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1.On October 1, 2013, the Submarine Sandwich Company entered into a franchise agreement with an individual.In exchange for an initial franchise fee of $300,000, Submarine will provide initial services to the franchisee to include assistance in design and construction of the building, help in training employees, and help in obtaining financing. 10% of the initial franchise fee is payable on October 1, 2013, with the remaining $270,000 payable in nine equal annual installments beginning on October 1, 2014. These installments will include interest at an appropriate rate. The franchise opened for business on January 15, 2014.
Required:Assume that the initial services to be performed by Submarine Sandwich subsequent to October 1, 2013, are substantial and that collectibility of the installment receivable is reasonably certain. Substantial performance of the initial services is deemed to have occurred when the franchise opened. Prepare the necessary journal entries for the following dates (ignoring interest charges):1. October 1, 20132. January 15, 2014
Super Sharp manufactures and sells two products. The first product is a disposable shaving razor blade that lasts about 7 days. The second product is shaving cream. Customers of the first product use one bottle of shaving cream every 28 days.
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Prepare a statement of cash flows for 2014 using the indirect method and compute free cash flow
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The net income reported on the income statement for the current year was $200,000. Depreciation recorded on plant assets and amortization of patents for the year were $30,000 and $8,000 respectively. Balances of current asset and current liability ac..
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On January 1, Forrester County is holding investments for Tinsel Town valued at $800,000 in an investment pool, accounted for in an investment trust fund. On January 1, Valley School District invests $2,000,000 in the pool. Earnings on pooled investm..
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