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Leona [35]
3 years ago
12

Marigold Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, customers receive a leash. The

leashes cost Marigold $5 each. Marigold estimates that 40 percent of the coupons will be redeemed. Data for 2020 and 2021 are as follows: 2020 2021 Bags of dog food sold 480000 590000 Leashes purchased 19000 22000 Coupons redeemed 100000 150000 The premium liability at December 31, 2021 is
Business
1 answer:
Tamiku [17]3 years ago
8 0

Answer:

Explanation:

Premium liability of 2020

(480000 x .4 - 100000)x 1/8 x 5

= 57500

Premium liability of 2021

(590000 x .4 - 150000) x 1/8 x 5

= 53750

Total liability at 2021

= 57500 + 53750

= 111250

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Groups of related business activities such as the acquisition of merchandise and payment of vendors are called:_________
liraira [26]

Groups of related business activities such as the acquisition of merchandise and payment of vendors are called transaction cycles.

A transaction cycle is an interlocking set of business transactions. Most of those transactions may be aggregated into a comparatively small number of transaction cycles associated with the sale of products, payments to suppliers, payments to employees, and payments to lenders.

A transaction cycle is a set of accounting transaction that happens in a very normal sequence as an example a sales transaction is followed by shipping transaction, a billing transaction, and a cash receipts transaction.

Therefore, there are four transaction cycles which are the following:- Financial cycle, expenditure cycle, revenue cycle, conversion cycle.

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3 0
1 year ago
Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $530,000, and factory payro
shtirl [24]

Answer:

Marcelino Co.

a. Total materials purchases = $530,000

b. Direct materials used in production:

Beginning balance of direct materials = $73,000

Current direct materials used =              442,000

Total materials used in production =    $515,000

c. Direct labor paid and assigned to Work in Process Inventory:

                                        Job 307      Job 308           Total

Beginning Direct labor   $17,000                            $17,000

Current Direct labor       153,000     $102,000     255,000

Total Direct labor         $170,000     $102,000   $272,000

d. Indirect labor paid and assigned to Factory Overhead:

Indirect labor   $28,000

Applied =          $27,720 (99% ($193,000/$195,000))

e. Overhead costs applied to Work in Process Inventory

=

Job 307      Job 308           Total

76,500          51,000     $127,500

f. Actual overhead costs incurred and paid in cash:

Indirect materials                            $51,000

Indirect labor,                                 $28,000

Factory rent,                                  $40,000

Factory utilities,                             $25,000

Total overhead costs =                $144,000

g. Transfer of Jobs 306 and 307 to Finished Goods Inventory:

                                              Job 307      Job 308           Total

Balances on March 31

Direct materials                   $42,000                            $42,000

Direct labor                             17,000                               17,000

Applied overhead                   8,500                                 8,500

Costs during April

Direct materials                  210,000      $100,000     $310,000

Direct labor                         153,000        102,000      255,000

Applied overhead                76,500          51,000        127,500

Total cost                        $507,000     $253,000    $760,000

h. Cost of goods sold for Job 306 = $349,000

i. Revenue from the sale of Job 306 = $700,000

j. Assignment of underapplied overhead to the Cost of Goods Sold account:

Total overhead applied = $179,000

Total overhead incurred = 195,000

Underapplied overhead = $16,000

Explanation:

a) Data and Calculations:

Raw materials Inventory (March 31) $88,000

Purchases of raw materials during April = $530,000

Factory Payroll cost = $386,000

Overhead costs =

Indirect materials                            $51,000

Indirect labor,                                 $28,000

Factory rent,                                  $40,000

Factory utilities,                             $25,000

Factory equipment depreciation, $51,000

Total overhead costs =               $195,000

                                 Job 306      Job 307      Job 308           Total

Balances on March 31

Direct materials        $31,000     $42,000                            $73,000

Direct labor                 21,000        17,000                               38,000

Applied overhead      10,500         8,500                                19,000

Balances                 $62,500     $67,500                           $130,000

Costs during April

Direct materials      132,000      210,000      $100,000    $442,000

Direct labor             103,000      153,000        102,000      358,000

Applied overhead    51,500        76,500          51,000       179,000

Total cost            $349,000   $507,000     $253,000  $1,109,000

7 0
3 years ago
The _______________ Act of 1764 was an attempt to increase taxes by lowering the rate and increasing consumption.
frutty [35]
The answer is the sugar act.
3 0
2 years ago
On average, managers spend the least amount of time doing which managerial activity?
Aleks [24]

On average, managers spend the least amount of time doing the managerial activity is networking.

What is networking?

Networking is the technique  of making connections with respect  of the business environment. Managers very often  get involved in developing  relationships and making their own networks. They are accountable for monitoring and completing the given task in an effective  way. So, they basically  focus on many managerial activities like decision-making, planning things, communicating the required information, managing employees, etc.

Which managerial function is the most important?

The  most important function of management is Planning. Planning means  setting objectives in order to achieve , a goal in a limited time period .Several alternatives are formulated in order to achieve the goals.

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6 0
1 year ago
During its first year of operations, Indigo Corporation had credit sales of $3,213,200, of which $361,300 remained uncollected a
Kryger [21]

Answer and Explanation:

The journal entry is given below;

Bad debts expense $16,880    

           To Allowance for doubtful accounts $16,880

(Being the bad debt expense is recorded)

The preparation of the current asset section of the balance sheet is presented below:

Cash $91,990    

Accounts receivable $361,300    

less:allowance for doubtful accounts-$16,880 $344,420    

Merchandise inventory $189,180    

Supplies $12,580    

total current assets $638,170

5 0
3 years ago
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