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On May 1, 2010, Jollibee Inc., a franchisor, entered into a franchise agreement with Session Delights, a franchisee. The total franchise fees agreed upon is P11,900,000 of which P5,000,000 is payable upon signing and the balance payable in three annual payments. It was agreed that the down-payment is nonrefundable, not withstanding the lack of substantial performance of services by franchisor.
Problem 1: What amount of deferred revenue should be reported in the May 1, 2010 financial statements of Jollibee Inc.?
Prepare the necessary adjusting entries for Logan Company at May 31, 2018. On May 31, 2018, James Logan Company had a cash balance per books of $6,781.50.
Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%
Perform an Internet search using the term break-even analysis. Select and read a case study or article from the results of your search. (Make sure that you do not select an instructor's lecture notes or a class assignment from the results of your sea..
The marginal tax rate is 35 percent, and the appropriate discount rate is 9 percent. Calculate the NPV of this investment.
Find What is the number of shares to be used in calculating 2020 basic earnings per share and diluted earnings per share, respectively?
If the appropriate discount rate is 15 percent, what is the NPV of this investment? Round to two decimal places.
What monitoring and reporting processes does your organisation use? How do you know if the implemented changes have been successful?
Summary of petty cash payments that has these categories: delivery expense, auto expense, postage expense, merchandise inventory, and office supplies.
Make the entry that is required to correct the prior years' depreciation, if any. (Credit account titles are automatically indented)
On June 30, 2011, Rix Corporation had $10,000,000 of 9 percent bonds outstanding. The maturity date is June 30, 2016.. Interest is paid semiannually every June 30 and December 31. All the bonds were redeemed on June 30, 2011, at 98. At the time of th..
On January 20, 2015, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. Identify several courses of action that Tamira could have taken instead of the one she took. If you were in Ta..
Prepare Poon Industries' balance sheet as of June 30, 2012 on the answer sheet presented on the next page. If an account should not appear on Poon's balance sheet, put XXX in the blank for the account on the answer sheet.
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