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Irving Music Shop gives its customers coupons redeemable for a poster plus a Dixie Chicks CD. One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $5.00 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 340,000. Sales for the second period were $840,000, and the coupons redeemed totaled 850,000. Irving Music Shop bought 20,000 posters at $2.00/poster and 20,000 CDs at $6.00/CD.
Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:
Sydney Corporation, an Australian-based multinational, borrowed 10,000,000 euros from a German lender at the beginning of calendar year when exchange rate was EUR.60 = AUD1.
ParentCo's separate taxable income was $350,000, and SubCo's was $225,000. Consolidated taxable income before contributions was $400,000. Charitable contributions made by the affiliated group included $15,000 by ParentCo and $20,000 by SubCo. Comp..
Using the general rule calculates Martin's taxable income for 2011 from the retirement plan and distributions
Calculate the average total cost per unit for the 16,000 units manufactured in May. Explain why this figure would not be useful to a manager interested in predicting the cost of producing 19,200 units in June.
You just heard a news story about a mad cow disease in a neighboring country, and you believe that feeder cattle prices will rise dramatically in the next few months as buyers of cattle shift to US suppliers.
Explain the product and the production process. Describe how you would find out the quantity of spoiled units that are normal versus abnormal. Explain how you would determine the cost of good units, normal spoilage and abnormal spoilage.
For the month of April, actual direct labor hours amounted to 2,000. In April, Thorp's standard direct labor rate per hour was:
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.
Describe how operating cash flows can serve as one indicator of earnings quality.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
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