User Account

All Pages

What amount should be reported as royalty revenue

Assignment Help Accounting Basics
Reference no: EM132808296

Forth owned a 20% royalty interest in an oil well. Forth received royalty payments on January 31 for the oil sold between the previous June 1 and November 30, an on July 31 for oil between December 31 and May 31. Production revealed the following sales:

June 1, 2019 - November 30, 2019 3,000,000
December 1, 2019 - December 31, 2019 500,000
December 1, 2019 - May 31, 2020 4,000,000
June 1, 2020 - November 30, 2020 3,250,000
December 1, 2020 - December 31, 2020 700,000

Problem 1: What amount should be reported as royalty revenue for 2020?

Reference no: EM132808296

Questions Cloud

Significance for human resource management : Discuss the methods for designing a job so that it can be done efficiently and the significance for Human Resource Management.
What amount of interest expense should be reported on dec : What amount of interest expense should be reported on December 31, 2020? For the year ended Dec. 31, 2020, Pha Company paid interest totaling P100,000.
Characteristics of effective performance management system : Theorists from multiple disciplines have significantly contributed to the development of modern-day management attitudes and practices.
News-breaking infectious outbreak of disease : Reflect over the past decade and recall a news-breaking infectious outbreak of a disease that made an impact on you.
What amount should be reported as royalty revenue : What amount should be reported as royalty revenue for 2020? Forth received royalty payments on January 31 for the oil sold between the previous June 1 and Nov
Define phenylketonuria : Define Phenylketonuria (PKU) and explain its pathophysiology and the difference between normal and abnormal Phenylalanine metabolism?
Define the word ubiquitous : Define the word ubiquitous, and provide examples showing why this is an appropriate term to use when describing microbes.
What is the present value of the modified note payable : What is the present value of the modified note payable on January 1, 2020? What is the gain on modification of debt to be recognized for 2020?
Legal aspects of health information : Discuss the different types of advance directives and the pros and cons of each. Do you have an advance directive?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the weighted average number of shares

On January 1, 2004, Bigler Corporation had 800,000 shares of common stock outstanding. On March 1, the corporation issued 120,000 new shares to raise additional capital.

  What are its potential uses and/or abuses

Why is information about long-term debt important to financial statement users?

  What the demand for the product is

When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is

  Briefly describe the new initiative

Discuss new initiative or product, or it is introducing a change to technology or personnel that will affect your team and its daily working environment

  Record sale and settlement of account receivable

Make the journal entries to record the sale and settlement of the account receivable.

  Why would tax prepares need to review prior years tax law

The various tax services provide Internal Revenue Code (IRC) histories for researchers who need them. Why would tax prepares need to review prior years' tax law

  Withdrawal of cash made by the owner

A withdrawal of cash made by the owner will be found on the:

  What is the bond price

The Morrissey Company's bonds mature in seven years, have a par value of $1,000, and make an annual coupon payment of $70. The market interest rate for the bonds is 8.5%. What is the bond's price?

  If cash sales are made of 100000 and a state-imposed sales

1. a 3 month 7 note for 14000 is signed on nevmber 1. what is the entr to accrue interest on december 31?a debit to

  What the conversion tax planning strategy is

What the conversion tax planning strategy is, and which of these investments employ this strategy. Which investment opportunity you would recommend.

  Discuss the special reduced tax rate

An individual has a net long-term capital gain of $3000 and a net short-term capital loss of $5000 from capital assets sold during the year

  Find what total amount of manufacturing cost assigned to job

Find What is total amount of manufacturing cost assigned to job Q as of the end of March (including applied overhead)? (Do not round intermediate calculations.)

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