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Acct 551 Week 4 Hoework Essay

1144 words - 5 pages

Chapter 15 – Homework Week 4

E15-2 Recording the Issuance of Common and Preferred Stock –
Kathleen Battle Corp.

Journal entries to record given transaction are listed below:

1/10 Cash (80,000 x $5) $400,000
Common Stock (80,000 x $1) $ 80,000
Paid-in Capital in Excess of Stated Value –
Common Stock (80,000 x $4) $320,000

3/01 Cash (5,000 x $108) $540,000
Preferred Stock (5,000 x $100) $500,000
Paid-in Capital in Excess of Par Value –
Preferred Stock (5,000 x $8) $ 40,000

4/01 Land $ 80,000
Common Stock (24,000 x $1) $ 24,000
Paid-in Capital in Excess of Stated Value –
Common Stock ($80,000 - $24,000) $ 64,000

5/01 ...view middle of the document...

(a) Cash (5,000 x $45 = 225,000 - $7,000) $218,000
Common Stock (5,000 x $5) $ 25,000
Paid-in Capital in Excess of Par $193,000

(b) Land (1,000 x $46) $46,000
Common Stock (1,000 x $5) $ 5,000
Paid-in Capital Excess ($46,000 -$5,000) $ 41,000

– No Doubt Company

The following are the entries that would be relative to sales of the soap powder and to the premium plan for 2014:

Inventory of Premiums $7,040
Cash $7,040
(purchased premiums $8,800 x $.80 each)

Cash $363,000
Sales $363,000
(110,000 boxes of soap powder sold x $3.30/box)

Premium Expense $3,520
Inventory of Premiums $3,520
(44,000 coupons redeemed / 10 coupons redeemable for a premium = 4,400)
(4,400 x $.80 each)

Premium Expense $1,760
Estimated Liability for Premiums $1,760
(110,000 boxes of soap powder sold x 60% of expected coupons to be redeemed = 66,000)
(66,000 – 44,000 of those already redeemed = 22,000)
(22,000 / 10 coupons redeemable for a premium = 2,200)
(2,200 x $.80 each)

P13-9 Premium Entries and Financial Statement Presentation – Sycamore Candy Co.

a) 2014 Journal Entries to record transactions related to the premium plan are as follow:
This entry will record the premium inventory
Inventory of Premium – MP3 download codes $562,500
Cash $562,500
(250,000 codes purchased x $2.25 each)

This entry will record sales
Cash $868,620
Sales $868,620
(2,895,400 candy bars sold x $.30 each)

This entry will record the expenses associated with sales
Cash $480,000*
Premium Expense $ 60,000
Inventory on Premium $540,000
*1,200,000/5=240,000x$2.50=$600,000 – (240,000x$.50=$120,000)

Computation of Premium
MP3 download codes $240,000
(1,200,000 wrappers redeemed / 5 wrapper premium)
Purchases (240,000 x 2.25/code) $540,000
Distribution (240,000 x $.50/code) $120,000
$660,000
Less Cash Received (240,000 x $2.50) ($600,000)
Premium Expense $ 60,000

This entry will record the estimated...

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