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
Brut [27]
3 years ago
14

Jamison Enterprises acquired a franchise to operate a Good Burger Joint in January, 2013. The cost of the franchise was $360,000

and was estimated to have a limited life of 30 years. Early in the year 2018, the franchise was forced out of business due to lawsuits. Jamison should record which of the following series of expenses to their income statement for the years noted
A) 12,000,
B) 12,000
C) 300,000 from 2013
D) 2014 and 2018 respectively
Business
2 answers:
Nitella [24]3 years ago
8 0

Answer: A. $12000

Explanation:

Jamison Enterprises acquired a Franchise, The Franchise license is an Asset to Jamison Enterprises because they expect an inflow economic benefits in the form of Revenue from the use of this Franchise license. The Franchise License has a Useful Life of 30 years

The Franchise License would be amortized over a period of 30 year. Intangible assets like franchise License are amortized over their useful life. The same way we depreciate assets like vehicles over their useful life, Think of amortization as The Depreciation for intangible asset.

Amortization expense incurred each year will be calculated by taking Cost of Franchise License and divide it by 30 which is the useful life of the Franchise license. The amortazation expense incurred each year would be 360 000/30 = $12000

An Expense of $12000 will be will be reported on the Income statement each year from 2013 until 2017, amortization expense for 2018 will be adjusted for the number of months the business operated before closing down.

The series of expense that should be recorded in the income statement each year is $12000

goldenfox [79]3 years ago
7 0

Answer:

$12,000 for 2013 and $300,000 for 2018

Explanation:

Jamison Enterprises acquired a franchise to operate a Good Burger Joint in January, 2013. The cost of the franchise was $360,000 and was estimated to have a limited life of 30 years.

Hence the yearly franchise cost at this point is 360,00 / 30 years = $12,000

Early in the year 2018, the franchise was forced out of business due to lawsuits.

At this point the company had only operated for 5 years and have incurred franchise cost to date of 5 years x $12,000 = $60,000

Jamison should record $300,000 ($360,000 - $60,000 to date) balance of the franchise cost in its expenses to their income statement for the years 2018

You might be interested in
Universal Containers (UC) uses a legacy Employee portal for their employees to collaborate. Employees access the portal from the
kaheart [24]

Answer:

It's an independent system, because Salesforce is not part of the SSO setup.

Explanation:

A service provider is a website that hosts apps. You can enable Salesforce as an identity provider and define one or more service providers. Your users can then access other apps directly from Salesforce using SSO.

5 0
3 years ago
If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $800 billion, and e
Ksju [112]

The required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $800 billion, and excess reserves total $0.8

If the required reserve is 10%, the currency reserve multiplier is 10 and the currency supply should be 10 times the reserve. A reserve requirement ratio of 10% also means that banks can lend out 90% of their deposits.

The reserve ratio can be calculated by simply dividing the amount a bank must hold in reserves by the amount the bank has on deposit. For example, if he has $10 million in bank deposits and needs to hold $500,000 in reserves, the required reserve ratio is 1/20, or 5%.

The ratio of required reserves to deposits. A reserve ratio of 10% means that banks must hold 10% of their deposits as a reserve.

Learn more about reserve ratio at

brainly.com/question/13758092

#SPJ4

3 0
2 years ago
Which of the following is an example of a soft skill?
Stolb23 [73]

Answer:

c because you have to work with people and that is a soft skill

8 0
3 years ago
Suppose you win on a scratch‑off lottery ticket and you decide to put all of your $ 3,500 winnings in the bank. The reserve requ
Katarina [22]

Answer:

$3,325

Explanation:

Reserves are maintained to fulfil the customers withdrawal requirement. It is imposed by the State bank over the Banks to hold a specific percent of cash as reserves. Bank hold the reserves and invest or utilize the residual in the market.

In this question 5% of $3,500 will be reserved and the remaining $3,325 will be available for the money supply in the market in different forms.

the maximum possible increase in the money supply as a result of your bank deposit is $3,325.

5 0
3 years ago
When a company is able to expand its operations by exporting globally, it can often achieve greater economies of scale which res
gogolik [260]

When a business is able to grow by exporting its products around the world, it can frequently attain larger economies of scale, which leads to reduced unit costs.

A company's production unit cost often goes down as it grows. This reduction is the result of economies of scale. By employing the least expensive production techniques, profits will be maximized.

Consumers' prices are lowered as a result of lower cost-per-unit, which increases their real wages overall and makes it easier for them to locate affordable goods.

Businesses from one country offer their goods and services to clients or consumers in another country through the exporting process.

When a company produces more goods at a larger scale while paying less money on average per unit of output, this is a phenomenon known as economies of scale.

Learn more about economies of scale here:

brainly.com/question/23633985

#SPJ4

8 0
1 year ago
Other questions:
  • Lavender company is a logistics company and has recently implemented abc system. using activityminus−based ​information, it deci
    9·1 answer
  • a) what does it take, exactly, for a worker to earn a wage? b) how is interest income earned? c) how is ‘capital gain’ income ea
    7·1 answer
  • PLEASE ANSWER WITH 100% THE CORRECT ANSWER ASAP IF YOU DON'T KNOW THE ANSWER THEN DON'T ANSWER
    10·2 answers
  • In the B2B buying process, ________ can provide tremendous cost savings for firms because they eliminate periodic negotiations a
    5·2 answers
  • Type the correct answer in the box. Spell all words correctly.
    6·1 answer
  • The responsibility report of Keith Parker, the manager of one of the divisions of an auto parts manufacturing company, includes
    12·1 answer
  • Do you agree with the Container Store’s decision to allow employees access to all kinds of company information except individual
    9·1 answer
  • A company has a beginning inventory of​ $20,000 and purchases during the year of​ $140,000. The beginning inventory consisted of
    5·1 answer
  • ________ refers to focusing part of one's supply chain on a timely response to fluctuating customers orders and/or product varie
    15·1 answer
  • The executive summary is a particularly important part of the business plan for all the following reasons EXCEPT
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!