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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

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Answer:

Correct option is (b)

Explanation:

Price elasticity of demand is the law that states that proportion of percentage change in demand due to percentage change in price only and not any other factors. Demand is perfectly elastic if quantity demanded changes tremendously with change in price. Demand is inelastic if there is no change in quantity demanded with increase in price.

Here, Get smart university plans to increase tuition fees assuming that there will be no change in demand for the seats offered by the university due to increase in price. So, it assumes that demand is inelastic.

5 0
3 years ago
Location Score
dolphi86 [110]

Answer and Explanation:

The computation of composite score for each location is shown below:-

Composite score for A is

= 0.15 × 89 + .20 × 75 + 0.18 × 92 + 0.27 × 92 + 0.10 × 93 + 0.10 × 90

= 88.05

 Composite score for B is

= 0.15 × 78 + .20 × 93 + 0.18 × 90 + 0.27 × 93 + 0.10 × 97 + 0.10 × 96

= 90.91

Composite score for C is

= 0.15 × 84 + .20 × 98 + 0.18 × 87 + 0.27 × 82 + 0.10 × 84 + 0.10 × 95

= 87.90

Therefore for computing the composite score for each location we simply multiply weight with A location and in the same manner of A, B and C

b. The maximum composite score from A, B and C is B

8 0
3 years ago
Joe's Hardware is adding a new product line that will require an investment of $ 1,512,000. Managers estimate that this investme
Sati [7]

Answer:

6.05 years

Explanation:

Payback period is the time in which a project returns back the initial investment in the form of net cash flow. For this purpose we use the net cash flows to calculate the payback.

Payback working is attached with this answer please find it.

7 0
3 years ago
Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units wasâ $750. What is the jour
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Answer:

B. Work-in-Process Inventory-Dept. 2 750 Work-in-Process Inventary Debit. 1 750

Explanation:

The journal entry to record this transaction is shown below:

Work-in-Process Inventory A/c - Department 2 $750

               To Work-in-Process Inventory A/c - Department 1 $750

(Being the completed units are transferred)

For recording this transaction we debited the work in process department 2 and credited the work in process department 1

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3 years ago
Assume that labor is a variable input. the average wage of workers increases in a purely competitive industry. this change will
Korolek [52]

Assume that labor is a variable input. The average wage of workers increases in a purely competitive industry. This change will result in an increase in marginal cost for firms in the industry and a decrease in the industry supply curve.

    Businesses may decide to request a wide variety of inputs. The most prevalent two are labor and capital in perfect competitive industry.

    Marginal labor output in terms of revenue. The firm decides how much labor to demand by examining the marginal revenue product of labor after it is aware of the level of demand for its production. The additional revenue the business makes by hiring one more unit of labor is known as the marginal revenue product of labor (or any input). The marginal product of labor has an association with the marginal revenue product of work. The value of the marginal product of labor in a market with perfect competition is the firm's marginal revenue product of labor.

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6 0
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