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On Apr 1 2008, OB Company entered into a 10 yearfranchise agreement with a group of individuals. The firm recevies a$300000 initial franchise fee & agrees to assist in the designof the building, help secure financing & provide managementadvice over the 1st half of the franchise agreement.A down payment of 20% of the franchise fee is due onApr 1 2008.
The remaining 80% is to be payable in 8 equalinstallments beginning on Apr 1 2009. Assume that services to beperformed by OB Company between Apr 1 2008 & Aug 15 2008, thedate the franchise opened, are substantial & that theinstallment receivable is reasonably collectible. Also assume thatsubstantial performance of the intial services has occured as ofAug 15 2008.
Prepare the necessary journal entries for OBCompany for April 1 & 15 2008.
The private sector organization currently responsible for setting financial accounting standards in the United States.
on january 2 20x1 bruce greene invested 10000 in the stock market and purchased 500 shares of heartland development
If the December 31 inventory is targeted at $41,500, budgeted purchases for the fourth quarter should be:
Denise's estate received the interest and dividends on the payment dates. What should be included in Denise's gross estate?
Prepare the journal entry to recognize the income tax benefit of the operating loss in 2011. Fores elects the carryback option.
What are the two general criteria that must be satisfied before a company can recognize revenue? Moreover explain compound interest.
Which of the following is a capital asset? a) The bicycle of a 10-year old child. The child purchased the bicycle with money inherited from an aunt. b) The tools used by a self-employed carpenter.
During 2010, Vera Venture sold her interests in two small business corporations. Her loss on Ballpoint Pen Corporation stock was $120,000 and her loss on Pencils Corporation stock was $20,000. Both losses qualify under Code Sec. 1244. Vera files j..
a. Calculate the direct materials price variance for May. b. Calculate the direct materials quantity variance for May. c. Calculate the direct labor wage rate variance for May. d. Calculate the direct labor efficiency variance for May.
She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend each year after she retires? Her first withdrawal will be made at the end..
the maturity risk premium for all bonds is found with the formula MRP = (t - 1) x 0.1%, where t = number of years to maturity. What is the liquidity premium (LP) on Niendorf s bonds?
A product sells for $15 per unit and has variable expenses of $9 per unit. Fixed expenses total $70,000 per month. How many units of the product must be sold each month to yield a monthly profit of $20,000?
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