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Question - Pasta Inn charges an initial fee of $2,450,000 for a franchise, with $490,000 paid when the agreement is signed and the balance in four annual payments. The present value of the annual payments, discounted at 10%, is $1,660,000. The franchisee has the right to purchase $90,000 of kitchen equipment and supplies for $75,000. An additional part of the initial fee is for advertising to be provided by Pasta Inn during the next five years. The value of the advertising is $1,000 a month. Collectibility of the payments is reasonably assured and Pasta Inn has performed all the initial services required by the contract. Prepare the entry to record the initial franchise fee.
Required - Identify and explain five business risks for Cheap Groceries that may lead to the risk of material misstatement in the financial report
Royal Carpet cleaning provided $90,000 of services during 2011, its first year of operations. All customers paid for the services with major credit cards.
Determine the cost of timber sold related to depletion for 2014 - If Forda depreciates the logging roads on the basis of timber cut, determine the depreciation expense for 2014.
on janurary 1 2010 bukner steel co. issued a 300000 3 year 6 installment note payable with payments of 100000 principle
What are international accounting standards? What is Generally Accepted Accounting Practices (GAAP)? Demand analysis and optimal pricing.
Fixed overhead (based on 10,000 hours) 3 hours per unit @ $0.72 per hour. Calculate the amount of the total factory overhead cost variance
Don Wyatt is unable to reconcile the bank balance at January 31. Don's reconciliation is as follows. How do to prepare a correct bank reconciliation
Should Mike increase his salary by $50,000.00 to reduce the overall tax burden to himself and Barton Products
Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale
What will the effects be of the overall transactions on reported income for 2009? Why would Steinbach take these actions? Is this ethical? Why or why not?
the alpha division of the xyz company manufactures product x at a variable cost of 40 per unit. alpha divisions fixed
The following items are treated differently for accounting purposes than they are for tax purposes. Estimated future warranty costs
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