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Question - On December 1, 2021, 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. As of December 31, 2021, 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 2021. How much revenue shall CAMOUFLAGE COMPANY recognize in 2021?
If Nixon instead uses a perpetual inventory system, explain any changes to the journal entries created in requirements 1 and 2.
regarding nikes distribution and customer service facility in wilsonville or. suppose nike wanted to set up an abc
Lupa Inc. trades its used machine (cost $12,000 less $4,000 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair market value of $9,000), Lupa also paid cash of $3,000.
Prepared a journal entry (if any) for Blaha Comapany to recorded the impairement of its goodwill at the end of 2004
1. Which of the following events would be most likely to increase the quantity breakeven point, assuming other factors remain constant?
The manufacturing overhead budget of Inch Corporation is based on budgeted direct labor hours. Determine the cash disbursement for manufacturing overhead
Bonifacio Factory started operations in 2019. Bonifacio manufactures bath towels. How much of the total cost should be allocated to "Class B"
Write a 700- to 1,050-word paper in APA format comparing and contrasting the different types of accounting, namely accrual, cash flow, and fund accounting. Be sure to consider the following:
What is the development of privacy legislations in Australia (or Hong Kong)? How successful are those legislations in protecting individuals' privacy? Use specific examples to explain.
Identify and discuss the reasons why dividends are sometimes paid out even when the funds could be better reinvested in business or when firm has to tap outside sources to pay the dividends.
Prepare Light it Up's journal entries to accrue additional warranty costs relating to current year sales and account for monies expended on actual warranty work
On December 1, 2017, Hetrick Company received a rent payment for office space leased to Frear Corporation. Because Frear has a very poor credit rating, Hetrick.
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