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Question -
Part 1 - Albertson Corporation began a special promotion in July 2018 in an attempt to increase sales. A coupon was provided at various grocery stores upon checkout. Customers could send in five coupons to receive $3.00. Albertson's management estimated that 80% of the coupons would be redeemed. For the six months ended December 31, 2018, the following information is available:
Coupons distributed 2,000,000
Coupons redeemed 560,000
What is the estimated liability associated with the coupons at December 31, 2018? Show all work.
Part 2 - Hanatel Corporation made credit sales of $200,000 (before sales tax) which are subject to 6% sales tax.
The corporation also made cash sales which totaled $22,790 including the 6% sales tax.
(a) Prepare the entry to record Hanatel's credit sales.
(b) Prepare the entry to record Hanatel's cash sales.
a. What is the total expected variable costs? b. What is next year's expected fixed costs? c. Compute the expected margin of safety in both units and sales
Determine the Mike Simmonds has asked Lynn Hanna if she is aware of any items that have not been disclosed to the auditors
Enderby Manufacturing Inc. has $250,000 of 6% debenture bonds outstanding. How much cash did Enderby receive when it issued these bonds
Protecting the security and integrity of accounting data is part of the controller's responsibility. Because of the integration with the computer system.
Discuss the costs of quality associated with the mass production of a product. At the least, address the following question.
Determine nad Indicate which journal entry must be recorded for the following economic event on the exact day of the event: January 4th.
On February 23, Shamrock Corporation issued for cash 32,000 shares of no-par common stock, Journalize entries to record the February 23, October 6 transactions
Delta Company's flexible budget formula for overhead costs is $100,000 per month foxed costs plus $26.00 per unit variable costs. Standard volume is 5,000 units a month. Actual overhead costs for June were $280,000, and output was 6,000 units.
1.Use the accounting equation to compute the missing financial statement amounts (a), (b), and (c).
Sales managers are developing estimates of next year's demand for the company's newest line of LCD televisions. This information will be used in preparing the annual budget.
Stonyfield Farm had the following transactions during its first month of operations: Prepare a single-step income statement for the first month of operations
Calculate total payments received during a time period, and reconcile this with total sales. Compute and record totals of transactions.
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