1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Cloud [144]
3 years ago
13

TopChop sells hairstyling franchises. TopChop receives $50,000 from a new franchisee for providing initial training, equipment,

and furnishings that have a stand-alone selling price of $50,000. TopChop also receives $30,000 per year for use of the TopChop name and for ongoing consulting services (starting on the date the franchise is purchased). Carlos became a TopChop franchisee on July 1, 2021, and on August 1, 2021, had completed training and was open for business. How much revenue in 2021 will TopChop recognize for its arrangement with Carlos?
Business
1 answer:
Brut [27]3 years ago
3 0

Answer:

$65,000

Explanation:

Under accrual method of accounting, the revenue is recognized when the same is accrued to the concern.

The revenue of $30,000 will be recognized from the starting on the date the franchise is purchased.

Hence, $30,000 will be recognized from July 1, 2021 upto to Dec 31, 2021 i.e. for half of the year.

Amount of revenue recognized by Top Chop in 2021 for its arrangement with Carlos:

= Amount receives from initial training + Amount receives from using name of the company

= $50,000 + ($30,000 ÷ 2)

= $65,000

You might be interested in
A toy manufacturer has just learned that the small, button nose on the stuffed teddy bear it produces might detach and become a
ale4655 [162]

Answer:

The correct answer option is B

Explanation:

The company would issue a statement apologizing for the choking hazard and recall the stuffed bears.

A defense strategy is one in which the toy manufacturing company accepts responsibility for a problem, even though they would do the least required to meet societal expectations.

The toy manufacturer might issue a statement apologizing for the choking hazard and recall the stuffed bears. In this case the company has accepted responsibility and done the least required to meet societal expectations.

5 0
3 years ago
Whoever answer first is getting brainliest :D
Fofino [41]

Answer:

I think it's D

It the best answer

Explanation:

7 0
3 years ago
Read 2 more answers
The corporate charter of Torres Corporation allows the issuance of a maximum of 4,000,000 shares of $1 par value common stock. D
sergey [27]

How many shares were authorized?

Number of shares authorized are 4,000,000

--------

How many shares were issued?

Number of shares issued are 2,080,000

--------

How many shares are outstanding?

Number of shares outstanding = Number of shares issued - Numberof shares repurchased

Number of shares outstanding = 2,080,000 - 80,000

Number of shares outstanding = 2,000,000

--------

What is the balance of the Common Stock account?

Balance of common stock = Number of shares issued * Parvalue

Balance of common stock = 2,080,000 * $1

Balance of common stock = $2,080,000

--------

What is the balance of the Treasury Stock account?

Balance of treasury stock = Number of shares repurchased * Priceper share

Balance of treasury stock = 80,000 * $25

Balance of treasury stock = $2,000,000

--------

2)

June 12:  Issued 50,000 shares of $3 stated value common stock for cash of $250,000.

Cash; 250,000

Paid-In Capital in Excess of Par--Common Stock 50,000 x 3 = 150,000

Common Stock: 100,000

July 11:  Issued 2,000 shares of $100 par value preferred stock for cash at $108 per share.

cash: 2000 x 108 = 216,000

preffered stock : 2,000 x 100 = 200,000

Paid-In Capital in Excess of Par--Preferred Stock : 16,000

Nov. 28: Purchased 2,000 shares of treasury stock for $10,000.

Treasury Stock 10,000

Cash 10,000

6 0
3 years ago
Americans have come a long way in reducing their overt prejudice among groups such as Hispanics, whites, blacks, Jews, and Asian
Lesechka [4]

Answer:

B.

Explanation:

Based on the information provided it can be said that people are still uncomfortable with other ethnic groups marrying into their families and living in their neighborhoods. This form of segregation still exists today in the United States of America, and mostly seems to be so because many groups prefer to live and share their space with only people from their same culture and background.

7 0
3 years ago
Cynthia was charged $300 for specialist office visit her and indemnity policy will pay $125; what amount will she have to pay?
almond37 [142]
<span>Cynthia will have to pay the $175 that was not covered by her indemnity policy. An indemnity policy typically pays a fixed amount for qualified medical services, with the policy-holder responsible for the balance.</span>
5 0
3 years ago
Other questions:
  • A manufacturer of a brand of high-end hiking boots and specialized athletic shoes has hired your agency to run a print campaign.
    12·1 answer
  • Oil is an important input in producing plastic. If the price of oil increases, all else equal, we expect the supply of: a. plast
    5·2 answers
  • Which of the following is a nominal variable? - Education - Age - Employment status - One needs to know the attributes to determ
    5·1 answer
  • As the marketing vice president of her firm, Jana is considering implementing a companywide pricing policy that all products mus
    14·1 answer
  • Sales Mix and Break-Even Analysis Einhorn Company has fixed costs of $105,000. The unit selling price, variable cost per unit, a
    11·1 answer
  • On March 19, 2015, Karen dies and leaves Larry an insurance policy with a face value of $100,000. Karen is Larry's sister, and L
    15·1 answer
  • Difference between primary and secondary catering​
    7·1 answer
  • A company received a bill of $3,500 for utilities used in the current month. The journal entry to record this event: A. is not r
    5·1 answer
  • Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts
    12·1 answer
  • Crane Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows:
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!