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Balley Co. includes one coupon in each bag of dog food it sells. In return for 3 coupons, customers receive a dog toy that the company purchases for $1.50 each. Balley's experience indicates that 60 percent of the coupons will be redeemed. During 2004, 100,000 bags of dog food were sold, 12,000 toys were purchased, and 45,000 coupons were redeemed. During 2005, 120,000 bags of dog food were sold, 16,000 toys were purchased, and 60,000 coupons were redeemed.
Instructions
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2004 and 2005.
Provide at least one college level paragraph. Examples would be helpful and appreciated, Thank you.
Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month for 60 months, or $60,000 total.
Hamilton Company owns 51,000 of Hennie Company's 100,000 outstanding shares of common stock. Hennie Company pays $25,000 in total cash dividends to its shareholders. Hamilton's entry to record this transaction should include a:
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As part of its cost accounting routine, Wilcox Company assigns $36,000 in fixed costs to each product each month. Calculate the break-even dollar sales volume for each project.
A company acquires land by issuing 10,000 shares of its $10 par value common stock currently trading at $20 per share and the appraised value of the land is $250,000. We would record the land by:
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During the year, the trust makes a mandatory distribution to Sarah of $5,000 and a discretionary distribution of $10,000 to Kyle. The trust has no tax-exempt income. The distribution deduction of the trust is:
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