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Rina8888 [55]
3 years ago
11

Maas LLP developed software that helps farmers to plow their fields in a manner that prevents erosion and maximizes the effectiv

eness of irrigation. Sunny Dale paid a licensing fee of $20,000 for a copy of the software. Although Sunny Dale can use the software as long as it wants, Maas expects that Sunny Dale will use the software for approximately 5 years. Maas does not anticipate any further interaction with Sunny Dale following transfer of the license. How much revenue should Maas recognize in the first year of the contract? A. $0 B. $4,000 C. $5,000 D. $20,000
Business
1 answer:
Dafna1 [17]3 years ago
4 0

Answer:

The correct option is D. $ 20,000

Explanation:

$ 20,000 is the revenue that will recognize in the first year of the contract Because the company Mass LLP will have no more continuing involvement with the Company Sunny Dale.

All the license transfers a right of use to Sunny Dale, and all license revenue $20,000 will be recognized upon transfer of control of the software to the customer

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Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from
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Answer:

Explanation:

The closing entry of the income summary account is shown below:

Income summary A/c Dr   $81,300

    To Retained Earning A/c             $81,300

((Being the difference is credited to retained earning))

The retained earning balance is calculated by taking a difference between:

= Annual revenues - Expenditure

= $185,000 - $103,700

= $81,300

The income summary should always be closed after closing of revenue and expenditure account.

6 0
3 years ago
3.A lockbox plan is most beneficial to firms that a. have widely dispersed manufacturing facilities. b. have a large marketable
kramer

Answer:

D) have customers who operate in many different parts of the country.

Explanation:

A lockbox is basically a bank mailing address where a company's clients can send their payments to. It is similar to mailbox that receives letters, only that this one receives checks and cash. The bank is in charge of opening the lockbox and depositing the cash and checks to the company's account, and reporting the information.

7 0
3 years ago
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An economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labor to produce its total output of 640 un
fgiga [73]

Answer:

B 30 percent

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% rise in cost of production = (new cost - initial cost)/initial cost × 100 = (84 - 64)/64 ×100 = 20/64 × 100 = about 30%

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