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What is total revenue to be recognized by JANE on December

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Reference no: EM133050152

Problem - JANE creates a franchise for the sale of a particular product. JANE incurs P600,000 initial direct costs for each franchise granted. At December 31, 20x6, JANE granted the following people franchises that have open accounts with JANE.

 

ANNA

BETY

CHERRY

DANA

Cash paid (down payment)

200,000

200,000

200,000

200,000

Note unpaid (face P1,000,000)

700,000

400,000

910,000

550,000

Services completed

25%

10%

95%

100%

Probability of collection

Likely

Unlikely

Unlikely

Likely

Continuing franchise fee

1% of NI

1% of NI

1% of NI

1% of NI

Period of refund

1/31/2017

2/28/2017

12/30/2016

12/30/2016

Required - What is the total revenue to be recognized by JANE on December 31, 20x6?

Reference no: EM133050152

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