Required: a. Prepare a journal entry to record receipt of the cash payment. b. Determine the amount of revenue to be recognized in 20X1 and prepare the necessary journal entry. Question 3 Panera Bread Company is a national bakery-cafe concept with 1,380 Company-owned and franchiseoperated bakery-cafe locations in 40 states in the US and in Ontario, Canada. The company has grown from serving approximately 60 customers a day at its first bakery-cafe to currently serving nearly six million customers a week system-wide, becoming one of the largest food service companies in the US. Sara Lee Corporation is a global manufacturer and marketer of high-quality, brand-name products for consumers throughout the world focused primarily on the meats, bakery, and beverage categories. Selected financial information of each company is given as: Required: a. Why is Sara Lee less profitable than Panera Bread? Explain your answer b. Return on assets and return on sales in the bakery industry are 4.85% and 8.16%, respectively. How do these two companies compare to their industry and what might explain any noted differences? Question 4 Selected information taken from the 20X2 annual report of Aardvark Company is provided below. During 20X2, the company has no nonoperating or nonrecurring items included in income and had no outstanding preferred stock. Required: a. For 20X2, calculate Aardvark's ROA, ROCE, operating profit margin, and asset turnover. Round your percentage answers to one decimal place. For example, 0.1234=12.3%. b. Based on the industry data provided, does Aardvark appear to have a competitive advantage (briefly explain your answer)? If so, what strategy is the firm apparently following? Question 5 In its accrual-basis income statement for the year ended December 31, 20X2, Ralph Company reported revenue of $2,565,000. Additional information is provided as follows: Required: Under the cash basis of net income determination, how much should Ralph report as revenue for 20X2? Why? Explain your answer. Question 1 Blimpy's Doughnuts, Inc.'s adjusted trial balance is presented below. Required: Prepare a classified balance sheet on December 31, 20X1 for Blimpy's. (Hint: Account categories for several of the items listed are found in parentheses) Question 2 Peachpit Software Developers shipped its accounting package to a customer on September 10, 20X1. In addition to the software, Peachpit's contract requires the company to provide: (1) training to the customer's accounting staff during October of 20X1 and again in January 20X2 when the upgrade is released where 75% of the training hours are provided during October, (2) technical product support for one year starting October 1, 20X1, and (3) a major upgrade to the software early in 20X2. The customer paid the total contract price of $80,000 upon receipt of the invoice on September 17, 20X1. Peachpit would charge the following if these individual contract elements were sold separately