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Paige Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $1.80; in addition it costs $1.20 to mail each mug. The results of the premium plan for the years 2012 and 2013 are as follows (assume all purchases and sales are for cash): 2012 2013 Coffee mugs purchased 720,000 800,000 Candy bars sold 5,600,000 6,750,000 Wrappers redeemed 2,800,000 4,200,000 2012 wrappers expected to be redeemed in 2013 2,000,000 2013 wrappers expected to be redeemed in 2014 2,700,000 Instructions (a) Prepare the general journal entries that should be made in 2012 and 2013 related to the above plan by Paige Candy. (b) Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Paige Candy Company balance sheet and income statement at the end of 2012 and 2013.
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
How much income must Barry report on his tax return for the current year? What is the character of income?
Dublin Co. holds a 30% stake in Club Co. which was purchased in 2011 at a cost of $3,000,000. After applying the equity method, the Investment in Club Co. account has a balance of $3,040,000. At December 31, 2011 the fair value of the investment i..
The dividend is expected togrow at a constant rate of 6 percent a year. What stock price is expected 1 year from now? What is the required rate of return?
"Robert Turnbull, president of Turnbull Industries, wishes to issue a press release to bolster his company's image and maybe even its stock price, which has been gradually falling. As controller, you have been asked to provide a list of twenty financ..
A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2009. Compute depreciation for each of the five years, using the declining-balance method at twice the straight-line rate.
Ilustrate and explain any two critical initivates undertaken by IRAS(Inland revenue authority of singapore) recently to debunk the negative image of singapore as an laternative to switzerland for hiding money
Evergreen Corp. has two divisions, Fern and Bark. Fern produces a widget that Bark could use in the production of units that cost $175 in variable costs, plus the cost of the widget, to manufacture.
There would be no cost savings from transferring the units within the company rather than selling them on the outside market. What should be the lowest acceptable transfer price from the perspective of Division X?
Effects of operating leverage on profitability
Murphy Co. had 200,000 shares outstanding of $10 par common stock on March 30 of the current year. Murphy reacquired 30,000 of those shares at a cost of $15 per share and recorded the transaction using the cost method on April 15.
The average market price of Caruso's common stock was $25 during 2008. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
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