Burger King granted a franchise to Shakers where Shakers will have to pay franchise fee of P5,000,000 payable in four equal annual installments with the first payment starting on the date of signing the contract. The franchisee was to pay 5% of gross sales of the preceding month. Should the operations of the outlet prove to be unprofitable, the franchise may be cancelled with whatever obligation owing Burger King, in connection with the P5,000,000 franchise fee waived. If the first year of operations generated a gross sales of P1,340,000, what amount of franchise fee did Burger King earn? The Skyline Corporation began constructing a building with a contract price of P 43,800,000 in 2009. The ledgers of Skyline for 2010 shows the following accounts: Construction in Progress P 10,400,000 Accounts Receivable 3,200,000 Gross Profit earned 3,952,000 Progress billings to date 6,500,000. What was the amount of collection in 2009?
Burger King granted a franchise to Shakers where Shakers will have to pay franchise fee of P5,000,000 payable in four equal annual installments with the first payment starting on the date of signing the contract. The franchisee was to pay 5% of gross sales of the preceding month. Should the operations of the outlet prove to be unprofitable, the franchise may be cancelled with whatever obligation owing Burger King, in connection with the P5,000,000 franchise fee waived. If the first year of operations generated a gross sales of P1,340,000, what amount of franchise fee did Burger King earn?
The Skyline Corporation began constructing a building with a contract price of P 43,800,000 in 2009. The ledgers of Skyline for 2010 shows the following accounts: Construction in Progress P 10,400,000
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