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Question - Lancer Company inaugurated a promotional campaign on January 2, 2014 to promote the stability of their product. Lancer company placed a coupon redeemable for a premium in each package of napkin sold at P200. Each premium costs P25 and 10 coupons must be presented by a customer to receive a premium. Lancer estimated that only 70% of the coupons issued would be redeemed. For the 6 months ended July 31,2020, the following transactions occurred:
Packages of napkin sold P120,000
Premium purchased 30,000
Coupons redeemed 54,000
Required - How much should be reported as PREMIUM EXPENSE and ESTIMATED LIABILITY for coupons on the fiscal year ended July 31, 2020?
What are the balances in the accounts in the 2014 consolidated financial statements - Make the entry OBAMA makes when it sells the truck to BIDEN
Solve the net present value? of the contract and determine whether the project should be accepted or rejected according to the net present value criterion.
In 2016, Dominique and Felix are married and file a joint tax return. Their AGI is $314,050, and they claim three exemptions. The personal exemption amount for 2016 is $4,050 and the phase out threshold for married filing a joint tax return is $311,3..
Discuss how free cash flow computed affects the future earnings and financial condition of your company (Comment NOT more than 10 lines)
What item from the company’s records must be added to the bank balance when reconciling the bank statement? For corporations, capital losses are deductible:
Question - Tracy is borrowing $9,000 on a? six-year loan that has an APR of 11 %, compounded monthly. What is the size of her monthly payment
Cashion Company produces chemical mixtures for veterinary pharmaceutical companies. Its factory has four mixing lines that mix various powdered chemicals together according to specified formulas. Prepare a graph for each of these three costs: equipme..
Burrough also paid $3,000 to a search firm for finder's feesrelated to the acquisition. What amount will be recorded as goodwill by BurroughCorporation while recording its investment in Helyar?
In SHK's Statement of shareholders' equity, determine the number of issued and outstanding shares for each class of stock
On January 1, 2015, Rattle, Inc. leased an asset to RottPei, Inc. for a six-year period. Rattle paid $180,000 for the asset. The fair market value of the asset at the lease inception date was $250,000. RottPei is to pay Rattle $46,909 at lease incept..
Understand the concepts of income, explain the conceptual guidelines for reporting income, and define the elements of an income statement.
Compute Grant's accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts.
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