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Question - Dollibee Corporation entered into a franchise agreement with McJonald Company on January 1, 2018 to sell McJonald products for 10 years. The initial franchise fee, which is P20,000,000, was satisfied by Dollibee by paying P4,000,000 as down payment, and by issuing a 5-year P16,000,000, 8%, note. The agreement states that McJonald shall provide the necessary initial services, and has already substantially performed all required initial services. The agreement further states that Dollibee shall pay McJonald 5% of its annual sales every December 31 as a continuing franchise fee. The 2018 sales of Dollibee total to P10,000,000; and the 2019 sales total to P14,300,000. How much expense related to the franchise (excluding the interest expense on the note payable) shall be recognized in 2019?
What beginning of the month payments does Michael need to start making today into his RRSP so that he can receive the $4000 monthly payments
What the journal entry to record the monthly payroll on April 30 would include a? Medical insurance deductions 2640. Federal unemployment taxes 194
Dec. 10 established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during a month. Past experience with similar products indicates that 3% of the units will require repair, with warranty costs averaging $27..
ABC Bank granted a loan to a borrower on Jan. 1, 2019. What is the entry to record the receipt of the interest income on December 31, 2019
Houghton company has the following items: common stock, $900,000; treasury stock, $105,000; deferred taxes, $125,000 and retained earnings, $390,000. Illustrate what total amount should Houghton Company report as stockholders' equity?
Des Peres Company issues 450 shares of common stock (par value $0.01) for $32 per share on June 30, 2009 - Provide the necessary journal entry to record this transaction.
Octavia Company uses job order costing system. What the reworked costs to be charged to manufacturing overhead amounts to?
Discuss how to incorporate the contingency note into an analysis of Celtics Basketball Holdings, L.P. and Subsidiary.
State where the balance of Deferred Gross Profit would be reported on the financial statements for 2013. Compute amount of realized gross profit to be recognized on the income statement, prepared using the cost-recovery method.
Larry (LP) invests $100,000 in a VC fund run by Gary (GP). Gary is under 2/20 compensation plan. What is the payoff to Edwin the Entrepreneur
You owe $12,000 on a credit that charges 24% APR. If you make monthly payments of $300, how long will it take you to bring your balance down to zero?
Contingencies: Greenlaw Inc., a publishing company, is preparing its December 31,2016, financial statements and must determine the proper accounting treatments for each of the situations: For each of the preceding situations, prepare the journal ent..
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