User Account

All Pages

Find how much revenue camouflage company recognize

Assignment Help Accounting Basics
Reference no: EM132589832

On December 1, 2020, CAMOUFLAGE COMPANY granted a 5-year franchise right to MILITARY INC. for an initial franchise fee of $400,000 and a 10% sales-based royalty. The initial franchise fee is non-refundable and due upon signing of the contract. At contract inception, CAMOUFLAGE COMPANY determines that the nature of its promise to grant the license is to provide the customer with the right to access CAMOUFLAGE COMPANY's intellectual property as it exist throughout the license period.

Question 1: As of December 31, 2020, CAMOUFLAGE COMPANY has no remaining obligation or intent to refund any of the cash received, all the initial services necessary to setup the contract have been performed, and MILITARY INC. started operating the franchise business. MILITARY INC. reported sales of $800,000 for 2020. How much revenue shall CAMOUFLAGE COMPANY recognize in 2020?

Reference no: EM132589832

Questions Cloud

Managerial accounting and financial analysis : what you know about financial and managerial accounting. What are some of the main differences in the role of financial accounting and managerial accounting?
Calculate the end of the year cash balance : Calculate the end of the year cash balance.Beginning of the year cash balance: 2,000. Net income: 300. Increase in accounts payable: 60
What is the most important job of a business owner : What is the most important job of a business owner or manager in regard to human resources? Why?
Explain the intense processing power required for public key : Explain the intense processing power required for public key authentication and the fact that public key authentication gives the strongest authentication
Find how much revenue camouflage company recognize : On December 1, 2020, MILITARY INC. reported sales of $800,000 for 2020. How much revenue shall CAMOUFLAGE COMPANY recognize in 2020?
What type of reaction to a decision situation : Former CEO Kalanick routinely allowing drivers to begin work early illegally when Uber expanded overseas what type of reaction to a decision situation?
Specific aspects in the marketing-operations-technology : Describe how your organization's mission statement and values are supported by specific aspects in the marketing, operations, technology, management,
Explain what are three main characteristics of liabilities : Explain What are three main characteristics of liabilities, and why is it important to classify liabilities into short-term and long-term? Include examples
Find forecast the accounts receivable for company xyz : Find Forecast the accounts receivable for Company XYZ.Receivable days assumption = 55 days. Payable days assumption = 69 days. Forecasted revenue = $263,500

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the total number of budgeted direct labor hours

Multiple production department factory overhead rates. Determine the total number of budgeted direct labor hours for the year in each department.

  It costs lannon fields 21 of variable costs and 9 of

it costs lannon fields 21 of variable costs and 9 of allocated fixed costs to produce an industrial trash can that

  Northstate college has a telephone system that is in poor

northstate college has a telephone system that is in poor condition. the system can be either overhauled or replaced

  Describe the allocation of inventoriable costs

Describe the allocation of inventoriable costs may be made under any of the following assumptions as to the flow of costs (a) first-in, first-out (FIFO)

  Identify the six source documents that need to be processed

The manager Identifies the following six source documents that need to be processed to bring the accounting records up to date.

  A rent check received on december 30 by the manager of an

constructive receipt. which of the following constitutes constructive receipt in the current year ended december 31a

  What is compensation expense

Green initially estimates that it is probable the goal will be achieved. Ignoring taxes, what is compensation expense for 2019

  What is the net present value

Redwood Orchards Organics purchased a new composter at a cost of $88,000. What is the net present value if the cost of capital is 12 percent

  Given that she will not actually receive any interest

at the beginning of her current tax year angela purchased a zero-coupon corporate bond at original issue for 46000 with

  What is carrying amount of the bond investment to be report

December 31, 2016 and 90 on December 31, 2017. What is the carrying amount of the bond investment to be reported on December 31, 2017?

  Xeller company makes electronic keyboards the practice

xeller company makes electronic keyboards. the practice model price is 220 and variable expenses are 190. the deluxe

  What is the maximum allowable deduction

Lisa Co. was organized on January 4,Year 2.What is the maximum allowable deduction that Lisa may take as a charitable contribution on its tax return for Year 2?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd