Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 305 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Algebra Posted 16 Aug 2017 My Price 5.00

Lacoma Company

Revenue and Expense Recognition

E7A. Lacoma Company produces computer software that Kozuch Company sells. Lacoma receives a royalty of 15 percent of sales. Kozuch pays royalties to Lacoma semi- annually—on May 1 for sales made in July through December of the previous year and on November 1 for sales made in January through June of the current year. Royalty expense for Kozuch and royalty income for Lacoma in the amount of $12,000 were accrued on December 31, 2013. Cash in the amounts of $12,000 and $20,000 was paid and received on May 1 and November 1, 2014, respectively. Software sales during the July to December 2014 period totaled  $300,000.

1.    Calculate the amount of royalty expense for Kozuch and royalty income for Lacoma during 2014.

2.    Record the adjusting entry that each company made on December 31, 2014.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 11:08 PM My Price 5.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)