Prepare any required general journal and adjusting entries

Assignment Help Accounting Basics
Reference no: EM132093739

Question - Frick Corp.'s trademark was licensed to Frack Co. for royalties of 15% of sales of the trademarked items. Royalties are payable semiannually on March 15 for sales in July through December of the prior year, and on September 15 for sales in January through June of the same year. Frick received the following royalties from Frack:

Year

March 15

September 15

2014

$10,000

$15,000

2015

12,000

17,000

Frack estimated that sales of the trademarked items would total $90,000 for July through December 2015. Prepare any required general journal entries (without explanation) to record Frick's royalty receipts from Frack for the year 2015. Prepare any required general journal and adjusting entries (without explanation) for the year ending 12/31/15. If no entry is required then identify this fact in the journal.

Reference no: EM132093739

Questions Cloud

Record the payment as a cash receipt : Water Wonder has agreed to pay the city $3,000,000 up front as part of this agreement. Record the payment as a cash receipt and as an other financing source
Average time in line and average time in system : Simulate Jack Williams’ shop for 100 customer arrivals to estimate Average Time in Line and Average Time in System.
What is the amount of sue adjusted taxable gifts : On October 1, 2010, Sue gave Tom land valued at $2,013,000. What is the amount of Sue's adjusted taxable gifts attributable to the 2010 gift
Identify the third party in the business of licensing : Identify the third party in the business of licensing that sells the product to the consumer. and explain their role and how they contribute
Prepare any required general journal and adjusting entries : Prepare any required general journal and adjusting entries (without explanation) for the year ending 12/31/15
How america reacted to the threat of communism : The Cold War dominated American foreign policy and some aspects of our domestic policy throughout the last half of the 20th century.
Ways competitiveness can affect the quality of life : Make a list of the ways competitiveness can affect the quality of life
Define the analysis of the significance of the ideas : Discuss and analyze the content of each chapter in the order that they appear in the book. The student's overall analysis of the significance of the ideas.
What is the balance of retained earnings : The projected net income for the year is $349,600. The company pays no cash dividends. What is the balance of retained earnings

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd