Flapper Jack's Pancake Restaurants Inc. sells franchises for an initial fee of $36,000 plus operating fees of $500 per month. The initial fee covers site selection, training, computer and accounting software, and on-site consulting and troubleshooting, as needed, over the first five years. On March 15, 2020, Tim Cruise signed a franchise contract, paying the standard $6,000 down with the balance due over five years with interest. Assuming that the initial services to be performed by Flapper Jack's subsequent to the signing are substantial and that collection of the receivable is reasonably assured, the journal entry required at signing would include a credit to
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Flapper Jack's Pancake Restaurants Inc. sells franchises for an initial fee of $36,000 plus operating fees of $500 per month. The initial ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Prepare a December 31, 2020, balance sheet for Long Print Shop from the following: cash, $50,000; accounts payable, $38,000; merchandise inventory, $14,000; Joe Ryan, capital, $46,000; and equipment, $20,000.
Answers (1)
True or False: Specialization and international trade based on comparative advantages benefits everyone.
Answers (1)
Dillon works in a coffee mug plant. One of his main tasks is to randomly select finished mugs and test them to make sure that they are properly formed and hold the correct amount of coffee without dissolving the finish.
Answers (1)
Elliot Company can sell all of its products A and Z that it can produce, but it has limited production capacity. It can produce 8 units of A per hour or 10 units of Z per hour, and it has 20,000 production hours available.
Answers (1)
In a closed economy, GDP is $1000, government purchases are $200, and consumption is $700. If the government has a budget surplus of $25, what are investment, taxes, private saving, and national saving?
Answers (1)
New Questions in Business
Barrett Associates, a law firm, hires Attorney Sandra Trent at an annual salary of $ 85 comma 000. The law firm expects her to spend 1 comma 700 hours a year performing legal work for clients.
Answers (1)
Thad, jamarcus, and willy have been working for davidson international each for three years. while the trio started together as analysts and are all still on the same team, jamarcus has recently been made a team lead while willy and thad are still
Answers (1)
When looking for a car to buy, what can you learn from classified ads?
Answers (1)
Economies of scale occur when: a. average fixed costs are falling. b average fixed costs are constant. c long-run average total costs rise as output increases. d long-run average total costs fall as output increases.
Answers (1)
After the end of the 2022 fiscal year but before financial statements were issued, Palladin Company learned that an arbitrator had made a $15 million judgment in a litigation case against it.
Answers (1)