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Question - Pasta Inn charges an initial fee of $2,450,000 for a franchise, with $490,000 paid when the agreement is signed and the balance in four annual payments. The present value of the annual payments, discounted at 10%, is $1,660,000. The franchisee has the right to purchase $90,000 of kitchen equipment and supplies for $75,000. An additional part of the initial fee is for advertising to be provided by Pasta Inn during the next five years. The value of the advertising is $1,000 a month. Collectibility of the payments is reasonably assured and Pasta Inn has performed all the initial services required by the contract. Prepare the entry to record the initial franchise fee.
Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. Following distribution what is Milton's basis in land
a. What was the book value of the equipment at December 31, 2014, the end of the year? b. Assume that the equipment was sold on October 1, 2015, for $783,700. 1. Journalize the entry to record depreciation for the nine months until the sale date.
Your friend, Wendy Geiger, owns a small retail store that sells canies and nuts. Geiger acquires her goods from a few select vendors. She generally makes purchase orders by phone and on credit. Sales are primarily for cash. Geiger keeps her own ma..
wyly waste management. wyly waste management wwm is an sec registrant and your firm is its auditor. overall materiality
An investigator usually starts an interview with questions designed to establish a rapport with a suspect. FBI Supervisory Special Agent Hood indicated that rapport can be established by engaging in small talk and downplaying the importance of th..
To calculate the total price for the invoice, should include all goods ordered or only goods that were shipped? Because in this case, 65 were ordered
Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.
Use this information to determine the dollar amounts that alpha will report on its yearend balance sheet: Common stock
During 2011 Thomas earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $2,000 cash dividend to the stockholders.
matka company began operations in 2010. at the beginning of the year the company purchased plant assets of 450000 with
Prepare a table to summarize the required adjusting entries as they affect the accounting equation. Use the format in Exhibit 3-1 on page 109. Identify each adjustment by letter.
Why is English the leading language of international corporate financial reporting?
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