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I have 5 questions on my final that I am having a tough time with. any Help would be great. 24.     A franchise agreement grants the franchisor an option to purchase the franchisee's business. It is probable that the option will be exercised. When recording the initial franchise fee, the franchisor should
A)     record the entire initial franchise fee as a deferred credit which will reduce the franchisor's investment in the purchased outlet when the option is exercised.
B)     record the entire initial franchise fee as unearned revenue which will reduce the amount of cash paid when the option is exercised.
C)     record the portion of the initial franchise fee which is attributable to the bargain purchase option as a reduction of the future amounts receivable from the franchisee.
D)     None of these.
Hogan Corp.'s trial balance of income statement accounts for the year ended December 31, 2007 included the following:

On Hogan's multiple-step income statement for 2007,


12.     Income before extraordinary item is
A)     $64,000.
B)     $47,000.
C)     $32,900.
D)     $24,500.
17.     On July 1, 2007, Ed Vance signed an agreement to operate as a franchisee of Kwik Foods, Inc., for an initial franchise fee of $180,000. Of this amount, $60,000 was paid when the agreement was signed and the balance is payable in four equal annual payments of $30,000 beginning July 1, 2008. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. Vance's credit rating indicates that he can borrow money at 14% for a loan of this type. Information on present and future value factors is as follows:
Present value of 1 at 14% for 4 periods     0.59
Future value of 1 at 14% for 4 periods     1.69
Present value of an ordinary annuity of 1 at 14% for 4 periods     2.91
Vance should record the acquisition cost of the franchise on July 1, 2007 at
A)     $130,800.
B)     $147,300.
C)     $180,000.
D)     $202,800.
Use the following to answer question 19:

The balance sheet data of Naley Company at the end of 2008 and 2007 follow:
        2008      2007
Cash     $ 50,000     $ 70,000     
Accounts receivable (net)     120,000     90,000
Merchandise inventory     140,000     90,000
Prepaid expenses     20,000     50,000
Buildings and equipment     180,000     150,000
Accumulated depreciation—buildings and equipment     (36,000)     (16,000)
Land      180,000        80,000     
Totals     $654,000     $514,000
Accounts payable     $136,000     $110,000
Accrued expenses     24,000     36,000
Notes payable—bank, long-term          80,000
Mortgage payable     60,000
Common stock, $10 par     418,000     318,000
Retained earnings (deficit)         16,000        (30,000)
     $654,000     $514,000
Land was acquired for $100,000 in exchange for common stock, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported as an ordinary item in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2008, for Naley Company:


19.     The net cash provided (used) by investing activities was
A)     $26,000.
B)     $(40,000).
C)     $(136,000).
D)     $(36,000).
Use the following to answer question 23:

Lange Co. provided the following information on selected transactions during 2008:
Purchase of land by issuing bonds     $250,000
Proceeds from issuing bonds     500,000
Purchases of inventory     950,000
Purchases of treasury stock     150,000
Loans made to affiliated corporations     350,000
Dividends paid to preferred stockholders     100,000
Proceeds from issuing preferred stock     400,000
Proceeds from sale of equipment          50,000



23.     The net cash provided (used) by investing activities during 2008 is
A)     $50,000.
B)     $(300,000).
C)     $(550,000).
D)     $(1,250,000).
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Tutor: Manal Elkhoshkhany, Tutor replied 8 years ago
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Customer reply replied 8 years ago
I dont know what is going on but I accepted this question and it has already debited my bank account 15 dollars. I would find out where your money if becasue I paid you. I liked your answer.
Tutor: Manal Elkhoshkhany, Tutor replied 8 years ago

HelloCustomer/p>

 

Thank you for the accept, but just to clarify, you have not accepted this solution until now. Your bank account might have been debited because you made the $15 deposit, but then this amount remained in your Just Answer account, but I did not get it until now when you accepted. The important thing is that you like my work, and as for the money, that is ok, I was not worried, I know you are an honest person, so no worries there at all :)

 

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