Gansac publishing company signed a contract with an author

Reference no: EM131077011

Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2016, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2016 and 2020 at a price of $10 per book.

Required:

	1. Prepare journal entries to record the events related to the copyright and sales of the book during 2016 and 2017, assuming that sales were as projected.For grading purposes, use December 31, 2016 and December 31, 2017 to record summary transactions for sales entries that would have been made during the year.Assume sales were for cash rather than on account.
2.	Next Level. How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2016, 80,000 copies in 2017, and 20,000 copies over the remainder of the copyright's useful life?

Reference no: EM131077011

Questions Cloud

Focus estimations of the human resource : Your mission statement should delineate focus estimations of the human resource (HR) work that will drive future methodologies and sorts of frameworks for your association.

Evaluate government action in the light of economic theory : Evaluate government action in the light of economic theory and Christian ethics. In your Topic Proposal, describe the subject to be covered in the Research Paper in 300-500 words.

How can you improve your communication skills : Present your professional communication style. Present your communication strengths. Present your communication opportunities-how can you improve your communication skills? Present how you prefer to receive communication within a workplace. Presen..

Engaging or provided a new insight : After reading the "Seven Ages of the Leader", by Warren Bennis, post two concepts that your found engaging or provided a new insight that you had not considered in your study of leadership.

Gansac publishing company signed a contract with an author : Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2016, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2016 and 2020 ..

Examples presented in the learning resources : Describe the organization you have chosen in terms of its industry; number of employees; and whether it is a local, regional, national, or international enterprise. How was the event which changed operations in this organization assessed and manag..

Specifically for developing country producers : A fair price for goods, specifically for developing country producers for better trading conditions. Some goods it usually includes are: crafts, coffee, cocoa, sugar, tea, bananas, honey, cotton, fresh fruit, chocolate, and flowers.

Company depreciation and amortization expense : Trevi Corporation recently reported an EBITDA of $33,000 and $9,500 of net income. The company has $6,900 interest expense, and the corporate tax rate is 35 percent. What was the company's depreciation and amortization expense?

Find irregularities or patterns in transactions : · Imagine that an auditor is reviewing a file containing 25 fields of data, only five of which are relevant to the auditor's objective. Evaluate how ACL can be used to find irregularities or patterns in transactions that could indicate control we..

User Account

All Pages