a continuing franchise fee equal to 5% of its monthly gross sales over the six years licensing period. Quilladin incurred direct cost of P930,564 and indirect costs of P167,400. The franchisee started business operations on July 1, 2020 and was able to generate sales of P1,240,000 for 2020. The first installment payment was made in due date. Assuming that the…
- On December 31, 2018, SG signed an agreement authorizing Asher Company to operate as a franchisee for an initial franchise fee of P750,000. Of this amount, P250,000 nonrefundable down payment was paid upon signing of the agreement and the balance is payable in four equal annual payment beginning December 31, 2018. The nonrefundable down payment represents a fair measure of the services already performed by SG however, substantial future services are required of SG. Asher’s credit rating is such that collection of the note is reasonably certain and that the money can be borrowed at 12%. On December 31, 2018, earned franchise fees should be reported as: (Round off present value factor to 2 decimal places.)On March 01, 2021, WX entered into a franchise contract with YZ. The franchise agreement required the franchisee, YZ, to pay a nonrefundable upfront fee in the amount of P1,440,000 and on-going payment of royalties equivalent to 5% of the sales of the franchisee. YZ paid the non-refundable upfront fee on March 01, 2021. In relation to the nonrefundable upfront fee, the franchise agreement required WX to render the following performance obligations: To construct the franchisee's stall with stand-alone selling price of P300,000. To supply cooking equipment and cash registers. Price of competitors for the similar items (cooking equipment and cash registers) is valued at P240,000 while the forecast of the expected cost of AshLloyd for the performance obligation is P200,000 plus an appropriate margin above cost of 25%. To deliver 10,000 units of raw materials to YZ with stand-alone selling price of P460,000. To allow YZ to use the entity's tradename for a period of 10 years starting…On March 01, 2021, WX entered into a franchise contract with YZ. The franchise agreement required the franchisee, YZ, to pay a nonrefundable upfront fee in the amount of P1,440,000 and on-going payment of royalties equivalent to 5% of the sales of the franchisee. YZ paid the non-refundable upfront fee on March 01, 2021. In relation to the nonrefundable upfront fee, the franchise agreement required WX to render the following performance obligations: To construct the franchisee's stall with stand-alone selling price of P300,000. To supply cooking equipment and cash registers. Price of competitors for the similar items (cooking equipment and cash registers) is valued at P240,000 while the forecast of the expected cost of AshLloyd for the performance obligation is P200,000 plus an appropriate margin above cost of 25%. To deliver 10,000 units of raw materials to YZ with stand-alone selling price of P460,000. To allow YZ to use the entity's tradename for a period of 10 years starting on the…
