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Question:- Milner Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 box tops from Milner Frosted Flakes boxes and $1.00. The company estimates that 60% of the box tops will be redeemed. In 2008, the company sold 675,000 boxes of Frosted Flakes and customers redeemed 330,000 box tops receiving 110,000 bowls. If the bowls cost Milner Company $2.50 each, how much liability for outstanding premiums should be recorded at the end of 2008?
A) $25,000
B) $37,500
C) $62,500
D) $87,500
Jamison Company produces and sells Product X at a total cost of $25 per unit, of which $15 is product cost and $10 is selling and administrative expenses. In addition, the total cost of $25 is made up of $14 variable cost and $11 fixed cost
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
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The Village Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the ..
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Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
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The president says to choose the allocation base that results in the highest income. Is this an apporiate basis for choosing an allocation base?
Explain what each of the different responsibility centers is and what each is accountable for and why each center has its own budget. Give an example of the kinds of decisions where incremental analysis would be used in each center.
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