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Question - Sheldon sold a restaurant franchise to Penny. The sale agreement signed on January 2, 2015 called for a 30,000 down payment plus an interest-bearing note of 20,000 payable in two annual payments representing the value of initial franchise services rendered by Sheldon. In addition, the agreement required the franchisee to pay 5% of its gross revenues to the franchisor; this was deemed sufficient to cover the cost and provide a reasonable profit margin on continuing franchise services to be performed by the franchisee. The restaurant opened early in 2015, and its sales for the year amounted to 500,000. The management of Penny has estimated that they can borrow a loan of this type a the rate of 10%. The present value factor of an ordinary annuity at 10% for 2 periods is 1.7335. How much should Penny recognize as total revenue from the franchise?
Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Grill Master for grills sold on April 17, 2..
Nash Corporation manufactures and sells custom snowmobiles. From the time an order is placed till the time the snowmobile reaches the customer averages 75 days.
Determine the best sales mix. Rank the services offered in order of their profitability
Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable. Prepare journal entry to record proceeds of the note
What is the minimum amount that the company should pay in order to achieve its objectives - Buckskin also has had 100,000 shares of $10 par value common stock issued and outstanding since 1998.
What accounting should be made for dividends received in excess of Hatch's share of investee's earnings subsequent to the date of investment?
Chico Urgent Care is owned and operated by Dr. Janet Scanlon, the sole stockholder. During July 2007, Chico Urgent Care entered into the following transactions.
He explains the problem to his immediate supervisor, who says, Forget it. Just charge the bills to next year appropriation. Explain the nature of the accountant dilemma, and discuss what you think he should do.
all of the following questions are true false questions.1. one potential problem with using return on investment roi
When thinking about your future career, what role will revision of documents play? In a one-page paper, explain a scenario where you will need to revise work.
How much would the average sales ticket have to increase to breakeven if the fixed cost remained the same in 2007 as it was in 2006
If the sales mix is 3 units of product A for every 2 units of product B, Calculate the break-even point in units for each product
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