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Question - Premium Entries
No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented for redemption in 2014. It is estimated that 60% of the coupons will eventually be presented for redemption.
Instructions - Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2014?
If the high-low method is used, what is the monthly total cost equation?
Prepare the lower portion of the 2018 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures
Finx, Inc., purchased a truck for $35,000. The truck is expected to be driven 15,000 miles per year over a five-year period and then sold for approximately $5,000. Determine depreciation for the first year of the truck's useful life by the straigh..
Based on your review of the sec reporting requirements as outlined in the sarbanes-oxley act, assess adequacy of the reporting requirements for providing credible financial and operating information for company stakeholders.
Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017.
Prepare a direct materials purchase budget for the second quarter of 19X0. What is the total purchases cost for the entire second quarter of the year
What entry would Lilly make at December 31, 2010, to record the investment in Woods Inc., assuming that Lilly wants to classify this investment as a trading security?
Manufacturing costs consisited of direct labor,$30000,direct materials $32000,varible manufaacturing overhead,$3500,fixed manufactring overhead $21500.Selling and administrative costs are all fixed and totaled $24000.Beginning inventory consists o..
Determine which costing method (Last In First Out [LIFO], First In First Out [FIFO], or weighted average cost) that is used to record inventory by your selected
Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2015, assuming that no entries are made other than at the end of the accounting period, when interest is payable, and when the note reaches its mat..
Calculate the company's predetermined overhead application rate. Calculate the additions to the work-in-process inventory account for the direct material used.
purchases for each month's sales are made one month in advance and paid in cash
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