Solution-ACCT550 Intermediate Accounting Assignment

ACCT550 Intermediate Accounting Assignment

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ACCT550 Intermediate Accounting Assignment - DeVry University, USA

Problem - Premium Entries and Financial Statement Presentation

Sycamore Candy Company offers an MPB download {seven-single medley) as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.25. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2017 and 2018 are as follows. (All purchases and sales are for cash.)

	2017	2018
MP3 codes purchased	250,000	330,000
Candy bars sold	2,895,400	2,743,600
Wrappers redeemed	1,200,000	1,500,000
2017 wrappers expected to be redeemed in 2018	290,000
2018 wrappers expected to be redeemed in 2019		350,000

Required - Prepare the journal entries that should be made in 2017 and 2018 to record 1the transactions related to the premium plan of the Sycamore Candy Company.

Reference no: EM132453971

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ACCT550 Intermediate Accounting Assignment : ACCT550 Intermediate Accounting Assignment Help and Solution, DeVry University, USA. Problem - Premium Entries and Financial Statement Presentation

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ACCT550 Intermediate Accounting Assignment

Reference no: EM132453971

Reference no: EM132453971

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