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6. Using the information in the immediately following item, how much total revenue will Krabs recognize in 20x2? a. 20,187 b. 27,477 c. 80,747 d. 0

6. Using the information in the immediately following item, how much total revenue will Krabs recognize in 20x2? a. 20,187 b. 27,477 c. 80,747 d. 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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non-cancellable. The license is transferred to the c operate using its trade name and has the discretion of of P10,000 per month. The contract does not include any other deration On December 31, 20x1, Mr. Eugene H. Krabs Co. enters into a 4. The license provides Plankton rights over Mr. Krabs' patented (excluding interest revenue) wil goods or services to be provided by Feedback. The contract ie contract with Sheldon J. Plankton Co. to transfer a license for a January 1, 20x1. The appropriate discount rate is 12%. Hove 80% in 4 equal annual installments starting December 31, 20x2 secret formula for a burger patty. Plankton continues to providing customer Feedback recognize in 20x1? 120,000 much contract revenue c. 202,806 d. 212,434 a. b. 240,000 (IFRS 15.IE303-306 - Adapted) Use the following information for the next four questions: a fixed fee of P100,000 payable as follows: signing of contract. 20% upon The appropriate discount rate is 12%. developing a new product name for the products it wll produce using the secret formula. The license does not explicitly require Mr. Krabs to undertake activities that will significantly affect the intellectual property to which Plankton has rights. Neither does Plankton expect that Mr. Krabs will undertake such activities. Mr. Krabs provides the secret formula to Plankton on December 31, 20x1. How much contract revenue will Krabs recognize in 20x1? a. 60,747 b. 79,132 c. 80,747 d. 0 5. The license provides Plankton rights over Mr. Krabs' patenteu secret formula for a burger patty. The agreement requie
Transcribed Image Text:non-cancellable. The license is transferred to the c operate using its trade name and has the discretion of of P10,000 per month. The contract does not include any other deration On December 31, 20x1, Mr. Eugene H. Krabs Co. enters into a 4. The license provides Plankton rights over Mr. Krabs' patented (excluding interest revenue) wil goods or services to be provided by Feedback. The contract ie contract with Sheldon J. Plankton Co. to transfer a license for a January 1, 20x1. The appropriate discount rate is 12%. Hove 80% in 4 equal annual installments starting December 31, 20x2 secret formula for a burger patty. Plankton continues to providing customer Feedback recognize in 20x1? 120,000 much contract revenue c. 202,806 d. 212,434 a. b. 240,000 (IFRS 15.IE303-306 - Adapted) Use the following information for the next four questions: a fixed fee of P100,000 payable as follows: signing of contract. 20% upon The appropriate discount rate is 12%. developing a new product name for the products it wll produce using the secret formula. The license does not explicitly require Mr. Krabs to undertake activities that will significantly affect the intellectual property to which Plankton has rights. Neither does Plankton expect that Mr. Krabs will undertake such activities. Mr. Krabs provides the secret formula to Plankton on December 31, 20x1. How much contract revenue will Krabs recognize in 20x1? a. 60,747 b. 79,132 c. 80,747 d. 0 5. The license provides Plankton rights over Mr. Krabs' patenteu secret formula for a burger patty. The agreement requie
nchisor 405 Act bound by the terms of the contract to abide with Mr. Krabs' Mr. Krabs trade name for a period of four years. Plankton is Plankton to discontinue using its trade name and instead use exchange for consideration ude any other he contract is olicies on the use of the secret formula but is given the right n any subsequent modifications to the secret formula. Mr. Krabs provides the secret formula to Plankton on December 31. 20x1. How much contract revenue will Krabs recognize in customer on is 12%. How venue) will 20x1? a. 20,187 b. 60,747 c. 80,747 d. 0 6. Using the information in the immediately following item, how much total revenue will Krabs recognize in 20x2? c. 80,747 ters into a cense for a a. 20,187 b. 27,477 d. 0 Plankton rights over Mr. Krabs' trademark
Transcribed Image Text:nchisor 405 Act bound by the terms of the contract to abide with Mr. Krabs' Mr. Krabs trade name for a period of four years. Plankton is Plankton to discontinue using its trade name and instead use exchange for consideration ude any other he contract is olicies on the use of the secret formula but is given the right n any subsequent modifications to the secret formula. Mr. Krabs provides the secret formula to Plankton on December 31. 20x1. How much contract revenue will Krabs recognize in customer on is 12%. How venue) will 20x1? a. 20,187 b. 60,747 c. 80,747 d. 0 6. Using the information in the immediately following item, how much total revenue will Krabs recognize in 20x2? c. 80,747 ters into a cense for a a. 20,187 b. 27,477 d. 0 Plankton rights over Mr. Krabs' trademark
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