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1. Franchise Entries Pacific Cross burgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement, a payment of $28,000 is due. Thereafter, three annual payments of $14,000 are required. The credit rating of the franchisee is such that it would have to pay interest at 10% to borrow money. Prepare the entries to record the initial franchise fee on the books of the franchisor under the following assumptions.
(a) The down payment is not refundable, no future services are required by the franchisor, and collection of the note is reasonably assured.
(b) The franchisor has substantial services to perform, the down payment is refundable, and the collection of the note is very uncertain.
(c) The down payment is not refundable, collection of the note is reasonably certain, the franchisor has yet to perform a substantial amount of services, and the down payment represents a fair measure of the services already performed.
The concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
the 3600 of property taxes for the house were prorated with 1950 being apportioned to the seller and 1650 being
In your opinion, discuss the most important principles in provider profiling in health plans.
What is the lessor's discount rate when determining the present value of minimum lease payments? What is the lessee's discount rate?
A company has bonds outstanding with a par value of $400,000. The unamortized premium on these bonds is $2,000. The company retired these bonds by buying them on the open market at 97. What is the gain or loss on this retirement?
The variable costs were $350000 and the net profits were $100000. Administration has directed management to double profits in the next year. Assignment: Determine the Number of lollipops that must be sold to reach this target.
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
net cash flow is the difference between a firms operating cash flow and its financing cash flow. is the difference
Write a 1,650-word paper in which you identify, compare, and contrast the policing function at the local, state, and federal organizational levels. Analyze how the organizational, management, administration, and operational functions at these thr..
song earns 100000 taxable income as an interior designer and is taxed at an average rate of 20 i.e. 20000 of tax.if
Your manager asked you to prepare a research memo indicating how Kim and Toby should treat the discovery of this painting for tax purposes. Specifically, you should indicate the following:
Prepare the journal entry for Wasicsko to record income taxes payable, deferred income taxes, and income tax expense for 2010, assuming that there were no deferred taxes at the end of 2009.
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