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k0ka [10]
3 years ago
14

On January 1, 2020, Franchisee Inc. enters into a contract with Italian Fine Dining Inc. for the right (beginning immediately) t

o operate an Italian Fine Dining restaurant and receive on-going consulting services for a four-year period. The upfront fee of $100,000 also includes specialized equipment for $12,000. The standalone selling price of the franchise services and specialized equipment are $88,000 and $12,000, respectively. The equipment (with a cost of $9,000) was transferred to the franchisee on March 1, 2020. Determine the amount of revenue to recognize for Italian Fine Dining Inc. on December 31, 2020. Group of answer choices
Business
1 answer:
o-na [289]3 years ago
4 0

Answer: $22,000

Explanation:

The total revenue to be recognized by Italian Fine Dinning Inc. is the standalone selling price for the franchise services which is $88,000.

As this contract is for a four year period, Italian Fine Dinning Inc will have to recognize the above revenue over a period of 4 years.

Revenue in December 2020 will therefore:

= 88,000 / 4

= $22,000

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The UCC requires that HDCs take instruments in good faith. This means that: a.the holders must have performed a special oath bef
guapka [62]

Answer: d.the holders must have acted honestly and observed all reasonable commercial standards of fair dealing.

Explanation:

For an instrument to be negotiable, it should be noted that the UCC requires that such instrument have to be signed by the maker or the drawer.

The UCC requires that HDCs take instruments in good faith. This means that the holders must have acted honestly and observed all reasonable commercial standards of fair dealing.

6 0
3 years ago
At Patio Products International, each supervisor receives direction and information from the managers above them and passes that
alexandr1967 [171]

Answer:Unity of command

Explanation:Henri Fayol principle of management is one of the most widely accepted standard for effective management of Organisations. This principles highlights fourteen(14) points that highlights how management can carry out their responsibilities.

UNITY OF COMMAND IS ONE OF THE PRINCIPLES OF MANAGEMENT BY HENRI FAYOL WHICH INVOLVES A TOP-DOWN(MANAGERS TO SUPERVISORS TO THE JUNIOR PERSONNEL) APPROACH TO GIVING INSTRUCTIONS.

5 0
2 years ago
The owner of Shady Grove Company has the bookkeeper write company checks to pay for his personal items. This violates __________
Rainbow [258]

Answer:

The separate-entity assumption

Explanation:

The separate-entity assumption is a principal in accounting according to which the financial transactions of a business and the personal expenses of the owners is to kept separate from each other. The expenses derived solely for the business is only to be counted under the expenses of the company. Inclusion of any personal expenses of the owner or any partner of the business is prohibited under this principal.  

In the given excerpt, the owner of Shady Grove Company had violated the separate-entity assumption by including the expenses of his personal items under the name of the Company.

7 0
2 years ago
Which of the following in not an example for safeguarding inventory? Group of answer choices Matching receiving documents, purch
Tomtit [17]

Answer:

returning inventory that is defective or broken

Explanation:

Inventory reffered to as set of finished goods/ products as well as other goods that are used in production. It is regarded as current asset on the balance sheet of a company. Inventory safeguarding is very essential in a company to keep them safe, there are some ways in which this can be done.

With the aid of technology such as security cameras which can record any form of theft, door alarms and others can protect inventory from both external/internal threats. Some of thers common examples for safeguarding inventory are;

✓storing inventory in restricted areas

✓physical devices such as two-way mirrors, cameras, and alarms

✓matching receiving documents, purhcase orders, and vendor's invoice

3 0
2 years ago
One of the first technologies to truly revolutionize the business use of information was a stone tablet.
denis23 [38]

One of the first technologies to truly revolutionize the business use of information was a stone tablet. FALSE.

Answer: One of the first echnologies to truly revolutionize the business use of information were paper and the printing press.

When these developments came about, they made it easier for communication to be shared between businesses, cities, and the economy. Allowing for paper and the printing press increased communication and made room for new jobs. As they grew and expanded, new people were hired which helped the economy get a boost of new funds.

3 0
2 years ago
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