Prepare the journal entries that should be recorded in 2011

Assignment Help Accounting Basics
Reference no: EM131115768

1. Premium Entries to stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children's hand puppet. In 2011, the company purchases 40,000 puppets at $1.50 each and sells 480,000 boxes of Alladin at $3.75 a box. From its experience with other similar premium offers, the company estimates that 40% of the coupons issued will be mailed back for redemption. During 2011, 115,000 coupons are presented for redemption. Prepare the journal entries that should be recorded in 2011 relative to the premium plan. 

Reference no: EM131115768

Questions Cloud

What is difference betwen burden of proof in civil case : What is the difference betwen the burden of proof in a civil case and in a criminal case? Give examples of civil cases and criminal cases in the heathcare field and how these different burdens of proof woud impact the cases.
Current market value of common shares : Current market value of common shares (10 million outstanding) $23.63/share Next year's expected cash dividend $1.92/share Expected constant annual dividend growth rate 8% Current market value of bonds (100,000 bonds outstanding, 8.5% coupon, maturin..
Network design in the supply chain : Compare and contrast the advantages and disadvantages of a few facilities versus a large number of facilities worldwide. Discuss the phases for identifying regions for facility locations and selecting a selecting a precise location with its capacity...
Compute amount to be withheld from each employees earnings : Compute the amount to be withheld from each employee's earnings on November 15 for (a) FICA-OASDI, (b) FICA-HI, and (c) SUTA, and determine the total employee taxes.
Prepare the journal entries that should be recorded in 2011 : Premium Entries to stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children's hand puppet.
Discuss new technology and how it will impact workplace : In this discussion, you will conduct research and locate a new technology currently under development. Discuss the new technology and how it will impact the workplace.
What one-year return should lpy ltd expect : LPY Ltd. has cash of $500,000 that will be used to create an investment portfolio. The portfolio will be invested evenly in two assets: What one-year return should LPY Ltd. expect to earn on its portfolio
Provide an analysis of the likely internal environment : Provide an analysis of the likely internal environment of the power companies from your own experience, from what you can find on internet, from what is likely with long-held monopolies
Assuming that actual warranty costs are incurred : What amount, if any, is disclosed in the balance sheet as a liability for future warranty costs as of December 31, 2010, under each method?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Use common ratios for analysis of long-term debt

Use common ratios for analysis of long-term debt to assess Bugant's long-run solvency. Has Bugant's solvency changed much from 2014 to 2015? Bugant's net income in 2014 was $550 and interest expense was $169.

  The control environment reflects the companys attitude

the control environment reflects the companys attitude awareness and actions of management and the board concerning the

  What is the monthly interest rate on this contract

What is the monthly interest rate on this contract? What is the effective annual return? What is the APR?

  Shares of the subsidiary company

If the holding company owns more then 50% but less then 100% shares of the subsidiary company then the subsidiary type will be termed as:

  The following information pertains to family video

the following information pertains to family video company. cash balance per bank july 31 9906.73. july bank service

  Sold some stocks during the year

Patrick was born August 31, 1948 and worked as a hardware engineer at JCN Corporation, his taxable wages (after 401k deductions, etc.) is $37,000 for 2015 (he retired in March 2015). His wife Rose (born September 15, 1948) is an accounting manager..

  General operating expenses are budgeted to be 31000 per

heaters inc. provided the following budgeted information for march through julymarchaprilmayjunejulyprojected

  You may use any of the additional resources listed in the

you may use any of the additional resources listed in the drop-down menu above to help you complete this activity but

  Accounting system entry

Famous Frames Company purchased office equipment on January 1,2007 for $10,000. Its annual depreciation was computed as $1,000.To record the depreciation for 2007, the accounting system entry should be which of the following?

  Calculate the irr for the following two projects

Calculate the IRR for the following two projects. Which of the two projects is preferable based on the IRR? Under what conditions is it acceptable to use the IRR? Under what conditions should caution be used when implementing the IRR?

  Correlated or related to other activities

What results in your departments seem to be correlated or related to other activities? How could you verify this? Create a null and alternate hypothesis for one of these issues. What are the managerial implications of a correlation between these..

  To record a bond investment between interest payment

1 temporary investments are recorded at their cost which would include brokers commissions.a. trueb. false2 the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd