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At the beginning of the current year, Tortelier Company signed an agreement to operate as a franchise of McBee Foods for an initial franchise fee of P32,000,000 for a period of 10 years. Of this amount P12,000,000 was paid when the agreement was signed and the balance payable in 5 annual payments of P4,000,000 at every year-end. The franchisee signed a noninterest-bearing note for the balance. The market rate of interest for this note is 10%. In return for the initial franchise fee, the franchisor will help in locating the site, negotiate the lease or purchase the site, supervise the construction activity and provide training to employees. The initial services required on the franchisor are substantially performed.
Problem 1: What is the carrying amount of the Franchise at the end of third year?
Problem 2: What is the interest expense in the second year?
Describe at least two career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.
The following information was excerpted from the records of the East End Golf and Tennis Club, an NFPO. All account balances are as of the fiscal year ended June 30, 2013
Compaq Ltd has a net income after tax of $2 000 000 for the year ended 30 June 2018. Calculate the basic EPS amount for 2018
On December 31, 2014, Firth Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-interest-rate note. The note was issued to yield 10% interest. Unfortunately, during 2016, Firth began to experience financial difficulty.
In the perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20.
Sunset Corporation, with E & P of $400,000, makes a cash distribution of $120,000 to a shareholder. Determine the tax consequences to the shareholder
Explian the current account and its components and the capital and financial accounts and their components.
Ed's widow also collected $50,000 on a group term life insurance policy paid for by Ed's employer. What are Ed's and his widow's gross income
An analysis of Special Products Division's assets indicates that goodwill of $400,000 exists on December 31, 2011. What goodwill impairment should be recognized
Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay .
C company is considering the implementation of a just-in-time (JIT) inventory system. Please give 6 factors necessary to successful implementation
Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years'-digits, and double-declining-balance methods
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