Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Yummy, Inc. is a franchiser that offers for sale an exclusive franchise agreement for $30,000. Under the terms of the agreement, the purchaser of a franchise receives a variety of services associated with the construction of a Yummy Submarine and Yogurt

Shop, access to various product supply services, and continuing management advice and assistance once the retail unit is up and running. The contract calls for the franchise purchaser to make cash payments of $10,000 per year for three years to Yummy, Inc.

How should Yummy, Inc., account for the sale of a franchise contract?

Specifically, when should the revenue and receivable be recognized?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M944455

Have any Question? 


Related Questions in Accounting Basics

Accounting for governmenttrue or false1 a fund in itself is

ACCOUNTING FOR GOVERNMENT True or False 1. A fund in itself is a separate legal entity that is established to comply with laws that require that certain transactions be segregated and accounted for as a separate "fund." ...

Ginos restaurant is a popular restaurant in boston

Gino's Restaurant is a popular restaurant in Boston, Massachusetts. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based cos ...

Discussion questions 1 and 2dq 1 accounting equationas you

Discussion Questions 1 and 2 DQ #1: Accounting Equation As you have learned in this week's readings, the Accounting Equation is Assets = Liabilities + Owners' Equity. Is the accounting equation true in all instances? Pro ...

To understand the accounting equation and its

To understand the accounting equation and its elements QUESTION Mr. "A" starts a new business. Before to start the business operation, he has purchased vehicle Rs. 1,500,000, office premises Rs. 3,000,000, stock of goods ...

Question 1the accounts receivable account has total debit

Question 1 The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an A. $800 debit. B. $800 credit. C. $2,600 credit. D. $2,600 debit. Question 2 ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "fairness of the federal estate tax and income and principal in fiduciary accounting" please respo ...

This assignment will assess the following learning

This assignment will assess the following learning outcomes: - Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounti ...

Presentation 2- separate presentations but use same

Presentation (2- Separate Presentations but use same Publicly Traded Company) ** Please use references as needed ** Create a 10- to 12-slide presentation. Choose a publicly traded company. Using the most recent SEC 10-k ...

What is ubit and what are some exceptions to the rule why

What is UBIT and what are some exceptions to the rule? Why do you think these exceptions exist? What is the significance of the "regularly carried on" test as it relates to UBIT? Required: Half to one page only 2 referen ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro