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faltersainse [42]
2 years ago
9

Flapper Jack's Pancake Restaurants Inc. sells franchises for an initial fee of $36,000 plus operating fees of $500 per month. Th

e initial fee covers site selection, training, computer and accounting software, and on-site consulting and troubleshooting, as needed, over the first five years. On March 15, 2020, Tim Cruise signed a franchise contract, paying the standard $6,000 down with the balance due over five years with interest. Assuming that the initial services to be performed by Flapper Jack's subsequent to the signing are substantial and that collection of the receivable is reasonably assured, the journal entry required at signing would include a credit to
Business
1 answer:
Len [333]2 years ago
3 0

Answer:

The journal entry will involve the credit to Unearned franchise fee revenue which amounts to $36,000

Explanation:

The journal entry which is to be recorded for signing the substantial and the collection of note receivable is as:

March 15, 2020

Cash A/c......................................Dr    $36,000

   Unearned franchise fee revenue A/c......Cr   $36,000

As cash is received and that amounts to $6,000, the remaining balance amount of $30,000 being debited to Note receivable will be recognized during the year as and when received. And the Unearned franchise fee revenue for $36,000 is credited because signing date and the performance is yet pending.

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What are differences between social contextual learning and guided competency development? Are both types of learning and associ
nikitadnepr [17]

Answer:Social contextual learning is an Informal learning, it is a peer-to-peer learning and it occurs spontaneously as it is needed.

Guided competency development are formal developments,they defined by the organization as beneficial skills for a wide variety of positions within the company, they are properly fashioned and planned,they do not occur spontaneously and are not driven by peer to peer Interaction.

PARTB

YES, BOTH TYPES OF LEARNING AND ASSOCIATED TRAINING METHODS ARE NECESSARY.

Explanation: Social contextual learning are informal learning approaches which occurs spontaneously as at when needed, this type of learning is usually driven by peer to peer interactions it is necessary and needed for proper social learning.

Guided competency development is a formal approach to development which is guided by the needs of the Organisation,they don't occurs spontaneously and are not peer to peer interaction, it is necessary.

4 0
2 years ago
A credit card issuer charges an APR of 19.56%, and its billing cycle is 30 days long. What is its periodic interest rate?
Gelneren [198K]
<span> 1.60657%. this is the answer </span>
8 0
2 years ago
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Assume France and Italy decide to specialize and trade according to their comparative advantages, and 20 bushels of grapes are e
Aleks04 [339]

Answer: Yes, it's beneficial

Explanation:

Comparative advantage is the ability of a nation to produce goods at a lower opportunity cost when compared to its trading partners. A comparative advantage allows a firm sell its product at a lower price and make more sales.

In comparative advantage, the nation might not necessarily be the best at producing a particular good but it has a low opportunity cost in the production of the good for other nations to import. Comparative advantage leads to specialisation and enhances economic growth.

For example, if France can produce cheap grapes and Italy can produce cheap tomatoes, France should stop producing tomatoes and Italy should stop producing grapes. France should focus on the production of grapes while Italy should focus on tomato production. This will lead to more income for both economies since there is productive efficiency.

7 0
1 year ago
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Some 500 customers a day line up to buy​ Avalon's breads,​ scones, muffins, and coffee. Staffing and management are worries. Ava
OLga [1]

Complete Question:

Read the news clip, then answer the following question A Bakery on the Rise Avalon's decision to -is a long-run decision. O A. move to a larger space Up to 500 customers a day line up to buy Avalon's breads, scones, muffins, and coffee. Staffing and management are worries. Avalon now employs 35 and plans to hire 15 more. Its payroll will climb by 30 percent to 40 percent. The new CEO has executed an ambitious agenda that includes the move to a larger space, which will increase the rent from $3,500 to $10,000 a month Source: CNN, March 24, 2008

Avalon's decision to __________ is a long run decision.

A. Move to Larger Space

B. Hire 15 more employees

Answer:

Option A. Move to Larger Space

Explanation:

The decision that alters only a single variable factor is considered as a short run decision. Labor, electricity usage, increased production are examples of variable factors. This means that increase in employees is a short run decision.

On the other hand, decision to increase or decrease the fixed factors are considered as long run decision because it is difficult to alter the decision and if we do so, then we will encounter heavy losses for a long period of time. Long run decision includes selling or purchasing or leasing of property, plant and equipment are considered as fixed factors.

In this case, Avalon is considering to move to a larger space which will result in significant increae in fixed cost. Hence it is fixed factor and is long run decision. Hence Option A is correct here.

7 0
1 year ago
Gilbert Company made an ordinary repair to a delivery truck during 2016 at a cost of $500 and capitalized the repair cost. What
Leto [7]

Answer:

The answer is:

Asset will be overstated

Net income will be overstated

Explanation:

Because of the incorrect capitalization(the process of converting or adding to a firm's asset):

1. Assets are overstated. Assets that shouldn't are added to the entire assets are added. So it's increasing the company's asset whereas it's not.

2. Net income are overstated. Because depreciation too will have to be charged for the asset that wasn't there, therefore, net asset will be overstated.

7 0
2 years ago
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