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Paige Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $1.80; in addition it costs $1.20 to mail each mug. The results of the premium plan for the years 2012 and 2013 are as follows (assume all purchases and sales are for cash): 2012 2013 Coffee mugs purchased 720,000 800,000 Candy bars sold 5,600,000 6,750,000 Wrappers redeemed 2,800,000 4,200,000 2012 wrappers expected to be redeemed in 2013 2,000,000 2013 wrappers expected to be redeemed in 2014 2,700,000 Instructions (a) Prepare the general journal entries that should be made in 2012 and 2013 related to the above plan by Paige Candy. (b) Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Paige Candy Company balance sheet and income statement at the end of 2012 and 2013.
Hector Gonzales Company incurs these expenditures in purchasing a truck: cash price $18,000; accident insurance (during use) $2,000; sales taxes $900; motor vehicle license $300; and painting and lettering $1,200. What is the cost of the truck?
The master manufacturing overhead budget for the month based on normal productive capacity of 15,000 direct labor hours (7,500 units) shows total variable costs of $90,000 ($6 per labor hour) and total fixed costs of $45,000 ($3 per labor hour). N..
A tract of land was distributed by MNO Inc. to its sole shareholder, Martha, as a dividend. At the time of the distribution, MNO Inc.'s adjusted basis in the land was $40,000, the fair market value of the land was $80,000, and the land was encumbe..
If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
What are the names of the two methods for treating the pre-acquisition revenue and expense items of a subsidiary purchased during a fiscal period?
The startup division made 80% of 1/2 of the established division. The startup division's growth was 1/3 greater than the established division's. If the divisions made 280,000 combined, how much did the startup division make?
Discuss and consider tax rates, distributions, operating losses and A and B shareholder loans under each alternative and Discuss and analyze the cases of Moline Properties and Roubik (set forth in Bittker , Chapter 1.05(1)(b) and Chapter 1, foot..
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
How is the value of a bond determined? What is the value of a 10- year, $1000 par value bond with a 10% annual coupon if its required rate of return is 10%
Discuss the importance of understanding the GAAP behind business combinations before performing the accounting. Additionally, why is it important that accountants report the numbers as dictated by GAAP regardless of what they may be?
The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2010, follow:
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