Fanny Company’s trademark was licensed to Jean Company for royalties of 40% of sales of the trademarked items. Royalties are payable semi-annually on March 15 for sales in July-December of the prior year, and on September 15 for sales in January-June of the same year. Fanny Company received the following royalties from Jean:   2021 – March 15, P62,000; September 15, P45,000; 2022– March 15, P70,000; September 15, P48,000.   Estimated sales of trademarked items for July-December 2022 is P225,000   Under cash basis, royalty revenues for 2022 Group of answer choices 118,000 160,000 138,000 115,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Fanny Company’s trademark was licensed to Jean Company for royalties of 40% of sales of the trademarked items. Royalties are payable semi-annually on March 15 for sales in July-December of the prior year, and on September 15 for sales in January-June of the same year. Fanny Company received the following royalties from Jean:

 

2021 – March 15, P62,000; September 15, P45,000;

2022– March 15, P70,000; September 15, P48,000.

 

Estimated sales of trademarked items for July-December 2022 is P225,000

 

Under cash basis, royalty revenues for 2022

Group of answer choices
118,000
160,000
138,000
115,000
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