Answer and Explanation:
According to the situation, the solution of journal entries are as follows
1. Copyright Dr $300,000
To Cash $300,000
(being the purchase of copyright is recorded)
Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets
2. Amortization expense Dr ($300,000 ÷ 12 years) $25,000
To Accumulated amortization $25,000
(being the annual amortization is recorded)
Here we debited the amortization expense as it increased the expenses and credited the accumulated amortization as it decreased the assets
Answer:
$117,600
Explanation:
Boxes of Frosted Flakes ×Estimate of Box Tops to be redeemed
1,344,000×60%= 806,000
806,000- 630,000 (Box Tops redeemed) =176,400
Estimate of Box Tops left to be received /Number of Box Tops Needed per bowl
176,400/3= 58,800 Total bowls estimated to be sent to customers in future
58,800 x 2.00 (The Cost of bowls to company was $3 while the cash to be received from customer was $1)
= $117,600 Which will be the total premium liability to be recorded.
Answer:
$986.39
Explanation:
Given :
Value of items in inventory :
(7 * $52) + (19 * $53) + (25 * $28) + (18 * $65) = $3241
Number of items in inventory :
(7 + 19 + 25 + 18) = 69 units
Weighted average inventory cost :
$3241 / 69 = $46.971014
Number of commodity in hand at year end = 21 units
Amount of inventory at year end using average costing method :
Number of commodity * Average inventory cost
(21 * $46.971014) = $986.39
The amount of inventory at the end of the year according to the average costing method is $986.39
Answer:
This scenario best describes a Sales Promotion
Explanation:
Sales promotion is a strategy that involves reducing the price of products to clear out inventories, attract traffic, and to lift sales temporarily.
It could also be used as a medium to introduce a new product,
Same applies when a large rug store, decide to have a sale.
To achieve the aim of sales promotion, the store manager works with the advertising department to make the public aware of the sale.
A proactive manager also makes provision for enough salespeople to handle the increased customer traffic, and ensure that the manufacturers of the product is able to meet expected consumer demand.
Answer: False
Explanation:
When more than one alternative can be selected from those available, the alternatives are said to be mutually exclusive. In evaluating independent alternatives, each alternative is compared against the "Do Nothing" alternative.
For mutually exclusive alternatives, the do-nothing is a viable option when revenue alternatives are involved.
