User Account

All Pages

Prepare the general journal entries

Assignment Help Accounting Basics
Reference no: EM131997415

Question - 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.

Reference no: EM131997415

Questions Cloud

Identify the style movement or period of time : Identify the style movement or period of time and the closest date for each work of art selected for the analysis paper.
Discuss the nature of federalism : Why doesn't a federal system necessarily have to be democratic? Or does it? Reflect on the reasons that exist for continuing federalism in its current form.
What is meant by the international political economy : What is meant by the international political economy? What is the connection between economics and politics?
Regulation of the professional conduct of lawyers : Which of the following statements is true about the regulation of the professional conduct of lawyers?
Prepare the general journal entries : Prepare the general journal entries that should be made in 2012 and 2013 related to the above plan by Paige Candy
What is terrorism : What is terrorism? How does terrorism differ from these five types of violence? Provide examples of acts of terrorism as well as acts that are not terrorism
List the driving forces that led to the civil war : Describe two (2) outcomes of the 3/5ths Compromise, Missouri Compromise of 1820, Compromise of 1850, Kansas-Nebraska Act.
The five factors that led to westward expansion : The increase in population made the current territories crowded and opportunities did not seem as abundant, so individuals sought out new territories.
Constraints on making national security policy : What are the major constraints on making national security policy (which includes both defense and foreign policies)?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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