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Problem - On January 1, 2010, T&T Co. entered into a franchise agreement with Sy Inc., franchisee. The initial franchise fees agreed upon is P1, 520, 000, of which P720, 000 is payable upon signing and the balance to be covered by a non- interest bearing note payable in four equal installments starting next year. Initial services' out- of pocket costs of P820, 764 and P68, 397 were incurred for direct expenses and indirect expenses respectively. Prevailing market rate is 9%. PV factor is 3.2397. The collectability of the note is not reasonably assured. A 5% continuing franchise fee is to be paid monthly by Sy based on its monthly gross sales. Franchisee commenced operations on October 1, 2010. Gross sales for the first months amounted to P567, 000. How much was the net income for the year ended December 1, 2010?
The job costing system specifically traces and allocates product costs to each job. Why is this approach not used in process costing? Explain
Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?
Gordon Company's inventory at June 2011 was $75000. What amount should gordon report as inventory on its June 30, 2011, balance sheet
1. the journal entry a company uses to record the issuance of an interest-bearing note for the purpose of borrowing
1. Alpha Co. sold 10,000 shares of common stock, which has a par value of $10, for $13 per share. Their balance in retained earnings in $75,000. Prepare a stockholders' equity section of the company's balance sheet.
billy bing ping pong corporation manufactures a single product premium pink ping pong balls. each premium pink ping
inventory costing methods-periodic method the following data are for the portet corporation which sells just one
Prepare journal entries in the General Fund general journal to record the issuance of purchase orders and to record the receipt of and payment for goods
What are the advantages and disadvantages to each business structure? What types of companies are best suited for each?
Determine the contribution margin in dollars, per unit and as a ratio. Using the contribution margin technique, compute the break-even point in dollars and in units.
(Installment-Sales Computations and Entries) Paul Dobson Stores sell appliances for cash and also on the installment plan.
Operating Strategies after the FDI Decision. The following operating strategies, among others, are expected to reduce damage from political risk.
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