User Account

All Pages

What amount of royalty expense reported profit or loss

Assignment Help Accounting Basics
Reference no: EM132668668

Don Mario Company acquires copyright from authors, paying in advance royalties in some cases and others, paying royalties within 30 days of year-end. Don Mario reported royalty expense of P375,000 for the year ended December 31, 2X20.

The following data are included in the corporation's December balance sheet:

                              2X19                2X20

Prepaid royalties   P60,000                 P50,000

Royalties payable  75,000             90,000

Problem 1: Under the cash basis, what amount of royalty expense should be reported in 2X20 profit or loss?

Reference no: EM132668668

Questions Cloud

What is the make-whole call premium : If the Kendal bond has a make-whole call premium of 140 basis points above the U.S. Treasury rate, what is the make-whole call premium?
Explain how the organization started in the it industry : The IT industry is always evolving and IT plays a very important role in business. Several of the technology companies that have dominated IT are Fortune 500.
Calculate the price-book ratio and price-earnings ratio : At the end of the year, Smashville stock sold for $52 per share. Calculate the price-book ratio, price-earnings ratio, and price-cash flow ratio.
State two of the limitations of ratio analysis : State TWO of the limitations of ratio analysis and Indicate why you believe they are major concerns.
What amount of royalty expense reported profit or loss : Don Mario Company acquires copyright from authors, Under the cash basis, what amount of royalty expense should be reported in 2X20 profit or loss?
Personal experience with your mentoring program : Based on your personal experience with your mentoring program, Offer techniques or strategies to your peers' mentoring experiences.
Mistakes improve the mentor-mentee relationship : Describe common mistakes mentors or coaches make when working with a mentee. How could avoiding these mistakes improve the mentor-mentee relationship?
Analyze the role each leader plays : Prior to beginning work on this interactive assignment, review any relevant information in this week's lecture, review the Class of 2017 yearbook.
How much rental income should be reported by patrick company : Under the cash basis, how much rental income should be reported by Patrick Company in 2X20? Unearned rental income, December 31, 2X20 75,000

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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