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What is the net income to be recognized by pizza inc

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Question - Mr. Villa is about to purchase a franchise from Pizza, Inc. the standard contract provides for a 10-year term and an initial franchise fee of P450,000 a payable as follows: P150,000 at the date of signing. The expected date of signing is January 1, 2013. A continuing fee of 2% of gross sale is also to be paid to the franchisor. Monthly gross sales are expected to be P200,000 for the first four years and P375,000 for the remainders of the contract. An additional of P50,000 for initial services are incurred on January 17, 2013. There are no associated continuing costs.

What is the net income to be recognized by Pizza Inc. for the fiscal year ending December 31, 2013 assuming that the franchisor started operations on February 1, 2013?

Reference no: EM133098522

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