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uysha [10]
3 years ago
8

On January 2, 2013, Gant Co. purchased a franchise with a useful life of five years for $60,000 and an annual fee of 1% of franc

hise revenues. Franchise revenues were $20,000 during 2013. Gant projects future revenues of $40,000 in 2014 and $60,000 per year for the following three years. Gant uses the straight-line method of amortization. What amount should Gant report as intangible asset-franchise, net of related amortization in its December 31, 2013, balance sheet
Business
1 answer:
inysia [295]3 years ago
6 0

Answer:

$48,000

Explanation:

The computation of the amount that should be reported as the intangible asset franchise is shown below

= Purchase value of franchise - amortization per year

= $60,000 - ($60,000 ÷ 5 years)

= $60,000 - $12,000

= $48,000

hence, the  amount that should be reported as the intangible asset franchise is $48,000

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Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 var
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Answer:

Bay City Company

Flexible Budget Performance Report:

                                         Flexible Budget    Actual Results    Variances

Sales (in units)                            4,900                4,900

Sales (in dollars)                  $392,000          $431,200        $39,200 F

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Variable expenses                245,000           276,000           31,200 U

Fixed expenses                     140,000            130,000            10,000 F

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Fixed expenses =      $140,000

Budgeted total expenses = $440,000

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Sales (in units)                            6,000                4,900

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Income from operations      $40,000           $25,200         $14,800 U

Flexing the budgets:

Sales revenue = $392,000 ($480,000/6,000 * 4,900)

Variable expenses = $245,000 ($300,000/6,000 * $4,900)

Actual variable expenses = $276,000 ($406,000 - $130,000)

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