Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. opened on june 1. a. how many performance obliga

opened on June 1. a. How many performance obligations are included in the...

90.2K

Verified Solution

Question

Accounting

opened on June 1.
a. How many performance obligations are included in the franchise arrangement?
b. When does the franchisor recognize revenue for each performance obligation?
Sale of equipment
Training and assistance
Upfront fee
c. Prepare the journal entries for the Krispy Donuts franchisor on January 1, March 31, April 1, and June 1.
\table[[Date,Account Name,',Dr.,Cr.],[Jan.1,,hat(),0,0],[,hat(),0,0],[Mar.31,,=,0,0],[,,0,0],[Apr.1,,,0,0],[,hat(),0,0],[To record sale of equipment.,,,],[Apr.1,,hat(),0,0],[,**,0,0],[To record cost of equipment.,,,],[June 1,,hat(2),0,0],[,hat(),0,0]]
d. Assuming the franchisor has a December 31 year-end, prepare any journal entries required on December 31.
\table[[Date,Account Name,Dr.,Cr.],[Dec.31,hat(),0,0],[,,0,0]]
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Zerox Corporation, a manufacturer of office equipment, is headquartered in Connecticut. Zerox stock (ZRX) is traded...

Statistics
1.2K views

CHAPTER 2-4 Exercise 2.24 In this exercise, we examine the effect of combining investments with positively correlated risks,...

Biology
1.2K views

Using biochemistry concepts and connections by Appling answer the following: Answer 1 or 2 1. Several of the...

General Management
1.2K views

Singapore Airlines: Continuing Service Improvement : If you were the boss of the ground agents in...

Biology
1.2K views

Ecosystem ecology is best described as the study ofthe abiotic factors that exist in a...

Basic Math
1.2K views

Al changes 3 A five question multiple choice quiz has five choices for each answer...

Calculus
1.2K views

valuate the function at each specified value of the independent variable and simplify If an...

Algebra
1.2K views

Express the following interval in set builder notation and graph the interval on a number...

Accounting
1.2K views

Consider a linear machine with discriminant functions gi(x) = wtix + w0i; i = 1,...,...

Accounting
1.2K views

Monte Services, Inc. is trying to establish the standard labor cost of a typical brake...

Accounting
1.2K views

Sue and Andrew form Acme Company as a general partnership. Each person receives an equal...

Accounting
1.2K views

Hillside issues $4,000,000 of 6% 15 year bonds dated Jan 1, 2013 that pay interest...