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A record shop gives its customers coupons redeemable for a poster plus a record album. One coupon i issued for each dollar of sales. On the surrender of 100 coupons and $3.00 cash, the poster and alsum are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $600,000 and the coupons redeemed totaled 270,000. Sales for the second period were $720,000 and the coupons redeemed totaled 750,000. The record shop bought 20,000 posters at $1.50/poster and 20,000 albums at $2.00/album. Prepare the following entries for the two periods. a) to record coupons redeemed and b) to record the estimated liability. for both periods.
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.
Kinney Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of that time. During the second year the truck was driven 27,000 miles. Compute..
The statement of cash flows has been prepared using the indirect method.
Link's income statement for the year ended December 31, 2011, should show the cumulative effect of this error in the amount of:
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Uncorrected Misstatement and Performance Materiality. Rivers, CPA is auditing the financial statements of Charger Company, a client for the past five years. During past audits of charger, River has only identified some immaterial misstatements (mo..
Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
Using vertical analysis, prepare a common size comparative balance sheet.
Farah Snack Co. has earnings after taxes of $150,000. Interest expense for the year was $20,000; preferred dividends paid were $20,000; and common dividends paid were $30,000. Taxes were $22,500. The firm has 100,000 shares of common stock outstan..
Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Compute the cost of (a) products transferred from production to finished goods ..
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