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MEGA offers a includes 1 coupon in each box of soap powder that it packs, 8 coupons being redeemable for a premium consisting of a kitchen utensil. In 2010, Moon Company purchased 12,000 premiums at $1.50 each, purchased 800000 boxes of soap powder at 0.20 and sold 225,000 boxes of soap powder @ $50 per box. Based on past experience, it is estimated that 80% of the coupons will be redeemed. During 2010, 80,000 coupons were presented for redemption. During 2011, 40000 premiums were purchased at $2 The company purchased 6000000 at 0.20, sold 275,000 boxes of soap at 0.50 and 120,000 coupons were presented for redemption. Instructions Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in both 2010 and 2011. Assume a FIFO inventory flow.
Explain. What journal entry would be made for the days worked and what entry would be made when the wages are paid on Saturday?
The end of year Account Payable is $30,000, and the beginning of year Account Payable is $10,000. If cost of goods sold for the year is $210,000,the amount of cash paid to suppliers is?
Franklin Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin (return on sales)?
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350
All evidence indicates that this trademark product will generate cash flows for an indefinite period of time. How should this trademark be amortized?
Tornados have never before occurred in this area. Assuming that the companys tax rate is 30%, what amount will be reported for this loss on the income statement?
Evaluation of total projected sales for the quarter and determine the total projected sales for the quarter.
Prepare the journal entries to record tax collections and remittances for the Kirby County Tax Agency Fund and what percentage interest in the pool is held by the town and the school district
Great Lakes statutory tax rate for 2010 is 35%. Illustrate what is Great Lake’s effective tax rate?
Discuss what is meant by the term “auditing around the computer”. Discuss circumstances that must exist for the auditor to “audit around the computer”.
Evaluate relevant range of activity for this product and the relevant range of activity for this product ___?????___________ units
Assume if PowerPunch sells for $7.25 per bottle, how much profit does the company earn per bottle of PowerPunch that it sells? Illustrate what is the minimum price that the company should set per bottle of SlimLife?
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