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What amount of deferred revenue should be reported in may

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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.?

Reference no: EM132942882

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